30/10/2026
Step-by-step guide to starting your small business
Follow these 10 steps before investing your money.
1. Step 1: Identify a business opportunity
Observe your community. What products or services do people need every day?
Examples:
- Affordable meals for workers.
- Agricultural supplies for farmers.
- Affordable school supplies for students.
- Fresh fish and vegetables for households.
2. Step 2: Study your potential customers
Talk to at least 20 potential customers. Ask what they currently buy, how much they spend, and what products are difficult to find.
3. Step 3: Check your competitors
Visit nearby stores and businesses. Compare their prices, product quality, customer service, and operating hours.
4. Step 4: Choose your starting capital
Don't invest all your savings immediately. Start small and retain money for operating expenses and emergencies.
5. Step 5: Prepare your business plan
Write down your business name, products, target customers, capital, pricing, suppliers, and monthly sales targets.
6. Step 6: Find reliable suppliers
Compare at least three suppliers. Consider wholesale prices, transportation costs, quality, and payment terms.
7. Step 7: Register your business
Check the applicable requirements with your barangay, municipal Business Permits and Licensing Office, DTI (for sole proprietorship business names), and BIR. Other registrations may apply depending on your business structure and industry.
8. Step 8: Start selling
Begin with limited inventory. Promote through Facebook, Messenger, community groups, posters, and word of mouth.
9. Step 9: Monitor your income and expenses
Record every sale, purchase, operating expense, and amount of cash on hand.
10. Step 10: Reinvest and expand
Once you have consistent customers and positive cash flow, add products, equipment, or delivery services.
