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8 Factors to Consider Before Venturing a Business in the Philippines

8 Factors to Consider Before Venturing a Business in the Philippines

Establishing a business isn't mainly about becoming the BIG boss or having the freedom you were being deprived of as an employee. Doing business should be endless learning and that alone should make you feel excited.


Being mindful of your main objective in this path helps you accept the reality of doing business. There's no guidebook for a failure-proof start-up. Uncertainty is there and it's too soon to see where it's heading. 


What you are about to do isn't a mere game. This impacts a huge part of your life, and it's so wise of you to be reading this article to understand the risks and factors you might encounter.

 

1. Know your market.

Conduct thorough research and gather useful information about your chosen industry. This is a basic step you should consider doing to know what you are dealing with. By recognizing your market, it’s easier to determine what steps to do next. 

2. Study your audience.

Businesses exist to solve problems or attend to the needs of the customers. One can achieve this by conducting market research, surveys, or based on your observations. If by any chance, you're starting a business out of an impulsive decision, then it might not generate profit- or, worse flunk.

3. Choose the right team.

Of course, if you're aiming to cater to a wide range of customers, doing it alone is impossible. Hiring is a crucial task, particularly if you have friends and relatives interested in joining you in the company. To avoid hiring imprecise people, don't skip quality procedures like interviews, conducting interviews, and do background checks. This is to ensure that you are hiring qualified individuals.

 


Photo by @pawelskor on unsplash.com 

 

4. Redirect your focus.

Stop obsessing over unimportant things. Starting a business might overwhelm and get you to decide impulsively. What does this mean exactly? It's when you are keen on the beautification of your office, expensive furniture, or purchasing unnecessary accessories. It's okay to entertain yourself with these, but these aren't important at the moment. Concentrate on delegating tasks that help you generate more sales and get customers.

5. Deal with your limitations.

The world of entrepreneurship is one of the challenging decisions anyone does. Even before you establish your business, there are various challenges you need to face. Though, remember that these are just challenges. It shouldn't be a hindrance nor slow down your business. Learn to deal with it regardless of the circumstances.

6. Small steps at a time.

There are a lot of people who immediately thought of going big on their business. Although, the idea itself is exciting enough, going large isn't highly recommended. It's not about how successful it's going to be, but how vulnerable it is for more failures and larger setbacks. For a first-time entrepreneur, try doing a small business and observe if it survives for one year. Afterward, when it does, opt into growing your commerce.

Photo by @campaign_creators on unsplash.com

 

7. Look out for your employees.

Aside from the owner's grit and determination, your employees deserve the credit for a successful business operation. Without their creativity and hard work, it would be hard to run the business on your own. When you appreciate small and big efforts, help them be accountable for their mistakes, and motivating them boosts the morale of your team. Resulting in a positive growth environment and determined employees.

8. Embrace uncertainties.

No one knows what the future holds. It's all about staying true to your company's mission regardless of the circumstances. What can you do instead? Accept the fact that there's more you have to go through, and facing many obstacles doesn't equate to success denied. Continue to be consistent with your goals. 

 

CONCLUSION

In the face of the overwhelming surge of COVID-19 cases and the pandemic, having a successful business during the Pandemic is possible. Consider these 8 things in everything business-related, and you’ll see your improvement.