Setting Up A Business

When I was still a small girl, I would dream of having my own business. I started trading my stationeries and stickers, selling them at five centavos each to my grade school classmates. In high school, I lend my pocketbooks for a fee. When I was in college, a classmate encouraged me to sell Avon products and earned 25% from every sales I made. The earnings I got I also bought the products for myself. I felt so satisfied earning on my own though I never told my parents about it. I know my Dad wouldn't approve it back then. One time, he caught my sister and her Paulinian classmates working at the newly opened Jollibee Landmark branch, my sister tendered her resignation the next day. He wanted us to study first, then work later after we graduate. So when the time comes to do business again, I was ecstatic. I joined tiangge (bazaars) in Greenhills even manning the store with a friend. Then, I produced movie premiers. I also got into lots of multi-level marketing schemes like Forever Living, Lifestyle, Amway, Pi Water, First Quadrant, E-card and the one selling expensive kitchen wares (can't remember the name), just because I can't say no to my friends who invited me to join those companies. Unfortunately, I didn't earn from any of them. When I got married, hubby and I ventured into the construction and printing business, we also traded computer units, branded clothes, jewelries and seafoods. And I can say we earned from those ventures. Now, we are opening up a new business. I would like to share how a new entrepreneur could go about it.

These are the steps in setting up a new business:

-think of the business you would like to engage with, the products or services you're going to offer, the market for such business

-write down a list of business names so you have choices in case some names are already registered

-go to the Department of Trade and Industry (Highway 54 NCR Office, infront of SM Megamall) for business name registration (for single or sole proprietorship or partnership) or to the Securities and Exchange Commission (SEC) if you're setting up a corporation. The DTI certificate of registration can be issued on the same day you applied for it. For new business name registration, fee is P300.00. The registration certificate is valid for 5 years.

-if you're renting the place of business, secure a contract with the lessor. If you own the place, provide proof of ownership.

-secure a barangay clearance

-go to the City Hall and apply for a Business Permit and License

-City Hall BPLO staff will visit your place for site inspection, make sure you have fire exits and a fire-extinguisher in your business place/location

-once you have your business permit, secure a BIR registration. The Bureau of Internal Revenue office would provide BIR receipts to be used for the business operations.

-secure SSS registration/application as an employer and SSS applications for your staff if you have any

-when all of these things are accomplished, you can do business....

Goodluck to those who are thinking of going into entrepreneurship.