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WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?


This discussion is about "WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?" in the "Business, Finance & Economics Discussions" forums.
I'm still new in doing business and i dont have the know-hows on how and what to do in starting a business. I have the ...

  1. #1
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    Default WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?


    I'm still new in doing business and i dont have the know-hows on how and what to do in starting a business. I have the money, I have the idea and all... I dont know where to go like mga legal papers, business permits, etc. unsaon man?

    Please do help me!

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    Senior Member BloomerBeak's Avatar
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    Default Re: WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?

    Before doing anything, conduct a feasibility study first.
    Know your location, what are possible businesses in your location, what is "in". Things like that. You need to be sure first on what business to venture before releasing any money. Think SMART in doing the feasibility study.

    I'm not related to business but I've studied business management before, and I'd say I was a little bit successful, and the ROI was quite big. And all I can suggest is to know your environment and what business you think will boom in your locality.

    Everything else, i.e. legal papers, permits, etc, will just come after the feasibility study.

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    C.I.A. vipvip68's Avatar
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    Default Re: WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?

    Quote Originally Posted by karl007
    I'm still new in doing business and i dont have the know-hows on how and what to do in starting a business. I have the money, I have the idea and all... I dont know where to go like mga legal papers, business permits, etc. unsaon man?

    Please do help me!
    1. Conduct Feasibility Study, most importantly do a marketing study and financial analysis. (total investment required and projected monthly sales / expenses)
    2. Secure your location
    3. Register sa SEC, DTI and Obtain all necessary permits (mayors permit, liquor license etc) Daghan auditor maka tabang ani.
    4. Make a timetable of all the things that need to be done and if you have partners, this is the time to organize, plan and execute.
    5. Establish an operational plan on how the business flow will go. Find the right people for the job.
    6. Lastly... be persistent and follow through with your plans. Despite the many problems you will face.. if you're persistent enough.. ma sulbad ra na' tanan problema. Just take it one step at a time.
    nodols3 and jbass like this.

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    Default Re: WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?

    @vipvip68: good advice. we have the same steps.

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    Default Re: WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?


    additional info sab bro. If you're planning to start a business dapat inline sab sa imu hobby, interest or in short u have the knowledge of your business. Hasul kayu mag hire na sab ka pra mu manage sa imu business. Ilaron raka ana.

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    C.I.A. rey04's Avatar
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    Default Re: WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?

    Attitude should be positive and should be ambitious enough to go into a risky but profitable environment.

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    Senior Member ofw_cebu's Avatar
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    Default Re: WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?

    Quote Originally Posted by vipvip68 View Post
    1. Conduct Feasibility Study, most importantly do a marketing study and financial analysis. (total investment required and projected monthly sales / expenses)
    2. Secure your location
    3. Register sa SEC, DTI and Obtain all necessary permits (mayors permit, liquor license etc) Daghan auditor maka tabang ani.
    4. Make a timetable of all the things that need to be done and if you have partners, this is the time to organize, plan and execute.
    5. Establish an operational plan on how the business flow will go. Find the right people for the job.
    6. Lastly... be persistent and follow through with your plans. Despite the many problems you will face.. if you're persistent enough.. ma sulbad ra na' tanan problema. Just take it one step at a time.
    dugay na ni nga thread pero for items stated above, specifically on item 3, how much do you think will be the charge if you will have this outsourced? i mean kung lain tawo ang paasikasohon. . .

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    C.I.A. istoryamember's Avatar
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    Default Re: WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?

    ^^ depende na siya bro. Sa amo new company na gitukod nag kuha ra mi ug tao nga maoy nag asikaso. Murag 10K baga to amo nabayran sa iya service fee. Corporate to siya so I don't know sa partnership ug sa sole prop.

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    Senior Member ofw_cebu's Avatar
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    Default Re: WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?

    thanks bai, i think, mga accountants naga buhat ani as sideline, i would expect nga lower siguro pag pang sole proprietorship lang, would 3-5K would do?

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    Elite Member medwarc's Avatar
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    Default Re: WHAT'S THE FIRST THING TO DO IN STARTING A BUSINESS?

    usa pud sa mga na overlook sa mga businessman is wala sila kabalo about basic accounting. importante ni ayo sa business...

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