January 19, 2015 | Sharon Cheong
The prospect of starting a new business venture can be extremely exciting. Many new businesses are choosing Manila as their home. Manila is the capital city of the Philippines and has benefited from substantial investment in recent years. The government has worked hard to improve working equality and promote training and business opportunities. Whilst a new business venture is a thrilling experience, many entrepreneurs fail to understand the complexities involved in starting a business. There is a whole host of aspects to consider, overlooking one simple area can result in huge problems in the future. The most dangerous period for any business is during the initial months. The reputation needs to be forged and a client base acquired. A new business needs to benefit from exceptional planning and organization. With this in mind, an extremely useful way to ensure that every aspect is suitably dealt with is by creating a checklist. Your initial business plan will be useful when compiling a checklist. Consider every stage of the business plan and identify what will be required for each stage. If you have a partner or co-founder, brainstorm the subject to explore the requirements further.
The legal structure of your business
Assuming that your business plan has already been completed and approved, the next item on your checklist should concern legal structure. It is important to clarify how many owners of the business there are. There is a whole host of ownership structures, decide on which one is most suitable for your business and implement it accordingly. You may want to consider individual protection against personal liability together with assessing the business risks involved. Ensure that all the required documentation has been completed in relation to banking and tax. If you expect your business to grow significantly, consider the process of selling shares. It may be advisable to seek the guidance of a legal professional in order to complete some of these requirements.
Naming your business is not always simple
A much overlooked requirement for new business ventures concerns naming the business itself. The task seems simple. Perhaps this is a reason why many individuals fail to include it in their list of priorities. Businesses must possess a name that is suitable for the industry that they operate in. Your business name is essentially your brand name so it is vitally important. Naming your business should certainly be one of your first priorities. Develop a list of potential business names. Sometimes, business names are already taken which can have an impact on your domain name and online presence. With a high percentage of business completed online, matching your business name with an available domain is extremely important.
Registering your business name
After deciding upon a business name, the next step is to register it with the relevant authorities. This will ensure that your business is legally recognized and official. In some cases, registering your business name as a trademark can protect its interests in the future should it experience high levels of success.
Staff, equipment and premises
Following the successful completion of all legal requirements, the next stage of the start-up process involves more practical issues. Use your business plan to assess your objectives and projections. This will help you to determine how many staff you require. Consider what skills will be needed to make your business a success and recruit accordingly. Ensure that your business has the required equipment to operate efficiently. Computers, telephones, printers, office furniture and the Internet are all important items to consider. The location of your business should be affordable and not have a major impact on your working capital. Consider premises that are not located in the city center to reduce rental costs.
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