Usual things one has to consider when starting a new business:
1. In the beginning, you, the owner, must manage the business. Kung wala kay oras mumanage, ayaw nlng. Dili mudagan ang negosyo basta dili hands-on ang tag-iya. Daghan kaayu tao na makatigum ug puhunan, magtukod dayun ug negosyo then si mama, si papa, or si kuya ang mudala (mostly OFWs mao ni buhaton) Di jud na magsilbi, not unless si mama, si papa, or si kuya naa first hand experience in running a successful business which is less likely because if they have a successful business, then they wouldn't have the time to run yours.
2. Keep your personal life and business separate. Just because you have a brother or sister who are willing to help you, it doesn't mean you can always trust them to run your business. No matter how much you love them, there is a much bigger chance that money will prevail. Basin niya magnegosyo ka pero gihurot na d i ug kikik imo halin. Tulo jud ang igo nimo: mahurot imo kwarta, masira imo negosyo, guba pajud imo pamilya.
3. If you think you lack the capital to start the business, you probably do. Ayaw nlng paalanganin. Save up and gain more capital. Most businesses lose money in the first few months of operation. If you lack the capital, mahurot na imo puhunan before ka makasugod ug bawi.
4. Make sure you know what you are getting into. Do the math. Basin unya magsugod ka pamaligya pero imo puhunan masdako kaysa imong presyo sa pagbaligya. Basin nya mag baligya ka ug producto na ang puhunan 30 pero baligya nimo 25 kay para competitive ka sa market.
5. One of the most important things to consider when you start your business is to make sure that you like the business you are getting into. It's not good to get into the food business if you don't like food. You have a bigger chance in succeeding if you like the business you are in because you will have the passion to do it rather than when you start a business in a field you're not interested in.
6. Another important thing to consider when starting your business is to have a well studied system. Do your research. Plan everything out carefully and make sure you have a system that will allow the business to run effectively and efficiently. Usahay, naa ta makit.an mga negosyo na murag gubot kayu inig palit nato nila kay wa kahibaw asa gibutang ang mga stocks or wala sila kahibaw kung naa pa ba stocks. You don't want to be one of those businesses. Kung naa kay wala na hibaw.an, consult a professional in the field. Basin makaingon ka mahal, pero masmahal kung masira imo negosyo kay wala ka nangutana daan.
7. Use most of your capital in things that actually make you more money. For example, if you have a food business, invest more in developing your food rather than buying silverware and porcelain. Katawonon kaayu ka tanawon kung naa kay negosyo na nindot kayu tanan gamit pero gilangaw kay way customer tungod way lami imo pagkaon. Even if you use average utensils, not very expensive cookware, but your food is good, people will still flock to your resto.
8. Make sure you get a good bookkeeper and accountant. I know bookkeeping is something you can do yourself but its better the get the services of a professional and focus on expanding your business. Kapoy kaayu mag process ug business permit ug bayad sa bir. Kung masayup lang ka gamay, di lang imo ulo maglabad, apil pa imo bulsa kay makabayad ka mga multa.
9. You must always have a back-up plan. In case palpak ang negosyo, dapat naa kay plano para dili mo mapasmo sa imo pamilya.
Note:
I'm not saying that following everything I mentioned above will guarantee business success, but it would surely increase the chances. Running a business is not easy and risks are involved. Everything is just a numbers game, the more you learn, the higher the chances of success. Walay nasweto sa negosyo, tanan sa experience ra jud mag daog.
Simple Things to Keep In Mind When Starting a Business
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