Things You Should Have to Start a Business

Hey there, Mommy Dorry here. . .

Do you agree with this statement “owning a business is better than being employed”?

If you’re bouncing back the question to me, my answer is YES. However, today you can keep both, running a business while keeping your day job or being employed. Starting a business is within the reach of almost anyone who is hardworking. There are types of business that don’t require your full-time commitment like franchising fast food chains, running hair salons, fitness centers, and others.

Establishing business and making it successful does not come overnight. It takes planning, time, finances, permits, licenses, insurance like MicroBiz Protek Jr., and other factors you should have once you open a business. Now, are you ready to pursue and run your own business? Here’s  the things you should have for kickstarting your new or additional endeavor in life.

Mindset and Finances

It’s important that your mind, heart and finances are set to grow and succeed in this venture. Keep an open mind to start a business according to your budget. To succeed in business, you must have a positive attitude so that in times of problems, you can quickly find solutions for it. Growth for business and adapting to rapid change in the business market is very important. As an entrepreneur, you must be open to learning new things, accepting advice and ideas from others who are successful in this field. Make sure that your budget is enough to cover all the expenses needed. It could be not longer than two years before you can see the return on investment or profit from the business you opened.

Business Permits and Licenses

In the country, running a business needs permits and licenses from the government agencies. Registering your business is very important to make it legit and avoid future problems like closure or penalties. It is important to identify your business structure. Is it Sole Proprietorship, Corporation or Cooperative? These business structures have different requirements in processing for business registrations, permits and licenses. However, I will be sharing down below the most basic requirements for opening new business:

 

Single Proprietorship

  • Cedula
  • Brgy. Clearance (where the business is located) Original Copy 
  • DTI – Business Name Registration
  • Contract of Lease (if renting)

Corporation

  • Brgy. Clearance
  • SEC Registration
  • Articles of Incorporation and By Laws
  • Corporate Tax
  • Resolution/Secretary Certificate
  • Contract of Lease (if renting)

Corporation

  • CDA Certification
  • City COOP Certification
  • CEDULA or Corporate Tax
  • Brgy Clearance
  • Contract of Lease (if renting)

Business Protection

Whether you are running a small-time or big enterprise, business protection against unpredictable disasters like flood, typhoon, earthquake, fire and others is a must. Disaster like fire are the most common and cause huge damage in property and business as a whole. Aside from taking the precautions to minimize the risk of fire accidents to happen, investing into insurance like MicroBiz Protek Jr is part of things you should have in opening a business. Getting your business insured in Cebuana Lhuillier microinsurance product called MicroBiz Proteck Jr provides the following benefits and protection for your investment.

  • Fire and Lightning
  • Flood and typhoon
  • Earthquake
  • Burglary and robbery
  • Personal Accident Insurance for up to 2 employees of your business.

Having this kind of disaster recovery plan helps minimize financial losses and one of the keys to getting back to business easily.

Please follow and like us:

6 Comments

  1. Thank you po for sharing this things that we must have when planning to start a business ..
    Maganda po talaga pag may insurance ang business na ating sisimulan kaya malaking tulong po ang Cebuana Lhuillier MicroBiz Protek Jr. By this, hindi tayo mamomroblema kung may mangyaring di maganda sa ating mga business ..

  2. This is a great article. Starting a business can be hard

  3. Corporate tax is a very complex area that I know nothing about it! I am thinking of hiring an accountant that can take care of the taxes for me.

  4. Great tips and information. Thanks for sharing!

  5. This blog is very timely for me. I actually am thinking of starting a business and this blog has a lot of what i should probably consider. Wish me luck!

  6. Wow, what wonderful and detailed tips! I didn’t know there was many steps in starting a business.

Hello! Thank you for being here.