Starting a small business in the Philippines can be done with as little as 4k capital. A small business in the Philippines does not need to have massive capital like other countries.
Starting a small business in Philippines with a 4k capital is not too complicated, but it does require patience and discipline.
This guide will explain how you can start your own small business by following some simple steps without needing to break the bank.
We will also discuss some of the most common mistakes that entrepreneurs make when starting their own small businesses and how to avoid them.
Why I Started My Own Business?
There are three main reasons why I decided to start my own business.
- First, after years of working as an employee for a business, I wanted to experience the joy of being an employer.
- Second is the thought that if I could do it, then anyone can.
- Lastly, many people in my life start talking about me and how proud they are of me. I got motivated by those words because they made me realize what I want to do with my life.
My Investment Strategy
The capital investment strategy is an essential part of any business because it determines how it will grow and how much risk it will take.
The level of risk is determined by the amount of capital invested. The higher the level of capital invested, the higher the potential for growth and a high chance of failure.
I recommend that you start with a lower initial amount and increase as needed.
My Marketing Strategy
My Marketing Strategy is the first step to building a successful startup company.
A marketing plan clearly defines your company’s short and long-term goals and describes how you meet customers in your target markets.
It doesn’t need to be formally written down, but if it isn’t, then it’s much easier to explain to outside investors, such as your angel investor or other investors, once it’s finished.
My Marketing Strategy will guide you every step of the way, from designing your products and services to hiring employees and marketing and promotion.
A comprehensive marketing strategy should include all of your business’s short and long-term objectives.
These may include finding a distributor for your products, building an email list to expand your customer base, finding a qualified technician to support your growing business, or building partnerships to access critical people in other businesses.
A strong marketing strategy will help you define your strengths and weaknesses and use them to build a plan to make your business more successful.
My Marketing Strategy should clearly explain how you will uniquely meet customers’ needs so that competitors won’t copy you in the future.
What are the Challenges of Running a Small Business in the Philippines?
A question I get a lot from my clients who want to start a business in the Philippines is, “What are the challenges of running a small business in the Philippines?” The answer to this question varies greatly depending on the individual.
In Manila, you have savvy entrepreneurs, business people, and knowledgeable business people, all operating within the framework of the Philippine government.
Whereas some would see a challenge in running a business in the Philippines due to a large number of multinational corporations in the country, others would view it as a hindrance due to the country’s lack of resources and capital to support large-scale businesses.
Regardless of the view, there are still challenges involved in the country, which can be overcome if you are willing to put in the necessary effort.
Challenges Running a Small Business in the Philippines
#1. The first challenge in starting a business in the Philippines is access to startup space.
Startup space refers to real estate where a business can invest its initial capital and work towards earning profit.
Given the current condition of the real estate market in the Philippines, it may take up to a year for your business to find an available space to set up shop.
#2. Another major challenge in the country is getting a decent office set up for your business.
This is especially true if you expect your office to perform the functions of both an office and a store.
As a result, most businesses have opted to rent temporary offices that they can use in the short term while their business is being established.
Despite the challenges of running a business in the Philippines, many entrepreneurs have managed to make significant money despite the unfavorable conditions of the country’s economy.
Conclusion and Takeaways from this Case Study
This case study on the expansion of a small business in the Philippines with minimal capital has been shared with you in this article.
You have learned that starting a business with minimal resources is not impossible, but it might require more effort than what you expect.
The Philippines as a country is one of the fastest developing countries in the world today. In this article, you have learned that there are a lot of challenges in building your business. Building a business with limited funds is one of these challenges.