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Paano Gumawa ng Business Plan: Isang Step-by-Step na Gabay

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Paano Gumawa ng Business Plan: Isang Step-by-Step na Gabay

Kung nagsisimula ka pa lang, ang pagsusulat ng plano sa negosyo ay maaaring mukhang isang nakakatakot na gawain. Kung ito ang iyong unang pagsabak sa isang negosyo, maaaring hindi ka sigurado sa eksaktong paraan ng pagsasama-sama ng isang plano, kung ano ang dapat nitong saklawin at kung anong impormasyon ang dapat nitong ibigay.

Isipin ang business plan bilang isang blueprint na nagdedetalye sa bawat yugto ng pagsisimula, pamamahala at pagpapalago ng iyong negosyo. Kung gusto mong makalikom ng pondo, dapat itong magdetalye ng mga pinansiyal na proyekto para sa mga potensyal na mamumuhunan. Ang sunud-sunod na gabay na ito ay magtuturo sa iyo kung paano gumawa ng business plan at mag-alok ng mga tip sa pagpapasimple ng proseso.

Tayahin ang Ideya ng Iyong Negosyo

Ito ang una at pinakamahalagang hakbang sa paggawa ng plano sa negosyo. Dapat mong suriin kung ang iyong konsepto ng negosyo ay magagawa at kung ang potensyal na paglago ay umiiral sa industriya. Matutukoy nito kung ang ideya ay karapat-dapat ituloy. Ang pagsasagawa ng kaunting angkop na pagsusumikap sa yugtong ito ay titiyakin na itinatakda mo ang iyong sarili para sa tagumpay.

Normal lang na maging emotionally attached sa atin mga ideya sa negosyo at gaano man sila kaganda sa amin kung ang market dynamics ay hindi umiiral upang suportahan ang ideyang iyon, ang negosyo ay walang malaking pagkakataon na magtagumpay. Alamin ang mga detalye ng iyong konsepto at ayusin ang ideya kung kinakailangan upang maipatupad ang business plan nang walang putol.

Magsaliksik sa Iyong Industriya

Ang bawat template ng business plan na makikita mo ay magkakaroon ng executive summary sa unang page. Kailangan nitong ipakita ang pananaliksik sa industriya. Dapat itong ipakita na naglaan ka ng oras upang magsagawa ng malaking pananaliksik sa mga pagkakataon at banta na umiiral sa industriya kung saan ka makikipagkumpitensya.

Kailangan mong kumuha ng isang holistic na pagtingin sa buong industriya upang bumuo ng isang komprehensibong pag-unawa sa landscape. Mangangailangan ito ng pag-unawa sa mga regulasyon ng pamahalaan at kung paano ito maaaring makaapekto sa iyong negosyo, tumitingin sa mga ulat at istatistika ng industriya upang malaman kung saan umiiral ang mga puwang at pagsubaybay sa mga macroeconomic indicator upang makita ang anumang mga headwind na maaaring makaapekto sa negosyo.

Mahalagang bantayan ang kumpetisyon upang makita kung paano nila nalalabanan ang mga katulad na hamon at kung paano namumukod-tangi ang iyong mga produkto laban sa kanila. Pag-aralan ang mga pangangailangan ng mga customer at alamin kung saan nagkukulang ang mga kakumpitensya. Bibigyan ka nito ng malinaw na pagtingin sa mga pagkakataong maaaring samantalahin ng iyong negosyo para umunlad.

Suriin ang Iyong Kumpetisyon

Ang isang mahusay na plano sa negosyo ay dapat magsama ng mapagkumpitensyang pananaliksik. Pumapasok ka sa isang market na may mga kasalukuyang manlalaro na hindi magiging masaya tungkol sa isang bagong dating. Dapat mong masusing pagsasaliksik kung paano pinapatakbo ng iyong mga kakumpitensya ang kanilang mga negosyo at kung anong mga diskarte ang kanilang inaasahan upang makamit ang paglago.

Pag-aralan ang kanilang mga produkto at serbisyo upang malaman kung paano nila malulutas ang isang problema para sa mga customer. Ang pagsusuri sa kanilang mga diskarte sa pagpepresyo ay makakatulong din sa iyo sa mga pinansiyal na projection para sa iyong negosyo dahil nakatakda na ang isang benchmark sa pagpepresyo. Gumawa ng malalim na pagsisid sa kanilang mga taktika sa marketing upang maunawaan kung paano sila patuloy na nagdadala ng mga customer at kung ano ang maaari mong gawin upang makakuha ng bentahe.

Ang malalim na pagsusuri ng kakumpitensya ay dapat mag-iwan sa iyo ng isang malinaw na roadmap na maaari mong sundin nang may makatwirang katiyakan upang matiyak na ang iyong mga produkto, pagpepresyo, marketing at serbisyo sa customer ay kasinghusay — kung hindi man mas mahusay — kaysa sa mga nanunungkulan.

Tukuyin ang Iyong Target na Market

Sa ngayon, nagsimula ka nang bumuo ng isang mahusay na pag-unawa sa kung paano lumikha ng isang plano sa negosyo. May isa pang mahalagang elemento na kailangang isama at iyon ang iyong target na merkado. Ito ay isang bagay na magkaroon ng isang mahusay na produkto; isa pang malaman kung sinong mga customer ang malamang na bibili nito at maging mga umuulit na customer.

Nangangailangan ito ng pananaliksik sa mga demograpiko, interes at pangangailangan ng mga taong hinahanap mong ma-convert. Magkakaroon ka ng ideya tungkol dito batay sa iyong produkto. Halimbawa, kung mayroon kang produkto na naglalayong gawing mas madali ang buhay para sa mga senior citizen, walang dahilan para i-promote ito sa mga nakababata.

Ang pag-uunawa sa iyong target na merkado ay higit pa rito. Magsaliksik sa mga demograpiko ng madla upang bumuo ng isang mas epektibong diskarte sa marketing, i-lock ang pagpepresyo batay sa kanilang kapangyarihan sa pagbili, at i-target sila sa mga pinaka-angkop na produkto upang makatulong na mapabuti ang kanilang buhay.

Gawin ang Iyong Modelo ng Negosyo

Ang isang mahusay na ideya o produkto lamang ay hindi sapat upang maging matagumpay ang isang negosyo, kailangan nito ang tamang modelo ng negosyo upang makamit ang tunay na potensyal nito. Nangangailangan ito ng pagpili ng naaangkop na istraktura ng negosyo, pagtukoy at pag-highlight ng value proposition sa iyong business plan at pag-alam sa supply chain at mga channel ng pamamahagi pati na rin ang mga diskarte sa pagpepresyo at serbisyo sa customer.

Isipin ang modelo ng negosyo bilang pundasyon ng iyong mga produkto at serbisyo. Ginagawa mo ang modelong ito batay sa iyong mapagkumpitensyang kalamangan, pananaliksik sa industriya, pagsusuri ng trend at segmentasyon ng customer. Ang pag-aayos ng lahat ng mahahalagang elementong ito ay nakakatulong na itakda ang iyong negosyo para sa tagumpay.

Buuin ang Iyong Pinansyal na Plano

Kailangan mong kumuha ng pangmatagalang pananaw kapag nagtatakda ng mga layunin sa pananalapi. Nagbibigay ito sa iyo ng isang target na magsikap para sa at magbigay ng insentibo sa mga pagsisikap para sa patuloy na paglago. Magiging maliwanag din ito kung kailangan mong makalikom ng pondo sa labas upang makamit ang mga layunin. Kung ganoon nga ang sitwasyon, idetalye ang iyong mga kinakailangan sa pagpopondo sa seksyong ito at magbigay ng kalinawan sa kung para saan ang mga pondo ay gagamitin. Banggitin kung naghahanap ka ng utang o equity, ang mga tuntunin na gusto mo at anumang mga kondisyon sa pagbabayad.

Ang bawat template ng business plan na titingnan mo ay magkakaroon ng detalyadong seksyon para sa mga pinansiyal na projection. Imposibleng magpatakbo ng isang matagumpay na negosyo kung wala sila. Ito ang bahagi kung saan mo hinuhulaan ang mga benta, gastos, at kita nang hindi bababa sa ilang taon. Kung ikaw ay naghahanap upang makalikom ng pera , partikular na magiging interesado ang mga mamumuhunan sa bahaging ito ng plano sa negosyo. Ang mga projection na ito ay makakatulong sa kanila na maunawaan kung ang iyong negosyo ay maaaring makabuo ng sapat na kita upang mabigyan sila ng isang disenteng return on investment.

Balangkasin ang Iyong Produkto at Serbisyo

Ang seksyong ito ng plano sa negosyo ay kailangang tukuyin ang iyong mga produkto at serbisyo sa malaking detalye. Dapat ay maliwanag kung paano sila gumagana at nakikinabang sa iyong mga customer, kung paano sila binibigyan ng presyo at kung paano ka magbibigay ng patuloy na suporta sa mga customer. Kailangan ding malinaw na ipaliwanag ang ikot ng buhay ng produkto.

Dito mo rin dapat banggitin ang anumang mga detalye ng intelektwal na ari-arian, gaya ng iginawad o nakabinbing mga patent at copyright pati na rin ang mga aktibidad sa pananaliksik at pagpapaunlad. Ang layunin ay magbigay ng tumpak na representasyon ng kung ano ang inaalok ng iyong negosyo, kung ano ang target na merkado at kung paano ito nakakatulong na punan ang isang puwang sa merkado.

Ilarawan ang Istruktura ng Iyong Negosyo

Maaari kang pumili ng alinman sa mga sumusunod na istruktura ng negosyo, dahil ang bawat isa ay may mga indibidwal na benepisyo at pananagutan na dapat iayon sa modelo ng iyong negosyo upang maging pinakaangkop.

Nag-iisang pagmamay-ari

Ito ang pinakasimpleng istruktura ng negosyo dahil indibidwal kang responsable para sa lahat ng pagpapatakbo ng negosyo. Ang mga negosyong nag-iisang pagmamay-ari ay hindi kinakailangang maghain ng hiwalay na mga form ng buwis sa kita mula sa may-ari, kaya lahat ng kita at mga gastusin sa negosyo ay isasama sa iyong tax return bilang may-ari. Ito ay isang magandang panimulang punto dahil sa mababang paunang gastos, ngunit ang mga may-ari ay nananatiling personal na mananagot para sa mga utang at obligasyon ng negosyo.

Ang pakikipagsosyo ay ang pinakasimpleng istraktura para sa mga negosyong may dalawa o higit pang may-ari. Ito ay katulad ng isang sole proprietorship dahil ang entity ng negosyo ay hindi hiwalay sa mga may-ari nito. Ang lahat ng mga kasosyo ay kinakailangang iulat ang mga numero ng kita at pagkalugi sa kanilang mga personal na income tax return sa pamamagitan ng Form 1065. Ang mababang paunang gastos ay isang malaking draw para sa mga partnership kahit na ang lahat ng mga kasosyo ay nananatiling personal na mananagot para sa mga utang at obligasyon ng negosyo.

Limitadong kumpanya pananagutan

Ang isang limited liability company (LLC) ay nagbibigay ng benepisyo ng isang corporate veil at binabawasan ang personal na pananagutan ng mga may-ari ng negosyo. Mayroon ding matibay Mga benepisyo sa buwis ng LLC . Ang lahat ng kita at pagkalugi ay naipasa at ang bawat may-ari ay kinakailangang ideklara ang mga ito sa kanilang mga personal na tax return. Mayroong mas kaunting mga papeles na kasangkot kapag nagse-set up ng isang LLC kumpara sa isang korporasyon, at walang limitasyon sa bilang ng mga shareholder na maaaring italaga ng LLC. Ang regulasyon at Mga kinakailangan sa buwis ng LLC maaaring magastos at nangangailangan ng mga mapagkukunan tulad ng mga abogado at mga serbisyo sa bookkeeping upang matiyak ang pagsunod.

Korporasyon

Ang isang korporasyon ay isang kumplikadong istraktura ng negosyo. C-Corporation at S-Corporation ay ang dalawang pangunahing uri, ang una ay ganap na hiwalay na legal na entity mula sa mga may-ari nito, at ang huli ay gumaganap bilang isang pakikipagsosyo sa hanggang 100 shareholders. Ang mga korporasyon ay mananagot para sa mga buwis sa pederal at estado, at ang mga shareholder ay dapat mag-ulat ng mga pagbabayad ng dibidendo sa mga personal na buwis sa kita. Ang istraktura ng korporasyon ay kapaki-pakinabang kapag nagtataas ng kapital sa pamamagitan ng pagbebenta ng stock. Ito ang may pinakamaraming kinakailangan sa pag-uulat ng anumang istraktura at sa pangkalahatan ay mas mahal ang pagpapanatili.

Balangkasin ang Iyong Marketing Plan

Paano mo pinaplano na kumbinsihin ang mga customer na magbayad para sa iyong mga produkto at serbisyo? Mayroon bang diskarte upang lumikha ng isang tapat na base ng customer na magreresulta sa mga paulit-ulit na order? Kailangang matugunan ng isang mahusay na plano sa negosyo ang mahahalagang tanong na ito. Tukuyin ang mga diskarte na maaaring magamit upang i-target ang mga customer at kung paano i-deploy ang mga mapagkukunan upang mapakinabangan ang mga pagbabalik.

Alamin ang tamang pagmemensahe at mga platform para i-target ang nauugnay na audience. Iposisyon ang mga kampanya batay sa iyong segmentasyon ng customer. Ito ay karaniwang kung paano mo ibebenta ang iyong mga produkto. Gustong malaman ng mga potensyal na mamumuhunan kung paano nakuha ang mga customer at kung ano ang halaga. Ito ay magiging isang mahalagang punto ng talakayan at ang batayan kung saan ang iyong mga pinansiyal na projection ay tinitimbang.

Ang iyong diskarte sa marketing ay dapat magkaroon ng panandalian at pangmatagalang layunin. Dapat itong magkaroon ng kakayahang umunlad at umangkop sa mga uso sa merkado. Dapat ding may tinukoy na mga layunin, kung iyon ay ang pagtaas ng mga benta, paglaki ng trapiko sa website o pagtaas ng pakikipag-ugnayan ng customer, ang pag-unlad ay dapat na subaybayan laban sa mga pangunahing tagapagpahiwatig ng pagganap (KPI) upang makamit ang masusukat na paglago. Nagdaragdag din ito ng elemento ng pananagutan dahil sinisiguro nito na ang plano ay sinusunod upang makamit ang ninanais na mga resulta.

Pagsusulat ng Iyong Executive Summary

Isipin ang executive summary bilang elevator pitch para sa iyong negosyo. Ito ang unang pahina ng iyong plano sa negosyo, at kailangan nitong gumawa ng tamang unang impression, lalo na kung ang plano ay ibabahagi sa mga mamumuhunan. Dapat linawin ng executive summary kung ano ang iyong negosyo, ang mga produkto at serbisyong ibibigay nito at kung paano makikinabang ang mga customer mula sa kanila.

Dapat din itong magbigay ng pangkalahatang-ideya ng mga pinansiyal na proyekto upang matugunan ang anumang alalahanin tungkol sa kakayahang mabuhay. Gamitin ang executive summary para i-highlight ang lahat ng mga positibong katangian na ginagawang kakaiba ang iyong negosyo. Magbigay ng ilang detalye tungkol sa mga pagkakataong iyong tatahakin at banggitin ang lahat ng mapagkumpitensyang bentahe ng iyong negosyo.

Oras na para Isagawa ang Iyong Business Plan

Ngayon na alam mo na kung paano magsimula ng isang plano sa negosyo, maaari mong simulan ang pagsasama-sama ng lahat. Nagsisimula ito sa executive summary. Isipin ang paggawa ng perpektong elevator pitch na nagpapakita ng iyong negosyo sa pinakamahusay na liwanag at isulat ito.

Sundin ito sa pagsusuri sa merkado at mapagkumpitensyang pananaliksik. Maglaan ng ilang oras upang maunawaan ang iyong target na madla at ang mga diskarte na iyong gagamitin upang i-target sila. Huwag kalimutan ang mga pinansiyal na projection dahil makakatulong ang mga ito sa iyong pamahalaan ang daloy ng pera at hulaan ang paglago.

Kapag nakumpleto mo na ang plano sa negosyo, oras na para isagawa ito. Kailangan mo ng tulong sa pag-set up ng iyong negosyo? Tumungo sa doola.com para sa mabilis at madaling pagbuo ng negosyo sa US.

Paano ako gagawa ng sarili kong plano sa negosyo?

Lumikha ng iyong sariling plano sa negosyo sa pamamagitan ng pagsulat ng elevator pitch, na sinusundan ng pagsusuri sa merkado at customer pati na rin ang mga pinansiyal na projection at mga diskarte sa marketing.

Maaari ba akong gumawa ng plano sa negosyo pagkatapos simulan ang aking negosyo?

Maaari mo itong likhain sa ibang pagkakataon, ngunit mapanganib na magpatakbo ng negosyo nang wala nito. Laging pinakamahusay na gumawa ng plano sa negosyo bago simulan ang iyong negosyo.

Ano ang dapat gawin ng isang negosyante pagkatapos gumawa ng plano sa negosyo?

Dapat ilunsad ng mga negosyante ang kanilang mga negosyo pagkatapos gumawa ng plano sa negosyo. Dapat silang gumamit ng a serbisyo sa pagbuo ng kumpanya upang matiyak na ito ay ginawa ng maayos.

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Paano Gumawa ng Business Plan

February 13, 2018 by Ray L. 3 Comments

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Sa pagluluto, ang mga pinakamagagaling na chef ay sumusunod sa konseptong “mise en place” (lahat nasa tamang lugar). Ibig sabihin noon, kailangan naintindihan mo na ang mga instructions o tagubilin sa pagluluto at inihanda mo na ang lahat ng sangkap bago ka magsimula. Kung hindi mo siniguradong ihanda ang lahat ng kailangan, ang mga nakalimutan mong gawin ay pwedeng makasira sa lasa ng iyong niluluto. Ang konseptong ito ay pwede mo ring gamitin sa pagsisimula ng negosyo. Kailangang planado mo na ang lahat para makita mo ang mga bagay na pwedeng pagmulan ng problema at iresolba mo sila bago ka magsimula, at ililista mo rin ang mga bagay na kailangan mong gawin para mas mataas ang pagkakataong magtagumpay ang iyong negosyo.

Bukod sa paghahanda para sa mga problemang pwedeng harapin, kapag nangangailangan ka ng loans sa bangko o kailangan mo ng investors na magbibigay ng pera o kapital para sa iyong negosyo, malamang gugustuhin muna nilang makita ang iyong business plan . Isipin mo lang, kung may nanghihingi sa iyo ng sampung libong dolyar (halos P500,000), ang negosyanteng alam ang kailangan nilang gawin para magtagumpay ang kanilang negoyso ay mas nararapat bigyan ng pagkakataon kumpara sa isa pang negosyanteng nanghuhula lang.

Maraming ibang mas detalyadong guides tungkol sa pagsulat ng business plan sa internet. Ang article na ito ay maglalaman lang ng basics. Ang pangunahing dahilan kung bakit isinulat ko ito ay dahil hindi ganoon karami ang mga guides na nakasulat sa Tagalog. Kapag kailangan mong magsimulang gumawa ng business plan, basahin mo lang ito para makita ang ilang mga bagay na kailangan mong pagisipan.

Paano Gumawa ng Business Plan - Your Wealthy Mind

Executive summary

Madalas ito ang pinakaunang bahagi ng business plan pagkatapos ng title page. Ang executive summary ay naglalaman ng mga pinakamahalagang impormasyon tungkol sa iyong kumpanya.

Ano ang ginagawa ng kumpanya mo?
Ano ang iyong mga produkto o serbisyong ginagawa?
Ano ang mission statement ng kumpanya mo?

Ano ang iyong pinakamahalagang competitive advantages at disadvantages (mga ginagawa ninyo kung saan mas magaling kayo kumpara sa ibang kumpanya, at mga bagay na hindi mo magawa nang kasing husay nila) pati na rin operational strengths at weaknesses (mga nagagawa niyong mabuti sa negosyo at mga problema niyo sa pagpapatakbo ng negosyo)? Ang lahat ng iyong at iba pa ay dapat nakabuod sa bahaging ito.

Bukod pa roon, sabi ng iba kailangan mo ring sabihin dito ang mga bagay na kailangan mo mula sa mga taong magbabasa ng iyong plan. Kapag kailangan mo ng investment na pera para sa kung ano mang bagay, pwede mo silang ilarawan dito. Siguraduhin mo lang na kaaya-aya ito para sa mga investors.

Ang isa pang payo na ibinibigay ng mga tao ay dapat mo raw isulat ang executive summary pagkatapos mong isulat ang iba pang bahagi ng iyong business plan. Kung mayroon ka nang klarong overview o pagtanaw ng iyong negosyo, saka ka lang makakapagsulat ng summary na magbubuod nito ng maayos.

Business or company description

Kailangan nakalagay dito ang mga pinakamahalagang detalye ng iyong industriya at kumpanya . Gaano kalaki ang iyong organisasyon? Nasaan ang opisina ninyo? Ano ang pangunahing ginagawa ng iyong kumpanya? (i.e. manufacturing products, services and repairs, atbp.)

Kailangan mo ring ilagay dito ang pinakamagagandang impormasyon tungkol sa kumpanya niyo . Sabihin mo ang mga bagay kung saan mahusay ang kumpanya niyo at anong mga factors o mga bagay ang nakakatulong sa iyong negosyo tulad ng iyong mga competitive advantages, operational strengths, technological advantages, at iba pa.

Organization and management

Ano ang legal structure ng iyong kumpanya? (Sole proprietorship? Corporation?) Sino sino ang iyong pinakamatataas na executives at team members? Mayroon ba sa inyong may special skills o experience na mabuting malaman ng mga investors? May mga tauhan ka ba na mga celebrities, influencers, o mga mahusay na entrepreneur na makatutulong nang husto sa iyong kumpanya na magtagumpay sa negosyo?

Market strategy or market analysis

Pagusapan mong mabuti ang mga kasalukuyang nangyayari sa iyong industriya at ang market na gusto mong pasukin. Maraming tao ba ang bibili ng mga produkto o serbisyo mo? Papatok ba ang negosyo mo sa kasalukuyang panahon? May mga bagong trends ka bang maaaring gamitin? Mayroon din bang mga bagong pangyayari na pwedeng magdulot ng mga problema? Alin naman doon ang magagamit mo para maging mas matibay ang posisyon ng iyong negosyo?

Anong klaseng tao (o organisasyon) ang nasa iyong target market (mga pagbebentahan mo)? Sinu sino ang iyong pinakamahahalaga mong customers? Sino ang mga taong bibili ng iyong produkto o gagamit ng iyong mga serbisyo?

Bago pa iyon, kailangan mo ring alamin kapag may malaking market para sa iyong produkto o serbisyo, at kung kayang suportahan ng mga produkto mo ang pangangailangan ng mga customers mo. Kapag mali ang kalkulasyon mo dito, baka matulad ka sa mga kumpanyang nagbebenta dati ng mga segway at “hoverboards” . May maganda nga silang produkto, pero hindi naman pala ganoon kalaki ang market (walang masyadong bumibili).

Competitor analysis

Ang isang mahalagang business tip na natutunan ko ay mabuti kapag mayroon kang kompetisyon . Kapag may mga kakompetensya kang mga kumpanya na gumagawa ng produkto o serbisyong katulad ng iyo, ibig sabihin noon may market nga para sa produkto mo. May mga taong bumibili ng mga bagay na gusto mong ibenta, at marami ang bumibili kaya may mga negosyong nabubuhay at umaasenso dito.

Ang tanong naman ngayon, ano ang pwede mong matutunan sa iyong mga kakompetensya? Ano ang ginagawa nila? May mga trends ba silang sinusundan o sinisimulan? Ano ang pinagkaiba mo sa kanila? Bakit naman ikaw ang pipiliin ng mga customers at hindi ang kakompetensya mo?

Products and services

Ilarawan mo nang mabuti ang mga produkto o serbisyong ibebenta mo. Ano ang mga ito at ano ang espesyal sa gawa mo? Paano ito ginagawa? May mga kaparehong produkto ba sa market? Gaano kabuti ang iyong produkto kumpara sa iba? Bukod sa lahat, pag usapan mo kung bakit gugustuhin ng mga customers ang iyong produkto. Anong pangunahing benepisyo ang ibibigay ng iyong produkto o serbisyo sa ibang tao?

Marketing strategy

Anong niche o specialization ang papasukin mo? Sinu sino ang iyong mga ideal customers (tamang tama sa pangangailangan nila ang produkto mo)? Paano mo ipropromote o iaadvertise ang iyong produkto sa iyong mga customers? Paano mo ibebenta ang produkto mo? Anong mga tindahan ang magiistock nito? Ibebenta mo ba ito online? Paano mo gagawin ang pagtanggap ng orders at delivery? Ang lahat ng iyon at maraming pang ibang detalye ay dapat kasama sa iyong marketing strategy.

Financial plan/analysis/projections

Kung nangangailangan ka ng funding o pera, dito ang pinakamainam na lugar kung saan mo pwedeng ilagay iyon. Ilarawan mo ang halagang kakailanganin mo, saan mo ito gagamitin, mga kondisyong gusto mo, at marami pang iba. Gumawa ka ng napakaayos at detalyadong estimates ng posibleng cash flow, income statements, balance sheets at iba pa tungkol dito.

Isang payo na natutunan ko mula sa What They Don’t Teach You at Harvard Business School ni Mark McCormack ay para sa mga entrepreneur na nagsisimula pa lang , doblehin mo ang expected overhead projections (ang budget mo para sa iyong gastusin sa darating na taon). Gaano ka man kametikuloso sa iyong pagplano, may mga lilitaw na hindi inaasahang gastusin kang babayaran.

Habang sinasabi ng iba na nawawalang kwenta ang battle plans kapag nakaharap mo na ang kalaban at ang mga business plan ay nagiging walang kwenta kapag nakaharap mo na ang mga customers, kailangan mo pa ring gumawa ng business plan. Sabi nga naman ng iba, ang mga hindi gumagawa ng plano ay nagplaplanong mabigo. Kailangan mo lang maging flexible at magbago ng mga plano kapag kinakailangan. Ang business plan nga naman ay isang mabuting simula para sa mga bagay na kailangan mong gawin AT ito rin ay mabuting dokumento kapag naghahanap ka ng mga investors.

Siya nga pala, bukod pa sa article na ito, narito ang ibang sources na pwede mong basahin tungkol sa paggawa ng business plan:

A Standard Business Plan Outline [Updated for 2017]
Write your business plan
How to Write a Business Plan
Comprehensive Business Plan Outline for Small Business
Raising Capital as a Minority Business Owner / Entrepreneur

About Ray L.

Ray is the main writer behind YourWealthyMind.com. He is a proponent of self-improvement and self-education, and he believes that anyone can achieve their goals once they learn the knowledge and skills they need to attain them. He considers it his mission to enrich lives and end poverty by teaching people lessons they may need to succeed.

November 23, 2021 at 10:30 am

Very informative and easy to understand especially that it’s written in Tagalog. Would like to have a permission to use (include) this in my lesson for my grade 10 students. Since it’s modular distance learning and they have to study on their own, they were having a difficulty in understanding the lesson especially if it’s written in English. I’ll be giving them this link so that they will be able to understand the concept and the components of a business plan.

November 24, 2021 at 7:27 am

Hello Teacher Jo,

Sure! Please go ahead and use it! I hope your students find it useful.

Regards, Ray L. YourWealthyMind.com

[…] Tagalog Version (Click Here) […]

How to Write a Business Plan [Complete Guide]

Last Updated on – Aug 8, 2023 @ 3:22 pm

Preparing to write your business plan? You’re already one step ahead of other entrepreneurs who don’t see its value.

A well-thought-out and well-written plan for starting and running your business helps you focus on what you need to do to make your business idea work. It can also boost your chance of getting investments and loans to finance your business .

Did you know that half of small businesses fail in their first four years? Planning is such a crucial step to reducing the risks of managing an enterprise. Turn your business idea from something abstract and uncertain into a successful venture. It starts with drafting a good business plan.

Here’s your definitive guide to writing a business plan that speaks for itself.

What is a Business Plan?

A business plan is a written document that details what a business is, what direction it will take, and how you’ll get it there.

Practically speaking, the business plan evaluates your business’ viability. As the Department of Trade and Industry (DTI) puts it , the document allows entrepreneurs to find out whether or not their business idea will bring in more money than how much it costs to start and run it.

More than just a document, the business plan helps business owners to figure out the key aspects of an enterprise, including the following:

Business goals and strategies to meet them
Competitive edge and how to leverage it
Potential problems and how to solve them
Funding required to start the business
Equipment, facilities, and manpower needed for operations

Who Needs a Business Plan and What Is It Used For?

Every aspiring entrepreneur who will spend a great amount of money, time, and energy to earn a profit needs a business plan.

Business planning is a crucial part of starting an entrepreneurial journey, no matter how small or big a business is. Never skip this step—as they say, failing to plan is planning to fail.

Here are some examples of business types that benefit much from business planning:

Founders of startup businesses seek funds to begin their new venture. Business plans help them persuade investors and lenders to provide the funding they need.

For startups, a business plan explains the nature of the new venture, how it will achieve its goals, and why the founders are the best people to lead the company. The startup business plan should also specify the capital needed to jumpstart the new business.

Related: Fast-Growing Startups in the Philippines

Existing Businesses

Not only do startups gain advantage from a business plan—existing enterprises need it, too.

But business plans for growing businesses serve a different purpose. Usually, a business plan helps a middle-stage business raise funds for additional facilities, equipment, manpower, and others needed for expansion. This document also defines strategies for growth and allocates resources based on strategic priorities.

Growing businesses also use business plans to communicate their vision to various stakeholders such as customers, business partners, potential investors and lenders, employees, and suppliers.

For such needs, a business plan for existing businesses lays out the goals, strategies, metrics to evaluate success, responsibilities, and resource allocation.

Social Enterprises

Social enterprises may not be as profit-driven as other business types, but that doesn’t mean they need business planning any less.

A social enterprise needs to prepare a business plan to achieve its social objectives and keep empowering the communities it’s supporting. This document is what government agencies and donor agencies require and evaluate when approving grants for funding a social project .

A social enterprise business plan determines the social issue that a business idea will solve, its beneficiaries, products or services, target market, and sales projections, among many others.

Non-Profit Organizations/NGOs

Like social enterprises, non-governmental organizations (NGOs) can also use business plans to source funds for their campaigns and projects.

A nonprofit business plan discusses the problems an NGO is trying to solve through a certain project, as well as how it will do that and how much resources are needed.

It also helps the organization and its board members to prepare for risks by making projections on how likely the activities will push through and how the current sources of funds will continue to yield a certain level of revenue. Most importantly, the business plan defines the Plan B if the original plan ends up failing.

Business Plan Format and Its Components

How does a business plan exactly look like? There’s no recommended universal format for business plans. Ideally, yours is customized according to the nature of your business and what you’re going to use the plan for.

However, all business plans have sections in common. Here’s a quick walkthrough of the six components that make up a business plan.

1. Executive Summary

Like an abstract of a college thesis or a foreword of a book, the executive summary is meant to provide a brief overview of the document. It presents the highlights of a business plan in a page or two.

The executive summary the first thing that readers see, so keep it short yet engaging and compelling enough to make them want to view more details in your plan.

2. Company Profile

The company profile is your chance to introduce yourself and your business to people outside your company. It’s also called the company summary, company information, business description, and business profile.

This section quickly answers the five Ws and one H of your business: who, what, when, where, why, and how.

Think of it as your business calling card. Being the shortest section of the business plan, the company profile provides a quick overview of the business—who the owner and founder is, management team, business goals, business address, product or service, and what makes it unique.

3. Operations Plan

The operations plan explains how you’ll run your business, focusing on the different aspects of manufacturing your product. This section includes the following information, among many others:

Type of business (sole proprietorship, partnership, corporation , or non-profit)
How the product is made or the service completed
Necessary materials, equipment, and facilities to manufacture the product or complete the service
Any subcontractors needed
Quality control system

4. Organizational Plan

Your people should play a major role in your business plan, just as how they’re important to your business success . The organizational plan includes a chart that shows how your company is structured according to key departments or functions such as administration, production/manufacturing, marketing, and finance. This organizational chart not only presents the levels of authority in a company but also clarifies who is responsible for which people and function.

Aside from the organizational chart, the organizational plan also includes these details:

Number of employees to hire
Responsibilities of each job role
Qualifications of workers who will perform each role
Salaries and benefits per job assignment

5. Marketing Plan

The marketing plan and the succeeding chapters are the heart and soul of your business plan, explaining the things that will make your business work. This section details how you plan to promote your product or service in the market.

Specifically, the marketing plan covers the following:

How the product or service will work and how it will benefit customers
Target market and its profile
Strategies for packaging, advertising, public relations, and distribution
Competitive advantage

6. Financial Plan

A critical section in your business plan, the financial plan helps you assess how much money you’ll need to start or grow your enterprise and identify your funding sources to get your business off the ground and sustain its operations. This is where you’ll provide financial estimates that cover at least one year of running your business.

Investors and lenders specifically look for these financial details in business plans:

How much you’re going to borrow, what you’ll use the loan for, and how you’ll pay it back
How much profit you’re expecting to make (through an income statement and balance sheet)
How you can finance your business operations (through a cash flow statement)
Whether to keep the business going or close it down to cut losses (through a break-even analysis)

Related: How to Write a Business Proposal

Should You Use a Business Plan Template?

Business plan templates identify what information to put into each section and how it should be structured.

They provide instructions to guide entrepreneurs through the process. This way, nothing is missed out while writing the plan.

Thus, using a business plan template is a great idea, especially if this is your first time to prepare a plan for starting or growing your enterprise.

Helpful as it as may be, a business plan template doesn’t make business planning 100% effortless. While it provides the outline that makes writing the plan easy and quick, you still need to do your homework.

For example, a template won’t compute the financial projections for you—it’s a task you have to complete either on your own or with the help of a professional.

So before you use a business plan template, manage your expectations first and be prepared to do a lot of math!

8 Free Business Plan Templates

Yes, you read it right—you can download free online business plan templates. Some of these templates are designed for a specific niche, while others offer sample business plans for a wide range of business categories and industries.

Start off by choosing any of these free templates that suit your business planning needs.

1. Business Plan Format by the DTI

DTI has a wealth of useful information for micro, small, and medium businesses in the Philippines. Of course, it’s free to access since it comes from the government.

On the DTI website, simply look for the Business Planning section and download the business plan format in a PDF file. This document not only lists down all the information to be included in every section of a business plan, but it also provides guide questions per section—making business planning easier for first-timers.

If you want a more detailed discussion of what should go into each component of your business plan plus sample scenarios, check the DTI’s Negosyo Center e-book that fleshes out things for small business owners.

2. Simple Business Plan Template by The Balance Small Business

The Balance is an online resource for small business owners. It has a free business plan template that’s simple and easy to understand for beginners, with instructions on how to use it. Broken down into sections, the simple business plan template tells you what to include in each component of the plan.

Simply copy the free template and paste it into a word document or spreadsheet. From there, you can start drafting your business plan with the template as a guide.

3. Free Sample Business Plans by Bplans

This website features a collection of over 500 free business plan samples for various industries, including restaurants, e-commerce, real estate, services, nonprofit, and manufacturing.

Under each category are links to many sample business plans for specific types of business. Each sample comes with a plan outline, too. For example, under the Services category, you’ll find sample plans for businesses like auto repair shops, advertising agencies, catering companies, health spas, photography studios, and more.

4. Business Plan Samples by LivePlan

More than 500 free sample business plans are available at the LivePlan website, so you’re likely to find one that suits your business best. The samples allow users to know how other businesses structured and worded each component of their business plans. You can copy and paste the sections into your own plan.

To download a full business plan sample, you’ll have to sign up by submitting your name and email address through the website.

5. Business Plan Templates by PandaDoc

PandaDoc offers free business plan templates for NGOs, startups, restaurants, cafes, bakeries, hotels, and salons. These documents can be downloaded in PDF format.

But if you want a customizable template, you can download the PandaDoc template for a 14-day free trial. This template allows you to edit the document, choose a theme that matches your branding, and add pictures and videos.

The website also has free templates for executive summaries and business letters.

6. The One-Page Business Plan by The $100 Startup

If your business has a simple concept, then a one-page business plan template is ideal to use. This downloadable PDF file is a very simple outline made up of a few sections with questions that you have to answer in just a short sentence or two.

7. Business Plans by Microsoft

Microsoft provides a broad selection of templates for its users, including business plan templates in Word, business plan presentations in PowerPoint, and business plan checklists in Excel.

Sample business plan template (Word) – Provides the steps in writing a complete business plan
Business plan presentation template (PowerPoint) – Consists of slides for different sections of a business plan that highlight the key points for viewers
Business plan checklist template (Excel) – Enumerates the important things to do when writing a business plan, using the Strength, Weakness, Opportunity, and Threat (SWOT) analysis framework

The advantage of using a template from Microsoft is having a professional-looking document, slideshow presentation, or spreadsheet. No need to do the formatting by yourself because the template is already formatted. All you have to do is enter the necessary information into the template to complete your business plan.

8. Social Business Plan Guidelines by the Ateneo de Manila

This free business plan format for social entrepreneurs comes from the Ateneo de Manila University’s John Gokongwei School of Management. In a glimpse, it provides the basic information you need to plan a social enterprise.

It also has more detailed business plan guidelines you can refer to. Simply click the link to the word document at the bottommost part of the page.

Related: 11 Best MBA Programs & Schools in the Philippines

How to Write a Business Plan

An outstanding business plan covers everything your stakeholders need to know about your business. So don’t just wing it—put a lot of thought into this critical document.

Let’s get down to the nitty-gritty of drafting a business plan, whether you’ll use a template or not.

1. Brainstorm about your business idea

You may have a very promising business idea, but it won’t fly unless you develop it into a clear-cut concept.

Brainstorm with your team about everything you can think of about starting and running the business. Then list them all down.

Be as creative as possible. No need to be too critical at this point.

While brainstorming, aim to answer these key questions:

Why do you want to start the business? What has inspired you to go for it?
What product or service do you plan to sell?
Who will be your target customers? What are their problems that you’re hoping to solve through your product or service? How will you promote your offerings to them?
What will be your business branding ? How will you position your brand in the industry?
What is your competitive advantage? What makes your business unique?
Where do you see your business within a year?

2. Validate your business idea

Research on the specifics of your business idea—paying special attention to your product or service, target market, and competitors.

According to entrepreneurship experts, it’s best to spend twice as much time on this step as spending the time to the actual drafting of the business plan.

Here are some ways to validate your business idea:

Read studies and research to find information and trends about your industry .
Conduct market research to gather insights from industry leaders, potential customers, and suppliers . You can do this through surveys, focus group discussions, and one-on-one interviews with your stakeholders.
Collect data about your competitors , especially the product or service they offer and how they reach their customers. Consider buying from them or visiting their store to get a feel of their products and customer experience.

Gather all relevant information and analyze your findings to assess whether the business idea is feasible or not. You may need to tweak your business idea based on your evaluation of its feasibility.

3. Define the purpose of your business plan

It’s extremely difficult to carry out anything if you aren’t sure about why you’re doing it in the first place. Without a clear purpose, you’re like driving a car without knowing where you’re headed to.

When it comes to writing your business plan, you should have its purpose in mind from the get-go. It can be one or more of the following:

Create a roadmap to provide the directions the business must take to achieve your goals and overcome challenges. This is ideal for bootstrapping or self-funding startups.
Seek investments and loans to finance a business. If this is your purpose for making a business plan, it should be compelling enough to attract investors and lenders.
Set your targets, budget, timelines, and milestones. When you put them all in writing, it’s so much easier to evaluate and measure your business’ actual performance versus your goals.
Communicate your vision and strategic priorities with the management team. With this purpose, your business plan must establish specific goals for your managers so that they have something to commit to, you can track progress, and get them to follow through on their commitments. Also, having a business plan for this purpose ensures that everybody involved in running your business is on the same page.
Minimize risks. Running a business in itself involves a lot of risks, and it gets riskier with a poorly researched business idea. A business plan can help entrepreneurs mitigate them by organizing activities and preparing for contingencies.

4. Create an outline for the executive summary

The first section of any business plan is the executive summary. You don’t have to draft it yet at this point, but it helps to write an outline for it before you proceed with the rest of the sections.

In a sentence or two, describe these key aspects of your business:

Product or service
Target market
Competitors
Unique value proposition (how you set your business apart from the competition)
Management team
Short-term and long-term business goals
Possible sources of revenue

5. Describe your business

The next step is to write your company profile. Get your readers to become familiar with your business and realize why they should be interested in it.

If you have no idea what specifically goes into this crucial business plan section, you can check the company profiles of businesses in your industry. Usually, you can find them on their websites at the About Us or About the Company page. Take note of the information included and how they’re written.

Here are the must-haves of a great company profile:

Brief history of the company
Mission and vision
Product or service lineup
Target market and audience
How the business will address the customers’ pain points
What makes the business unique

6. Provide details about your operations and organizational structure

Anyone who will read your business plan needs to know what they should expect when they deal with you. They need to see a solid plan for your operations and the people who make up your team. So give your operations plan and organizational plan a careful thought.

For your operations plan, choose carefully the right legal structure for your business. Will you be a sole proprietor? Or will you partner with someone or form a corporation? Your choice will have an impact not only on your business operations but also on the taxes you’ll pay and your personal liability .

As for the organizational plan, it’s where you put your organizational chart that shows a glimpse of the hierarchy within your organization. You can easily create this chart in Microsoft Word, Excel, or PowerPoint.

Also introduce the people who comprise your management team—their relevant experience, qualifications, and expertise . The organizational plan must also include information of the support personnel, as well as who reports to whom and who manages whom.

If you’ll be outsourcing some of your business functions, add them to your organizational plan, too. These may include consultants , accountants , lawyers , logistics specialists, and IT specialists. This way, you’re showing that you’re planning to fill in any expertise and skill gaps in your in-house team.

Also Read: Business Process Outsourcing to the Philippines [Complete Guide]

7. Compose your marketing plan

Make this section of your business plan as comprehensive and detailed as possible. You’d want to prove that you’ll take a strategic and aggressive approach to reach your target customers and promote your brand and product or service to them.

Divide your marketing plan into five subsections: objectives, product/service description, target market profile, competition profile, and promotional activities.

A. Objectives

Zero in on the what and the why of your marketing activities. Under the marketing objectives section, list down all your goals and the strategies you’ll implement to meet them.

Your marketing goals can be any of the following:

Raise brand awareness
Introduce a new product or service
Regain or get more customers for an existing product or service
Secure long-term contracts with your ideal clients
Increase sales in a certain market, product, or price point
Improve product manufacturing or product/service delivery
Increase prices without affecting sales

B. Product/Service Description

Describe each product or service you’ll offer, including its features and benefits. You can use storytelling , images, charts, tables, or any visual element that best illustrates how each item will work to the benefit of your target customers.

C. Target Market Profile

Present as much relevant data as you can about your potential customers. Make sure to include the following:

Demographic profile: age range, gender, income level, education, interests, etc.
Buying behaviors
Factors that influence their buying decisions: purchasing power, personal preferences, economic conditions, marketing campaigns, social factors (such as peer pressure and social media influencers ), cultural factors, etc.

D. Competition Profile

Your marketing plan must focus not only on your own business but also those of your competitors. List down the similar products or services that they offer to your target customers.

Also, provide an assessment of your competitors’ performance. Which areas are they doing well? How can you improve on their strengths and weaknesses? How can your business stand out? Is it your more competitive pricing? Better customer service? Superior product quality?

To come up with a good competition profile, take the time to research about your competitors. When interviewing your target customers, ask them about the brands they use or businesses they deal with.

You can also do an online search of your competitors. For example, if you’ll run a pet supplies store in Pasig, search for “pet stores Pasig” on Google. The search engine results page may show you the different stores that sell the same products as the ones you plan to offer. Read customer reviews online to get deeper insights on how these businesses serve their clients.

Consider doing a “secret shopping” in your competitor’s store. This way, you can experience firsthand how they treat their customers and how they market and sell their products or services. You might even be able to get information about their product lineup and pricing.

E. Promotional Activities

The last subsection of your marketing plan must discuss how you’ll promote your brand and products or services and connect with customers. Also, be ready to allocate budget for each marketing activity you identify in your plan.

Create a list of marketing activities you plan to implement. Will you reach your audience through SEO (organic online search), paid advertising, and/or social media? Or will you go the traditional route through print and TV advertising or joining expos, exhibits, and trade shows? The right choice depends on the nature of your business and the type of audience you’re trying to reach.

8. Develop your financial plan

The financial plan is the section where you’ll crunch the numbers. Unless you’re really good at math, it’s best to hire an accountant or business consultant who will work with you to develop a foolproof financial plan.

Put simply, a financial plan explains how a business will spend money and make more money. It also estimates the amount of time it will take for the business to earn a profit.

Here are the specifics of a good financial plan:

Total capital requirement
Business financing plan and any loan requirement
Collateral to put up for a business loan
Schedule for loan repayment
Financial statements : cash flow statement, income statement/profit and loss statement, and balance sheet
Break-even analysis
Return on investment (ROI)
Financial analysis

Ultimately, these financial projections answer the question, “Is your business financially feasible?”

9. Back up your business plan with supporting documents

Books and theses have an appendix section at the end that provides additional resources. Your business plan should have one, too. This final section consists of documents, surveys, studies, charts, tables, images, and other elements that provide supporting data.

Depending on the information you’ve presented in the other sections of the plan, your appendix may include these things:

Market research data and findings
Resumes of the management team
Relevant financial documents
Lease agreements
Bank statements
Licenses and permits

10. Review and refine your business plan

Your business plan is almost done at this point. Now all you have to do is go over the document once more to ensure you’ve covered everything and nothing crucial is left out.

Check your final draft and be sure it has the following:

Sound business idea – If you’ve done Step 2 properly (validating business idea), you can be confident that you have a sound business idea.
Comprehensive and in-depth look into your business in a professional format
Thorough understanding of your target customers , their behaviors, interests, and needs
Competent management team – The people who make up your team must possess the skills and expertise that complement yours.
Business focus or specialization

Aside from yourself, ask a business partner, proofreader, and accountant or financial expert to review your business plan and spot any errors and inconsistencies. You’d want to make sure that it looks professional and is accurate.

11. Write the executive summary

Lastly, get back to the outline you created in Step 4 and write it based on your final draft. Make sure to craft an engaging executive summary that hooks people into reading the rest of the plan.

6 Actionable Tips on Writing a Business Plan

Anyone can write a business plan—but it takes more than great writing skills to create an exceptional one.

Here are some tips to help you prepare an effective business plan that goes beyond the ordinary.

1. Write with your audience in mind

When drafting your business plan, you’re writing not for yourself but for people who will play key roles in starting and running your enterprise. This is why it’s important that you know whom you’re writing for and keep them in mind while preparing your business plan.

If you think you can’t create a plan that caters to all your audience groups, consider having different versions of the document. For example, you can come up with a business plan for investors, another for lenders, one for employees, and so on. But keep the data consistent across all versions.

To write a business plan that suits a particular audience, you have to use the right language, highlight the parts that interest them, and adjust the format accordingly.

A. Use the Right Language

One of the most important rules in business writing: use the language that your target audience easily understands. If you’re writing for engineers, finance people, or lawyers, your language can be technical—meaning you can use jargons and terminologies familiar to them.

However, if you’re writing for investors who barely have technical knowledge, tweak your language in simple terms that are easy to grasp and appreciate.

Likewise, if you’re writing a business plan to communicate internally with managers and employees your company’s direction and strategies, it’s best to use more casual language than you would when writing for high-level, external stakeholders.

B. Appeal to Your Audience’s Interests

It also helps to understand what interests your audience because they will influence how you’ll write your business plan.

Your management team, for instance, will be interested in knowing your business goals and strategies so that they can help you steer the company in the right direction.

Investors and lenders look at the business plan differently—they’ll be more interested in your financial statements to determine your financial health, like if your business is worth investing in or has the ability to pay back a loan.

C. Adopt a Suitable Business Plan Format

There’s no one-size-fits-all format for business plans because it depends mainly on your audience, aside from the nature of your business.

Let’s say you’ll set up a restaurant, and you’re drafting a business plan to apply for a business loan. To convince lenders that your business is viable, details such as your restaurant’s location and possible renovations are crucial.

Meanwhile, if you’re writing the plan for potential big-time investors, you’ll take a different approach. A good restaurant business plan focuses on the business aspects that will lead to growth and profitability (Remember that investors are interested in how they’ll make money from partnering with you).

2. Keep it concise

How long should a business plan be? According to the U.S. Small Business Administration (SBA) , it depends on various factors such as the specific audience it’s written for and the nature of a business. The SBA cites surveys that found the ideal length to be at least 25 to 100 pages.

Sounds a lot? If you have a simple business idea and you’re writing a business plan for busy people who don’t have time to pore over hundreds of pages, then one page up to 20 pages should be fine.

However, you may need to provide more explanation (which will take up more pages in your business plan) if you’re planning to build a new kind of business, and a risky one at that.

The size of your business also affects the length of your business plan. Business plans for small businesses need not exceed 30 pages. Corporate business plans are expected to be longer.

What matters more than length is how concise your business plan is. Meaning, it provides all the necessary information—including solid research and analysis—using the fewest words possible. No place for wordiness here!

3. Document everything related to your business

Support your claims in the business plan with solid facts and proof. Investors, for instance, need an assurance that they won’t lose their investment when they trust you with their money. This is where documenting your business thoroughly plays a crucial role.

What kinds of documentation can you include in your business plan?

Industry forecast or projections
Licensing agreements
Location strategy
Prototype of your product or service
Survey and FGD results
Resumes of your management team

4. Show your passion and dedication to your business

Although business plans have straightforward, matter-of-fact content, you can still establish an emotional connection with your readers through your plan. After all, your readers are humans with feelings and motivations.

No need to be dramatic about it—you can show your passion and dedication while still sounding professional in your business plan. Write about the mistakes you’ve had (like a failed business in the past), what you’ve learned from the experience, the values you hold, and the problems of your customers you want to solve through your product or service.

5. Know your competition and how you’ll stand out

Your business won’t be the single player in your industry. Other businesses in the same niche have started way ahead of you, and some new ones will also compete for business in the future.

Write your business plan in such a way that you know your competitors so well. Identify all of them and what makes your business unique compared with the rest without belittling them.

6. Be realistic and conservative in all your estimates

In any aspect of your business, it’s better to underpromise and overdeliver than the other way around. This also holds true when writing a business plan. You wouldn’t want to set unrealistic expectations that will lead to disappointments and worse, losses, when you fail to deliver on your promise.

There’s no place for too much optimism in your business plan. Your budget allocation, timelines, capital requirements, sales and revenue targets, and financial projections must be reasonable, realistic, and conservative. These will lend credibility to your business plan and yourself as an entrepreneur. Because there are a lot of factors beyond your control, always assume that things will get completed longer and cost more ( consider inflation over time! ).

This is where your research prior to writing the draft comes extremely helpful. You have something solid and factual to benchmark against. For example, if your analysis based on the facts you’ve gathered indicates that you’ll be able to get 40% share off the market in your first year of operations, consider making your estimates a bit more conservative and attainable.

Related: The Ultimate Guide to Business Valuation in the Philippines

10 Mistakes to Avoid When Writing a Business Plan

Now, let’s explore the mistakes entrepreneurs often commit when writing a business plan. Listing them all down here to let you know what to avoid.

1. Prioritizing Form Over Substance

Spend most of your time and energy on building solid research and facts rather than obsessing about which font type or background color will look best for your document.

2. Overthinking

Many entrepreneurs take too long to complete their business plans because they worry too much about it. Don’t get intimidated by business planning—you don’t have to be an expert or a degree holder in business management or business administration to be able to write an outstanding business plan. Overthinking will just lead to analysis paralysis and get nothing done.

As long as you know your business well and are passionate about it, then writing a business plan won’t be as difficult as you think, especially if you’re using a template.

3. Submitting the Document Without Proofreading It

If your business plan is filled with typos and grammatical errors, readers will get distracted even if you’re presenting substantial information. It may also give your audience an impression that you’re careless—and who wants to deal with a person who isn’t professional and careful enough?

Even if it costs you money, pay a professional proofreader to check your work and correct any errors so that the message you wanted to convey through your business plan will get across.

4. Making Empty Claims

Any statement that isn’t sufficiently supported by solid research or documentation has to go. For example, if you want to claim to be the top player in your industry but you don’t have any evidence to back it up, rethink about including it in your business plan.

5. Writing an Overly Long and Wordy Plan

Make sure that everything you put into your business plan is relevant and serves your purpose. Otherwise, remove unnecessary statements that just add fluff to the document.

Also, don’t waste your readers’ time by using too many words—including highfalutin ones. Remember, your goal is to make your audience understand your business, not to impress them with beautiful or complex prose.

6. Using Too Many Superlatives

Even if you really feel that your business, business idea, or projection is incredible, amazing, the best, great, fantastic, or one of a kind, avoid using these superlatives because they aren’t appropriate for formal documents like a business plan.

7. Doing the Financial Projections on Your Own

Unless you’re an accountant yourself, it’s best that you get a professional to do the job for you. It will save you time and the headache of dealing with numbers and formatting your financial plan properly.

8. Overestimating Your Projections

The business plan is not a place to make impossible promises—while they look good on paper, you might run into trouble fulfilling them. To avoid this mistake, always do your research. Find out how other businesses do it and what the typical timeframes and financial projections are before you come up with your estimates.

9. Long-Term Business Planning

As much as possible, limit your projections to only a year. A lot of things can happen and make your business different from how you initially planned it. Stick with your short-term or one-year targets and estimates, then just tweak your business plan as time goes by.

10. Including Unfounded Rumors About Your Competitors

Not only do rumors make your business plan look unprofessional, but they also distract your readers from your intended message, which is to highlight what makes your business different from the competition. Avoid including details based only on hearsay. Everything in your plan must be backed up by solid, quantifiable facts.

Key Takeaway

A business plan is more than just a document that you prepare once and will never look at again. Rather, it’s a strategic tool that you should use from time to time to guide your business operations, get the buy-in of your stakeholders, and grow your business over time.

Once you’re done with writing your business plan, make the most of it for your business. Use it and modify it as often as needed!

Ready and confident to start writing your business plan? Share your thoughts and questions below!

Other Useful Business Resources from Grit PH:

How to Sell a Business in the Philippines

About Venus Zoleta

Venus Zoleta is an experienced writer and editor, specializing in personal finance and digital marketing.

She has been a regular columnist for some of the biggest business & finance publications in the Philippines, such as MoneyMax.ph and Filipiknow.net.

Hoping to retire early, she started investing and bought a home in her early 20s. This crazy cat mom eats ramen like there's no tomorrow.

Education: University of the Philippines (B.A. Journalism) Focus: Personal Finance, Personal Development, and Entrepreneurship

Reader Interactions

March 3, 2020 at 10:00 am

I like it, and i want to learn more about for business

March 6, 2020 at 9:46 am

Hello Ms. Venus, Rise Against Hunger Philippines, N.G.O. , branching out into a new high ways… and i am newly hired as a social enterprise development officer… whose main tasks to launch a product line; an up-cycled tarpaulin bags.. manufactured by a group of community women (skills training’s, coordinated by life coached; aiming w-holistic transformation and sustainability program.. . with such a big tasks, i need a step by step guides, and if possible a coach for i cannot do it alone… thank you, henry reandino chua

Making a Business Plan and How to Write it Successfully

Ang pagbuo ng sari sari store sa Pilipinas ay karaniwang negosyo at iniisip ng karamihan na ito ay napakadali nito. Kumpara sa ibang negosyo, maliit lamang ang capital sa pagbuo ng sari sari store pero kung gusto mong lumago ito, kinakailangan mo magkaroon ng business plan. tapos pwede kang sumali sa smartsari, dahil maraming kumikitang business opportunities! Simulan ang iyong negosyo ngayon!

Ang sari sari store, gaya ng ibang negosyo, ay nangangailangan ng extensive planning at preparation, gayon na rin ang malalim na kaalaman tungkol sa negosyong ito pati na rin ang may kinalamang mga regulasyon.

Business Plan Meaning

Business plan meaning: ang business plan ay isang valuable tool na makakatulong sa mga negosyanteng kagaya ng sari sari store owner na magkaroon ng tamang decision tungkol sa kanilang tindahan at magkaroon ng strategies para sa success. Ang article na ito ay magbibigay ng step-by-step instructions sa paggawa ng business plan para sa sari sari store sa Pilipinas.

Advantages of Learning How to Make a Business Plan

Ang paggawa ng kumpletong business plan ay mahalaga para sa tagumpay ng kahit na anong sari sari store. Ang isang maayos at napag-isipang business plan ay makakatulong sa may-ari ng mga sari sari store na malaman ang kanilang mga gustong mangyari para sa kanilang tindahan at magkaroon ng strategies para matupad ang mga ito.

Ang business plan ay magbibigay sa iyo ng outline ng costs na kasama sa launching at operation ng business. Kakailanganin mo ito, lalo na kung may potential investors ka at kailangan mong ipakita sa kanila ang iyong plano.

Ang business plan ay makakatulong rin na maiwasan ang potential risks at mabawasan ang mga ito, para maprotektahan ang iyong negosyo sa pagkatalo dahil sa mga di inaasahang pangyayari.

How to Create a Business Plan: Step-by-Step

Sa mga naghahanap ng how to make a business

Step 1: Research the Market

Bago magsimula ng kahit na anong negosyo, mahalagang maunawaan ang local market at industry. Ito ay makakatulong na malaman mo kung may pangangailangan sa iyong produkto o serbisyo at kung may kakayahang bumili ang mga customer sa iyong area.

Kinakailangan din ng research to assess potential competitors, their offerings, and prices. Finally, consider regulations. May mga restrictions na na maaaring maka-apekto sa operasyon ng iyong tindahan??

Step 2: Define Your Target Customers & Products

Kapag naintindihan mo na ang iyong market, magsimula ka ng isipin kung sino ang iyong mga target customers are at kung anong mga produkto ang kakailanganin nila mula sa iyong tindahan. May mga consumer groups ba na more likely buy from you than others? Knowing this information can help you tailor your product selection to meet their needs.

Step 3: Choose Your Location

Pumili ng nababagay ng lokasyon para sa iyong sari sari store, hangga’t maaari ay yung convenient at madaling ma-aaccess ng iyong target customers. Consider factors such as traffic flow, competition nearby, and parking availability. Kung ikaw ay renting or leasing a facility, consider the terms of the agreement carefully bago pumirma ng kahit na anong kontrata.

Step 4: Create a Business Plan

Once you have completed preliminary research and taken care of matters related to location and customer base, it’s time to create a formal business plan. Dapat maisala dito lahat ng relevant information tungkol sa finance, marketing strategy, operations, staffing, at iba pa. It is also important to set measurable goals for the store.

Step 5: Monitor Your Progress

Keep track of sales, expenses, customer feedback, and other relevant information to make sure that you are on track with your business plan. Importante na maging konektado sa kung ano ang gusto ng customers mula sa iyong tindahan para makagawa ka ng mga adjustments kung kinakailangan. Regularly reassess your products and services based on market data.

Step 6: Seek Financing and Capital

One of the most important aspects of starting a business is raising capital. Ito ay maaaring gawin through investors, banks, or micro-finance institutions. Tingnan ang lahat ng available options at ikumpara ang interest rates at ibang terms para masigurado na ginagawa mo ang pinakamagandang desisyon para sa iyong sari sari store. Be sure to also pay attention to any government grants or incentives that may apply.

Step 7: Make Your Store Stand Out

Ang success ng sari sari store ay nakadepende rin sa kung gaano magstand out ang iyong tindahan kumpara sa mga ibang sari sari stores sa inyong lugar. Isipin kung paano gagawing attractive at inviting for customers ang iyong tindahan. Display products in an organized manner, offer promotions, introduce loyalty needs etc., in order to provide potential investors with a comprehensive overview of your business plan and projected financials.

These are the basic steps for creating a sound business plan for a sari sari store in the Philippines. Developing this document is an important part of starting any business, as it helps entrepreneurs make informed decisions and plan for success. With proper preparation and research, you can pwede ka ng mag-create ng iyong sariling detailed business plan. You be well on your way to opening up a successful sari sari store!

By following these steps, entrepreneurs will have all the necessary information they need to create a comprehensive business plan that will help them succeed in establishing their own sari sari stores. Dapat maalala ng business owners na maging updated sa mga bagong developments sa kanilang industry.

Marketing Tips to Help With Your Sari Sari Store Business Plan

1. Use social media – Gumamit ng social media platforms to reach out to potential customers and keep them informed about your store.

2. Offer promotions – Mag-introduce ng regular discounts and promotions to help attract customers and increase sales.

3. Advertise locally – Makipag-ugnayan sa local businesses, schools, at ibang organizations in the area to advertise your store.

4. Have a loyalty program – Gumawa ng loyalty programs that reward regular customers para sa pagtangkilik nila sa iyong tindahan. This will encourage more people to support your business.

5. Keep up with the trends – Maging aware sa new products, services, and trends related to sari sari stores—this will help you stay ahead of competitors in the market.

6. Build Relationships – Mag-develop ng relationships with suppliers and other business owners in the community to increase visibility in your area.

7. Connect with customers – Get feedback from customers about what they would like to see at a sari sari store. This will help you improve the customer experience and keep them coming back for more.

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Making a Business Plan and How to Write it Successfully

How To Start a Business in the Philippines: The Complete 15-Step Guide

Here’s the cold harsh truth about employment:

It’s a rat race and even if you win it, you still end up a rat.

A rat with no control over his schedule, income, and projects to work on.

I’m not saying everyone should leave their jobs en masse. Some people consider their jobs as a vocation and can’t imagine doing anything else.

But for others who are yearning for more freedom and feel stuck at their current jobs, there’s a great alternative–entrepreneurship.

The best part is you don’t have to start big. Even with a small capital, you can open a business in the Philippines and make it profitable through smart planning. This article will teach you exactly how.

How To Start a Small Business in the Philippines With Small Capital: A Step-by-Step Guide

Great things start from small beginnings.

When they started their businesses around WWII, Max’s Restaurant and National Bookstore were deprived of advantages. But with sheer persistence and great strategies, they eventually became household names.

The same is true for almost all the famous brands we recognize today.

Therefore, whether you want to supplement your current income or become your own boss someday, the only way to go big is to start with a small business.

Small business or small-scale enterprise is one that hires few employees and has a relatively smaller asset size.

In order for a small business to qualify for government assistance and incentives, it should have capital assets amounting from Php 3 million to Php 15 million and with employees numbering from 10 to 99 workers 1 . Anything below these levels is classified as microenterprise while businesses that exceed them are known as medium- to large-scale enterprises.

However, the consensus today is that micro, small, and medium enterprises all fall under the general term “small business”.

By starting a small business in the Philippines, you as the owner will pretty much wear several hats–from marketing and finance to production and management.

Hence, it’s crucial to arm yourself with knowledge about all these fields especially at the beginning when you still don’t have the means to hire specialists.

This article will teach you how to start a business in the Philippines with a small capital, no business experience, and little or no college education.

Let’s get the ball rolling.

Step 1: Know your “Why.”

how to start a business in the philippines 1

Holocaust survivor Victor Frankl wrote in his book that “those who have a ‘why’ to live can bear with almost any ‘how'” .

Starting a business may not be as tragic as a Holocaust but it is certainly not a walk in the park either.

On one side, owning a business gives you unlimited opportunities to earn money , be your own boss, explore your creativity, help others, and build a legacy.

But there’s another side to the entrepreneurial coin: the risk of failure.

In addition to that, starting a business in the Philippines where unpredictability abounds will push you to go beyond your comfort zone. Success won’t come easily. Long hours of work, missed family times, and sleepless nights will hound you especially during the early stages.

And did I mention you’ll be juggling a lot of hats so you’ll be responsible not just for the welfare of your family but also for the livelihood of your own employees?

So, before taking the plunge, test the water first.

If you only want extra income , don’t resign from your job and look for a part-time job instead. But if you want complete control of your destiny, then it’s time to plan your exit. It doesn’t matter if you take baby steps; what’s important is you carefully weigh the risks and rewards and then make a decision based on your own judgment.

If you get discouraged, look at yourself in the mirror and ask the big “Why?”

As long as you know your purpose for starting a business, you can weather any challenges that life may throw at you.

Step 2: Understand What It Takes To Succeed in Entrepreneurship

how to start a business in the philippines 2

You don’t need an MBA to start a profitable business in the Philippines.

However, life-long learning is at the core of successful entrepreneurship. You learn best from your own failures and the mistakes of those who came before you.

Another way to hone your knowledge is to take free or paid training courses designed for beginners. For example, the Philippine Trade Training Center (PTTC) and the U.P. Institute for Small-Scale Industries offer “start your own business” programs that will teach you basic principles of running a business.

We also recommend the following training centers/courses:

Businessmaker Academy (1503A West Tower, Philippine Stock Exchange Building, Exchange Road, Ortigas Center, Pasig City).
TESDA Online Entrepreneurship Training Program .
Ultima EntrePinoy Center for meat processing, baking, and other food business courses (Nutrition Foundation of the Philippines Building, 107 E. Rodriguez Sr. Ave., Quezon City).
Department of Trade and Industry Negosyo Center – Seminars and Workshops .

Entrepreneurial success takes more than just technical knowledge. Your business can only grow to the extent that you do . Hence, it’s important to also invest in personal development if you want your small enterprise to prosper.

According to Management Systems International 2 , there are attributes common among successful entrepreneurs that led them to the success they have today. These characteristics can be grouped into three clusters–Achievement, Planning, and Power.

Achievement cluster

Opportunity-seeking – the ability to see opportunities and seize them as they come. For example, when people from your hometown are craving for donuts and there’s no single donut store that has been put up yet, will you be quick to act on this opportunity? An opportunity-seeking business person certainly would.
Persistence – a trait that will allow you to stick to your vision even in the face of criticisms and failures.
Commitment to contract – which means getting the job done on time and honoring your promises without any excuses.
Risk-taking – or more specifically, taking calculated risks to minimize potential losses. A good business person doesn’t just invest in any venture without carefully studying the market and identifying flaws in the business model.
Demand for quality and efficiency – a characteristic of great entrepreneurs who uphold excellence in everything they do and don’t just settle in a “puwede na ‘yan” attitude.

Planning cluster

Goal-setting – a skill that enables you to clearly define your goals and withstand the pressures and struggles of today in the name of achieving these goals.
Information-seeking – a quality you need in order to come up with informed decisions and calculated risks. When the future of your business is at stake, you gather only the best information from all the best sources–suppliers, experts, competitors, banks, and even government agencies.
Systematic planning and monitoring – while planning gives you the opportunity to choose the right supplies, manpower, and materials to achieve your goals, monitoring allows you to fine-tune your plan to bring you closer to achieving your goals.

Power cluster

Persuasion and networking – if you know how to leverage the power of persuasion, you can literally make everything you want to go in your favor: from persuading the bank to give you a loan to convincing your buyers that your product is worth a try.
Self-confidence – if you don’t believe in yourself and your ideas, then no one else will. You can’t succeed in any undertaking if you have a deflated ego. Believe in your dreams and everything else will follow.

Step 3: Come Up With a Business Idea

how to start a business in the philippines 3

Every successful business starts with one idea.

The problem, however, is many people think that a million-peso idea only shows up in a select few; it’s either you have it or you don’t.

While it’s true that some successful entrepreneurs got their ideas by accident, they are exceptions rather than the rule. For most of us, a winning business idea won’t magically fall into our laps so we have to look for it ourselves.

To start generating a list of business ideas, ask yourself the following questions:

What are the things you’re interested in?

Running a business can be tedious in the long run so you might as well choose a business that is in line with your interests.

Don’t worry if the idea has already been taken. Your goal, after all, is not to be original but to explore an already existing idea you’re interested in, turn it on its head, and make it better than what’s already out there.

Instead of trying too hard to be original, find ways to dominate an already existing market by offering better, cheaper, or faster products or solutions.

Do you have pain points in your life or problems that bother you that you wish could be solved?

Famous entrepreneur and Internet personality Gary Vaynerchuk believes that the best way to find the next great business idea is to stop looking 3 .

Instead, go through the daily grind of life with an open mind so that you can zero in on things that bother you when you encounter them. Chances are, you’re not the only one experiencing the same problem so if you figure out how to fix it, then you have a potential business idea.

The key here is to always have a problem-first approach; after all, the world doesn’t need more products but more solutions to their everyday problems .

What are your core skills or the skills you’ve developed?

You’re more likely to succeed in a business if you have the experience, knowledge, and skills that it demands.

Look back at your employment history and note the skills you’ve developed over the years that you’re both naturally good at and you enjoy doing. These can provide clues on what kind of business to pursue.

And we’re not just talking about skills that you’ve developed in your previous jobs; those that you’ve learned outside work are equally important and perhaps more reliable in helping you figure out what business to try. Since you enjoy doing them without any incentive to motivate you, then you can potentially turn it into a business you’ll never get bored doing.

What businesses are currently booming/trending?

First of all, there’s a difference between a business fad and a business trend. Whereas a business fad enjoys initial hype but proves to be short-lived, a business trend lasts longer as the consumers don’t easily lose interest in the product/service.

Apparently, your focus should be on the trending businesses because more people doing it means the idea is very profitable. In the Philippines, trending business ideas fall in any of these three categories: Food, online, or service.

Food businesses either focus on food manufacturing (i.e., creating your own products from scratch like what Eng Bee Tin did and other big names with humble beginnings in their founders’ own kitchens) or food trading which involves selling ready-made or frozen products like siomai, shawarma, etc.

Online home-based businesses are mostly done by professionals who sell their services instead of tangible products. These include virtual assistants, freelance writers, social media managers, bloggers, bookkeepers, graphic artists, and many more.

Last on the list are businesses in the service industry that are now thriving as more and more people become busier. Some of the best examples are laundry businesses , transportation/delivery services, pet grooming businesses, photography businesses, and wedding and events coordination businesses, among others.

In addition to asking yourself the above questions, you can further increase the number of business ideas you generate by reading this article: 100+ Best Small Business Ideas in the Philippine with High Profit.

Step 4: Conduct Market Research

how to start a business in the philippines 4

Starting a business without doing market research is akin to entering an unfamiliar territory without any map to guide you.

But what exactly can you achieve with market research? The answer is knowledge. A wealth of information and insights about who and where your customers and buyers are; when they’re most likely to buy or use your product/service; who your competitors are; and how big is the potential market demand for the product/service you’re currently developing.

In other words, everything that can help your business start off on the right foot.

This step has three components:

Market segmentation;
Market research;
Competitor analysis.

To begin your research, you have to know first that your business doesn’t necessarily need to appeal to everyone . It’s easier to focus on one segment of the market first and then expand later on.

In order to find this target market, you need to divide the general market into smaller subgroups. Also known as market segmentation, this process involves grouping the market according to location, demographics, behavior, or other variables that make sense for your business.

Let’s say you’re planning to develop and sell a mobile phone. You can find your market either at shopping malls or online shopping sites where mobile phones are being sold.

Through market segmentation, you can divide this market into different groups according to their motivations in buying a mobile phone. There are the housewives who only need phones with the most basic features since they’re only using them to call their loved ones; the students who look for phones with cameras and other features that will help them with their studies; the yuppies who prefer phones with a flashy look and more features to meet their professional needs; and so on and so forth.

Another example would be a business that will manufacture its own soap. There’s a huge market for soap but what type of soap exactly?

With the use of market segmentation, you’ll be able to identify different segments of the market with varying demands for a specific type of soap. There are the buyers who want to achieve whiter skin; people with sensitive skin who want to get rid of their pimples; people who just want a skin-friendly moisturizing soap; those who want scented soaps; people who prefer herbal soaps; etc.

After segmenting the market, it will be easier for you to figure out which specific group or type of buyers will be the target of your marketing efforts.

Once you’ve identified your target market, it’s time to put it under the microscope and get to know your prospective customers a little bit better.

This is when the market research comes into the picture. You employ tools and techniques to reach out to your target market and discover what makes them tick.

And if the sound of “market research” intimidates you, don’t worry. Although big companies require an equally big budget to recruit a huge number of respondents for their market research, small entrepreneurs can also gain access to a wealth of valuable information about their target markets without breaking the bank.

The following are the most common techniques you can use to conduct low-cost market research:

1. Survey – is the old-school way of collecting data from a sample group that is assumed to be the representative of the whole. You can use this method to learn what people think about the products currently available in the market and how you can create a better one in terms of quality and price.

Just make sure the survey participants are neither your friends nor relatives because of the biased opinions they tend to provide.

The questions in the survey should explore the factors the respondents consider when buying; what they like or dislike about the current products in the market; the kind of improvements they would like to see; and the price of the product that is reasonable for them.

2. Observation – is probably the crudest form of market research but one that remains effective nonetheless.

It can be in the form of contextual observation where the entrepreneur pays close attention to a sample of the target market as they use or experience a certain product or service. Other entrepreneurs take matters into their own hands and do a mock journey where they put themselves in the consumers’ shoes by buying and using the product/service themselves.

3. Prototyping – known in layman’s terms as simply “taste test” or “sampling”, this method allows the entrepreneurs to put their minimum viable product (or the early version of their product, warts and all) out there and use the customers’ feedback to further improve the said product as they go along.

Market research is a critical part of your initial entrepreneurial journey as it will help you realize whether there’s a demand for your product or not and if there is, who is most likely to buy it, how many they are, where they’re located, and how you can promote your business to them.

It will also identify both your direct (i.e., businesses selling the same product/service) and indirect competitors (i.e., businesses selling different products/services but are in the same category as you).

Speaking of competitors, the competitor analysis is just as, if not more, important than the market research itself.

Not finding time to learn more about your competitors, what they offer, and how much they cost will put your business on the losing end. This is because competitive analysis helps you discover ways to give your business a competitive advantage which will effectively prevent your target market from choosing others over yours.

Aside from collecting and analyzing available data about your competition, you can also go the extra mile and buy your competitor’s products to test them yourself. This way, you can once again put yourself in the customer’s shoes and gain ideas on how you can improve their experience through a product that only your business can provide.

Step 5: Decide Who Will Run the Business

how to start a business in the philippines 5

Most starting entrepreneurs build their businesses on their own as a single proprietorship. However, entrepreneurship can be a lonely endeavor so there’s nothing wrong with starting a business with a partner or a group of people.

The following are the different types of business according to ownership and the pros and cons of each to help you decide which path to take:

Single proprietorship – is the most basic type of business wherein you basically run the whole show. While it’s easier to set up and you’re free from outside interference, this type of business is also the most demanding and puts you at high risk for burnout. The growth of your company is also limited by your financial means.
Partnership – a business owned by at least two parties, this is also relatively easier to set up than a corporation and has the advantage of having the check and balance maintained by the co-owners. Businesses under a partnership tend to grow faster than sole proprietorship since there is more than one investor. However, more owners mean more chances of having a conflict.
Corporation – is a business run by at least five people. Like a partnership, a corporation can also grow faster because of the number of shareholders and is also highly flexible because all the owners can share the responsibilities. The downside is corporations are taxed more than sole proprietors, more difficult to set up, and have a tendency to institutionalize a bureaucracy.

To help you further in deciding which type of business structure to pursue, I recommend reading this section in our business registration guide . It contains crucial information on how to choose the right business structure based on your intention, risk appetite, capacity to raise capital, and other factors.

Step 6: Write a Business Plan

how to start a business in the philippines 6

Ever heard of the saying “if you’re failing to plan, you’re planning to fail?” Nothing can prove this better than starting a business where your own (or your investors’) hard-earned money is on the line.

This is why writing a business plan is crucial regardless of the size of the business you’re planning to start.

A business plan is a document that will show how your business will evolve from start to finish . It offers a closer look into your business model and helps identify any loopholes in its profitability, thereby giving you a clearer picture of whether the business is worth pursuing or not.

Specifically, a business plan will help you accomplish the following:

Prevent or eliminate the risk of losing money invested in businesses that are proven to be lacking in demand.
Reduce total expenses that would not have been possible without a business plan to help you examine details that are easily overlooked. Remember, every peso counts when you’re starting a business in the Philippines so you don’t want it to be wasted on something not essential.
Establish a healthy cash flow for your business especially during the lean and peak months. Cash is king when it comes to running a business for without it you’ll always be on the verge of bankruptcy . Through a business plan, you can create a contingency plan to make sure your business will stay afloat when the demand slows down and will be prepared enough to handle increased demands during peak seasons.
Set goals in terms of the total number of sales, revenues, or expenses and measure the actual performance of your business against these set goals.
Convince investors or lending institutions to lend you money to start your business. No sane person will easily hand you the capital for your business unless you can provide a well-thought-out business plan containing details on how the business will work and earn back the initial investment.

If you truly know your business inside out, it’s not that hard to write your own business plan. The more complicated and larger the business, the more pages the business plan would require.

Should you need assistance in writing a business plan, you may approach the following people/institutions:

SME Counselors from the Department of Trade and Industry (DTI);
Freelance consultants who charge lower fees than consulting firms because they don’t deal with big overhead expenses;
Accountants/bookkeepers;
Business professors;
Extension offices of business schools like Baguio’s St. Louis University Extension Institute for Small-Scale Industries.

As for the content of the business plan, it must depend on what kind of enterprise you’re planning to start. No two businesses are alike so the business plan should be written according to the uniqueness and conditions of your business.

In general, however, the following sections are considered basic components of a good business plan:

Title page – contains the name of your business and other basic details of your enterprise.
Executive Summary – provides an overview of what the company or business idea is all about, the problem the business is going to solve, the solution your business will provide, and how it will fit into the marketplace. This section will give investors an idea of whether to invest or not so make sure to leave a great first impression.
Business description – explains the type of business you’re planning to start, the industry it belongs to, and what it will look like in the future.
Market strategies – describe how big the market you’re trying to penetrate, who your target market is, and how you plan to sell to this market.
Competitive analysis – explores who your competitors are, their strengths and weaknesses, and how your business stack up against them. Essentially, this section shows what makes your business different from everybody and how you’re going to use this to beat your competitors.
Design and development plan – determines what exactly is your product or service and how you will develop it over the short term, medium-term, and long term.
Operations and management plan – describes how a day in your business will look like.
Financial plan – discusses in detail where the money to fund your business will come from and whether it will be self-funded or financed by outside investors. It also covers the projections you should create and what factors you should take into consideration; how much financing you need to start the business; how long it will take to pay back the investments (ROI); how will the ownership be divided, if applicable; and your backup plans in case profits or the demand for your business dries up.

When writing your business plan, keep in mind that nothing is final. It’s a living, breathing document that you can update every now and then as your business evolves.

Step 7: Build Your Product/Service

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Now that you have a business plan, you can start developing your minimum viable product. This is the earliest version of your product that you’ll introduce to your target buyers. You’ll then use their feedback in order to improve the product prior to mass production.

Even if you’re a perfectionist, it’s virtually impossible to create the perfect product or service right off the bat. So instead of succumbing to analysis paralysis, just release the first batch of your product into the wild and let the feedback dictate what changes you need to make.

Whether you’re planning to sell handicrafts, homemade cakes, or something more complicated, there are important aspects of product development you just can’t afford to take for granted. These are the following:

1. Process . Review the different steps that it will take to create your product. Are all of these steps necessary or can you remove some of them to save on costs without sacrificing product quality? What are tools and equipment will you need and how many skilled workers are needed to operate them?

2. Machines and equipment . Determine the things you’ll need to create your product, how much they are, and where are the best places that offer quality products at a minimal cost.

There are also some considerations to make depending on what type of business you’re going to start. Whereas a simple crafts business may only require hand tools and inexpensive machines, an Internet café will require specific computers with features that are completely different from those intended for personal use.

3. Materials . Know where and how you’ll get the materials you need as they will determine the pricing and eventually the profitability of the finished product.

For example, if your supplier is far from your business plant or location, and the transport facilities in the said place are limited, it will not only result in production delays but also additional manufacturing costs that will then jack up the price of the product.

However, it doesn’t mean you should just settle for the cheapest materials. Remember, don’t make a final decision based on price alone 4 as the reputation of your business is on the line.

To find the best deal, you can search online, get industry recommendations, or attend trade shows, among others.

4. Design . The product and the packaging must be able to get someone’s attention within the first few seconds of him/her glancing at them. The packaging should have a clean design, legible text, and clear branding that people recognize even from several feet away.

5. Pricing . Determine a reasonable price for your product/service by factoring in all the overhead costs. Make sure you have a good profit margin otherwise you may need to reduce the manufacturing costs (instead of increasing the product’s price) in order come up with a price that doesn’t turn off buyers.

The price of the product is also determined by the marketplace; if similar products are within a certain price range, then your product’s price should not veer off too much away from it if you want to capture the same market.

6. Trademark filing . Protect your business from copycats through trademark registration. You can either do it by yourself via the Intellectual Property Office of the Philippines (IPOPHL) website or hire a trademark lawyer to handle all the paperwork on your behalf.

Step 8: Get Feedback for Your Product

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In the process of developing our product, we tend to be blinded by our own awesomeness that we forget what actually matters to those who will buy it. This is when feedback becomes very valuable.

Even if you’re only selling a humble kakanin , customer feedback will spell the difference between a profitable business and one that won’t earn repeat buyers.

Your aim is to get honest feedback from actual buyers (a.k.a strangers and not your close friends/relatives) so it won’t hurt if you offer free or discounted products in the beginning.

If you’re selling clothing items, on the other hand, you can sell beta versions of your products in small batches at first and let the customers order through your social media or website. These first few buyers can get your products at a discounted price in exchange for their feedback on the fabric, color, fit, comfort, and other areas of improvement of your product. Done right, these early adopters may turn out to be your first few brand advocates later on.

Through the strategy discussed above, you can get the product to your prospective customers’ hands faster instead of aiming for perfection that can never be attained, especially sans buyer feedback.

This principle, also known as Lean Startup 5 , can be applied to most businesses but most especially to startups that can’t afford to have a long incubation period for their products. Instead of being held back by perfectionism, they push out the early version of their products to the market in order to get that coveted feedback that will then propel those products into a series of improvements.

When collecting feedback from your prospective customers/buyers, remember these tips:

Be thankful for the feedback regardless is it’s a positive or a negative one. This gesture will not only earn you their respect but also encourage them to continue providing honest opinions which you need the most.
Dig a little bit deeper to learn what the negative feedback is all about. If someone doesn’t like your product, he or she is most likely referring to one aspect of the product and not its entirety. Ask questions to figure out whether to improve a specific flaw or just scrap the whole idea altogether.
Look for patterns or the same comments given over and over again. Your customers know what’s best for them so if they’re specifically pointing out the same complaints, then address them as soon as you can before mass-producing your products.

Step 9: Look for Funding

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Regardless of the size of your enterprise, you need money to get it started.

If you’re only selling home-cooked meals or desserts, you probably don’t need as much capital and you can start with whatever money is left in your savings account. No need to borrow money since you can get all or a portion of your profit and then reinvest it into your fledgling home-based business.

The same can’t be said for startups or huge businesses like restaurants that require large upfront capital. Aside from your personal savings, you may also need to go through several rounds of investing in order to get the business off the ground.

Here’s a list of different financing options in the Philippines you may consider to raise funds for your budding business:

1. Your own money. Using your life savings or proceeds from the sale of your personal assets is the safest way to finance your business. Since the money will come out of your pocket, you’ll be more in control of your destiny and retain 100% of your equity.

2. Friends and family. If your own money isn’t enough to raise the needed capital, you may also turn to your well-off friends and relatives with enough cash reserves. The advantage of borrowing from them is you’ll get relatively lower interest rates and more flexible payment terms compared to bank loans.

However, if you still fail to raise the needed funds after exhausting your own savings and borrowing money from friends and/or relatives, then it’s time to consider outside sources.

3. Government financing programs . The Philippine government is aware that small businesses are the backbone of the economy so they have established loan/credit programs to support our entrepreneurs.

Financial assistance is offered by different government agencies which include, but are not limited to, the following:

Department of Science and Technology (DOST) and the Technology Resource Center which offer financing program for small businesses that are technology-related;
Department of Agriculture ‘s Agri-Microfinance Program or AMP which is designed to provide financial relief to farmers and fishermen (and their families) in drought- or calamity-stricken areas;
Department of Social Welfare and Development ‘s Sustainable Livelihood Program or SLP which seeks to improve the welfare and development of marginalized families through livelihood strategies.

For a comprehensive list of banks and government offices that offer financing programs for micro, small, and medium enterprises, you can check out the free ebook 6 published by the Bureau of Micro, Small, and Medium Enterprise Development (BMSMED) in collaboration with DTI.

The Philippine government-owned LandBank of the Philippines also offers lending programs 7 for those who are involved in the agricultural industry. These are the following:

Cacao 100 (Credit Assistance for Cacao Agri-Business and other Organizations) – offers loan assistance to farmers and entrepreneurs with the main goal of catalyzing the growth of cacao output in the Philippines. This is a good choice if you’re looking to fund your cacao nursery, cacao plantation, and all the processes involved in cacao beans processing.
Agricultural Credit Support Project (ACSP) – suitable for agri-businesses needing additional funding to support increased production or business expansion. This is ideal for entrepreneurs who are seeking financing for their fisheries, farm equipment, agriculture-related services, and agricultural product distribution.
KAWAYAN ( Kalikasang Kabuhayan para sa Wastong Pamayanan ) – this program provides financial assistance for farmers, LGUs, and entrepreneurs who have businesses involving bamboo nursery, bamboo plantation, trading, and eco-tourism.
ISDA (Integrated Support for the Development of Aquaculture) – is a program established to help small fishers as well as small and medium enterprises.

For more information about LandBank’s lending programs, you may contact their customer care center at (02) 405-7000, visit the nearest LandBank Lending Center, or send an email to [email protected]

4. Angel investors or Venture Capital investors . Another alternative source of funding is individuals or groups of individuals who already have the intent to invest.

Angel investors are established and wealthy individuals who use their personal money to invest in their chosen startups. The Angel Investment Network is a great online platform that enables you to find individual investors in the Philippines who can relate to the vision of your company.

Venture capital firms like Kickstart Ventures , on the other hand, is composed of a group of professional investors that pool together all the money coming from individuals, corporations, foundations, and pension funds and then invest them to startups of their choice, the majority of which are businesses dealing with technology and science.

5. Startup incubator or accelerator . The thriving local ecosystem has prompted the launch of several startup incubators and accelerators, most notable of which are the IdeaSpace Foundation, Launchgarage Inc., and QBO Innovation Hub, among others 8 .

The goal of these companies is to provide support to startups (mostly technology or fintech companies) in the form of office facilities, consulting, pitch events and equity-free seed funding that will help get their enterprises off the ground.

6. Banks . There are SME-friendly banks that lend money to entrepreneurs despite the risks associated with small businesses. Just make sure you comply with their requirements and show enough proof (including a business plan) that you have a clear vision for the business you’re going to start.

Examples of local banks known for supporting small businesses include the government-owned LandBank of the Philippines, the Development Bank of the Philippines, Metropolitan Bank and Trust Company, and the Planters Development Bank.

Related: Best Banks in the Philippines

7. Pitching competitions . Early-stage businesses can also get funding by joining televised pitching competitions like The Final Pitch and the upcoming reality show “Project GO” 9 sponsored by GoDaddy Inc. and to be aired on AXN.

These reality shows will require qualified contestants to pitch their business ideas in front of a panel of esteemed Filipino business experts and investors (think Shark Tank ). Since they’re joining a reality show, investment decisions will not be made unless the entrepreneurs go through a series of entertaining challenges first.

Prizes for winning contestants may be in the form of funding in exchange for partial ownership of their businesses or equity-free funding to help jump-start their ventures.

8. Other sources of financing . Small business owners can also consider the following when seeking credit assistance:

Pawnshops – the ideal choice if you’re only looking for quick cash. You can get the money you need by pawing your jewelry, gadget, or other valuables and then pay back the amount along with incurred interest.
Credit cooperatives – popular especially in rural areas, the credit coop can lend you an amount up to five times bigger than what you initially deposited when you joined. Unlike banks, credit coops charge a significantly lower interest rate for your loan.
Lending investors – a cross between banks and money lenders, these companies offer short-term loans to small enterprises with interest rates of usually 3% to 5% a month–higher than those offered by banks but lower than those charged by money lenders.

Step 10: Formulate Marketing Strategies

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In a nutshell, marketing strategies refer to how you’re going to convince or influence your target market to buy your product or services.

Your marketing strategies can be summarized into four key components. Let’s go over them one by one.

1. Product strategies – revolve around the product itself and how it will be perceived by your target market. It starts with good branding which is the design, reputation, name, logo, or a combination of these that make your product or service different from other similar products/services in the market. Consistent branding must also be present in the product’s packaging and labeling.

However, an excellent product can only go so far; you also need to invest in product support which is a catch-all term for all warranty, delivery, installation, and other services that come with the purchase of the product.

2. Place strategies – focus on how you want to bring your product or services to your target market. Depending on your business, you can use traditional or modern distribution channels (or even both).

Traditional distribution channels exist in the form of kiosks and brick-and-mortar stores where face-to-face interaction between the buyer and seller can cultivate a long-term buying relationship. New distribution channels, meanwhile, are those that don’t necessarily require an in-person interaction since the transaction can easily be completed via phone or the Internet.

Your choice of distribution channels depends on your target market’s preference and behavior, competition, as well as the current state of the market (think the 2020 pandemic that has forced restaurants and a lot of businesses to shift to e-commerce).

3. Price strategies – cover everything that concerns the price tag for your product.

How you price your product can make or break your business. Therefore, ensure you price your product or service in a way that will keep your business profitable while meeting the needs of the target market.

To come up with a price, there are three factors you have to consider. First is the cost of making the product or service you’re selling. You can add the total cost you incurred in producing your product and then divide it by the total number of the products to determine the unit cost.

For example, if you spent Php 1,500 to bake 100 chocolate cookies, the unit cost would be Php 15 (1,500/100). As for the selling price, you need to add a markup which is a percentage of the unit cost that you think when added will sufficiently cover the direct (i.e., materials, labor, etc.) and overhead costs. Say the markup is 20%, and 20% of Php 15 is 3, then the selling price is Php 18 (15 + 3).

The second factor you have to consider is the competition. You will use the price they have set for a similar product/service as a benchmark when determining the price of your own. You may either go higher to make the target market perceive what you’re offering as higher in quality or lower to make an introductory offer and in so doing gain your first few fans.

Lastly, the current demand for the product/service you’re selling can also determine the selling price. Simply put, the higher the demand for the product that only a few businesses are offering, the higher the selling price becomes. Conversely, the lower the demand for a product with plenty of supply, the lower the price will be.

4. Promotion strategies – make up the core of your marketing strategies since these cover all the tools and channels you’ll use to reach out to your target market.

Remember that whether you’re using Internet ads or television commercials to promote your business, it’s important to convey your message in a way that resonates with your prospective buyers.

To do this, you must focus on highlighting the benefits and not the features of the products. People won’t care how many advanced technologies you’ve used to produce your product unless it offers solutions to their problems. If you’ve studied your market well, then you should know by now what keeps these people awake at night and how your product can address this.

Step 11: Register Your Business

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Now that you’re a few steps away from launching your own business, it’s time to legitimize it by securing all the required permits and registration documents.

Whether your business is a sole proprietorship, partnership, or corporation, you’re required by the government to register it. Doing so will allow your business to be legal in the eyes of the law, file tax returns, apply for government loans, and avoid incurring penalties.

The process of business registration in the Philippines can be long and frustrating. Fortunately, we’ve covered all the basics and condensed them into one easy-to-follow business registration guide in the Philippines .

Step 12: Find a Strategic Location

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Choose the right location for your retail business and you already have the battle half-won. But how do you pick a great location? Here are some guidelines you need to follow:

It should be near the source of raw materials. The main reason why some products are priced ridiculously high is that it costs a lot for the raw materials to be delivered to the business location. Therefore, putting up a business near the source of the raw materials (e.g., sugar millers near sugarcane plantation, food processors near fruit/vegetable farm) will bring the transport cost down and in so doing make the product price more affordable for the consumers.
It should be where the market is. In the same way that you save on transport costs by placing your business near the source of your raw materials, you should also make sure that the business is near and accessible for people you intend to serve. If the target market exists within the vicinity of your own home, much better since you can start a home-based business and save on rental fees.
It should be accessible to your employees and customers. Foot traffic is the lifeblood of brick-and-mortar businesses so make sure the place where you’ll establish your store is easy to find, has plenty of public transport, and has available parking spaces for everyone. This strategic location will benefit not just your customers but also your current and future employees. A business near a good source of skilled labor won’t have a hard time finding new employees should the need arises and will also save on accommodation costs since they’re within the commuting distance of the business.
It must be in a place with a reliable and adequate supply of power, water, and Internet services . Even the slightest disruption in any of the aforementioned utilities can drastically affect your daily business operations so make sure you choose a location with an established infrastructure. If you’ll be renting a place, verify beforehand if the utilities are included in the lease so you won’t be caught off guard by any hidden charges.
It should be in a safe and peaceful environment. Building a business in a neighborhood notorious for looting and other forms of violence is a huge risk you can’t afford to take especially if you’re a first-time entrepreneur. Pick a place where established businesses have been thriving for decades and whose residents have high purchasing power. You also need to ensure that your business will comply with existing ordinances and zoning restrictions in your chosen community.
It must be in a decent and pleasant place. You don’t want to start a business in an environment that will drive prospective customers away so make sure to check the place for the presence of disagreeable things like smoke, noise, foul odors, dust, as well as proximity to places like bars and pub houses (unless your businesses are bars and pub houses).
It should be where a moderate number of your competitors are operating . The presence of competition can either be a good thing or not. If the place is full of competing stores placed one after another, it may be more difficult to stand out and penetrate the market. On the contrary, the absence of any competitor may be a telltale sign that the place is bad for business, especially if it has a history of similar businesses closing down or going bankrupt. In most cases, however, establishing your business beside one or two competitors can actually be a good thing since the presence of similar businesses in one place will attract more foot traffic.

Step 13: Form Your Dream Team

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A business won’t run by itself. It needs people to complete its daily operations.

As a business owner, it’s your responsibility to find and choose the right employees to join your dream team. If you own a retail business, the rule of thumb is to hire people who are highly approachable and have a positive attitude. A grumpy Debbi Downer is a liability that will cost you a lot of loyal customers.

Once you’ve found the right people, it’s time to train them well and incentivize them to do their best work consistently. In order to keep your employees motivated and committed to their jobs, not only should you pay them right but also treat them with the same respect and kindness you’d want to receive if you’re the employee.

Should you need assistance in providing technical training for your staff, the government can help you through various programs offered by the Technical Education Development Authority (TESDA), the Technology Resource Center (TRC), and the Department of Science and Technology (DOST).

When it comes to employees’ rights, there are a few important things you have to keep in mind to ensure you’ll be in good terms with your employees:

All employees, male or female, are entitled to equal compensation and work opportunities. Discrimination is not allowed in any way or form so you should not do unacceptable things like not hiring a woman just because she’s married or firing an employee just because she got pregnant.
Every employee should be assured security of tenure. You can’t dismiss an employee unless it’s due to a just or authorized cause. Termination can only be done after observing due process.
Employees are normally required to work for 8 hours a day . This 8-hour period already includes rest periods of less than an hour but excludes meal periods of at least one hour.
Employees are entitled to get a rest day after not more than 6 consecutive workdays. They can also file different types of leaves to take a break from work. These include the five-day Service Incentive Leave (SIL) with pay which can be availed by the employee after a year of service in the company; Maternity Leave which is granted to qualified female SSS members in anticipation of childbirth or due to abortion or miscarriage; and the seven-day Paternity Leave with pay for the male spouse of a woman who is about to give birth or has suffered from a miscarriage.
Employees must be paid the right wage commensurate to the amount of work rendered as well as wage-related benefits like accommodation, overtime, rest day, night differential, 13th-month pay , and holiday.
Employees deserve to be protected from any injury, sickness, or death through a safe working environment .
All employees have a right to join or form a legitimate worker’s organization or labor union without the employer’s interference. These groups are established for the purpose of upholding their rights as workers and doing collective bargaining. For instance, workers can be represented by these organizations in tripartite decision-making involving them, the government, and the employers’ organizations. This way, they can have their voices heard in matters concerning workers’ wages and labor disputes.

Step 14: Purchase All the Needed Equipment and Supplies

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Some businesses can get by with just manual labor. However, for those that invest in machines and equipment, the increase in business productivity and profitability can be phenomenal if done right.

Therefore, you have to apply the same meticulousness in selecting the supplies, machines, and equipment needed to produce your product. Follow these proven tips before making a purchasing decision:

Have a clear idea of what you want to buy before heading to the store/supplier. Know the specific needs of your business, the kind of machine/equipment that can meet these needs, and all the engineering features and operating characteristics you’re looking for. This way, you can cut down on shopping time and simply go straight to comparing only the products that meet all your criteria.
Shop around and don’t settle with the first supplier that you come across no matter how great it is. Instead, get information on each supplier that sells the machine/equipment you’re looking for and judge them one by one in terms of reliability, price, warranty, payment terms, delivery, installation service, maintenance, etc. Just because the product is the cheapest doesn’t mean it’s also the best; multiple factors will determine which one suits your business best.
Choose excellent machine/equipment that is within your price range . Remember, it’s an expensive investment so make sure you have done your assignment of comparing the cost of each machine/equipment that you’ve shortlisted based on their fuel efficiency, capacity, and other technical matters. Alternatively, you can lease or buy a second-hand machine/equipment so you won’t have to spend more money on a new one.

Step 15: Launch Your Business

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And there you have it: You are now ready to start your own business. Although this article has only covered the basic details of jumping into entrepreneurship, it should be enough to get you started.

Remember, it’s not unusual for first-time entrepreneurs to make mistakes in their first ventures but the lessons from these mistakes are what will propel you forward as you learn more about your business.

Entrepreneurship is not just about earning big bucks. It’s also about generating job opportunities that will help a lot of families. As an entrepreneur, you’ll be serving not just yourself but also the community around you.

Regardless of the outcome, consider this journey as a launching pad to greater things. And if there’s one thing that owning a business can teach you, it’s the truth that learning doesn’t stop.

So keep learning and have faith both in God and in yourself. Who knows? Your greatest breakthrough may be just around the corner.

Bureau of Small and Medium Enterprise Development (BSMED). (2015). Your Guide to Starting a Small Enterprise [Ebook]. Retrieved from https://www.dti.gov.ph/resources/e-library/business/starting-a-business/guide-in-starting-a-business-enterprise/
Bureau of Small and Medium Enterprise Development (BSMED). (2015). Do You Want to Go Into Business? [Ebook]. Retrieved from https://www.dti.gov.ph/resources/e-library/business/starting-a-business/guide-in-starting-a-business-enterprise/
Entrepreneur.com. (2017). Need a Business Idea? The Best Way to Find One Is to Stop Looking. [Video]. Retrieved from https://www.entrepreneur.com/video/295451
Goodman, M. (2015). The 7 Steps of Effective Product Development. Retrieved 10 August 2020, from https://www.entrepreneur.com/article/244616
The Lean Startup Methodology. Retrieved 12 August 2020, from http://theleanstartup.com/principles
Bureau of Micro, Small and Medium Enterprise Development (BMSMED). (2012). Financing Programs for Micro, Small, and Medium Enterprises (MSMEs) [Ebook].
Summit Publishing Co. Inc. (2015). 52 Inspiring Success Stories: Breakthrough Ideas for the Aspiring Entrepreneur (pp. 7-9). Mandaluyong City.
Noda, T. (2018). 10 Notable Incubators and Accelerators In The Philippines. Retrieved 14 August 2020, from https://fintechnews.sg/22610/fintechphilippines/incubators-accelerators-in-the-philippines/
GoDaddy, AXN launch reality show to jumpstart ventures of Filipino entrepreneurs. (2020). Retrieved 14 August 2020, from https://mb.com.ph/2020/08/12/godaddy-axn-launch-reality-show-to-jumpstart-ventures-of-filipino-entrepreneurs/

Written by Luisito Batongbakal Jr.

in Business and Finance , Juander How

Last Updated March 31, 2022 07:11 PM

Luisito Batongbakal Jr.

Luisito E. Batongbakal Jr. is the founder, editor, and chief content strategist of FilipiKnow, a leading online portal for free educational, Filipino-centric content. His curiosity and passion for learning have helped millions of Filipinos around the world get access to free insightful and practical information at the touch of their fingertips. With him at the helm, FilipiKnow has won numerous awards including the Top 10 Emerging Influential Blogs 2013, the 2015 Globe Tatt Awards, and the 2015 Philippine Bloggys Awards.

Browse all articles written by Luisito Batongbakal Jr.

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Ultimate Business Plan Guide in Creating a Winning Strategy

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A business plan is a strategic document that outlines your business idea, goals, target audience, competition, marketing strategies, financial projections, and operational plans. It serves as a comprehensive guide that not only helps you organize your thoughts but also convinces potential investors, partners, and stakeholders of your business’s viability.

2. Attracting Investors

3. decision-making, 4. resource allocation, 5. goal tracking, when to create a business plan, step 1: executive summary, step 2: company description, step 3: market analysis, step 4: products and services, step 5: marketing and sales strategies, step 6: organization and management, step 7: financial projections, step 8: funding request, step 9: operational plan, step 10: appendices, 1. research thoroughly, 2. be realistic, 3. know your audience, 4. update regularly, 5. be concise, key takeaways, why is a business plan essential.

A well-crafted business plan offers numerous benefits:

It helps you clearly define your business goals and the strategies to achieve them, providing you with a focused direction.

Investors are more likely to support a business with a solid plan, showcasing your commitment and potential returns.

A business plan helps you make informed decisions by analyzing potential risks and rewards.

Efficiently allocate your resources – both financial and human – to achieve your business objectives.

Measure your progress against the initial goals and make necessary adjustments for success.

The ideal time to create a business plan is before you launch your venture . However, it’s never too late to create or update your plan, especially when you’re looking to expand, secure funding, or navigate significant changes in your business.

Where to Begin: Step-by-Step Guide to Crafting Your Business Plan

Summarize your business idea , goals, target market, competition, and financial projections briefly. This section provides a snapshot of your entire plan.

Describe your company’s mission, vision, values, and unique value proposition that sets you apart in the market.

Research your target market, industry trends, and competition. Understand your customers’ needs, preferences, and behaviors.

Detail your offerings, explaining how they fulfill your customers’ needs. Highlight their features, benefits, and competitive advantages.

Outline how you’ll promote your products/services, attract customers, and convert leads into sales. Discuss pricing, distribution, and promotional tactics.

Introduce your team and their roles, highlighting their expertise and contributions to the business’s success .

Present detailed financial forecasts, including income statements, cash flow projections, and balance sheets. Be realistic and supported by thorough market research.

If you’re seeking funding, clearly state how much you need, how you’ll use the funds, and the potential returns for investors.

Describe your day-to-day operations, production process, and supply chain management. Address any potential operational challenges and how you’ll overcome them.

Include additional information such as market research data, legal documents, patents, licenses, and any other relevant materials.

Tips for Creating an Effective Business Plan

Ensure your plan is backed by solid market research and accurate data.

Set achievable goals and projections. Overly optimistic forecasts can damage your credibility.

Tailor your plan to your target audience, whether it’s investors, lenders, or partners.

Your business environment evolves. Regularly review and update your plan to stay relevant.

While thoroughness is important, avoid unnecessary jargon and keep your plan concise and easy to understand.

Crafting a business plan is an essential step in launching or growing a business in the dynamic Philippines market of 2023. A well-structured plan offers clarity, attracts investors, aids decision-making, guides resource allocation, and helps you track goals. By following our step-by-step guide and incorporating expert tips, you’re setting your business on a path toward success. Remember, a well-prepared business plan is the key to turning your entrepreneurial dreams into reality.

Ready to embark on your business journey? Start creating your comprehensive business plan today to build a successful and sustainable venture in the thriving Philippines market. Your roadmap to success begins with a well-crafted business plan .

Your Definitive Guide to Business Financing in the Philippines

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Disadvantages of operating a food cart business, understanding 13th month pay in the philippines, milk tea business for philippine market, guide to ginger production: cultivation, uses, and economic importance, top companies in the philippines in 2022, carinderia business plan (with pdf).

A carinderia business may be attractive and seemingly easy to set up: have a stall near your house, few tables and chairs, adequate cooking equipment and utensils and a good cook might be all you need to get started. But it’s actually a tough business to manage with low margins and factors that are hard to control. That is why, just like in any other business venture, careful planning and execution is key to getting the carinderia business off the ground and get started. A misaligned priority or missing out on a key component of the business could easily shut it down. So we came up with this basic business plan for those interested but unsure if carinderia business is the way to go. Just because you like the business does not always mean it’s meant for you. Thorough research and sufficient business support are needed.

Table of Contents

Market research

Was the idea of establishing your business borne out of your passion to cook? Was it because a vacant stall in the public market seems suitable to set up your carinderia? Or was it because you hear so many people complain about not having enough meal choices in your neighborhood? If you tick any of the above boxes, you’ve got the potential to get started but not enough to steamroll with the carinderia bandwagon.

Urban planning and development. Think about what the neighborhood would look like in the next five to ten years.

Hopefully, the list provides a sufficient understanding of how suitable you are to pursue the business. This research is helpful not only for the business but also to prequalify you as a player in the business. Without due diligence and enough market know-how, challenges that would have been anticipated in this initial research stage could emerge down the road and it’s more difficult to back down and make hard choices.

Capital money

Carinderia design, manpower resources.

Managing a carinderia business can range from an all-around cook/dishwasher/accountant/procurement officer to a full team of specialized roles. Depending on the scale of operation and number of customers that can be accommodated at any given time, here are some of those specialty roles: Cook – the heart and soul of the carinderia business. He or she conceptualize which types of food appear on the menu, handpicks the ingredients, slices them accordingly, and does magical things in the kitchen. Whether honed by skills passed on in the family or acquired in a culinary school, the cook’s masterpiece will be significant in customer loyalty and the carinderia’s reputation. Manager – often the owner of the carinderia business, he or she oversees the overall operation of the business. From ushering in customers inside to ensure a steady supply of food choices in the tray, he/she attempts to troubleshoot problems and achieve harmony in the operation. The manager can also dabble into cleaning up tables, assisting the cashier, verifying supplier deliveries, and makes quick resolutions on issues that may arise. Cleaner – this person ensures that the sanitation of the carinderia is in top shape. The cleaner makes quick work of tables and prepares them for the next customer. He or she ensures that leftover soft drinks, plates, and discarded food are away from the eyes of the public as soon as possible and makes prompt disposal of garbage. After operating hours, he or she makes a thorough cleaning of the carinderia: floors, tables and chairs, food shelves, kitchen and cooking area, and lastly, the toilet. Dishwasher – this role extends beyond cleaning dishes and other tableware, glasses, and cooking utensils during business hours. After hours, the role of the dishwasher will transform to that of the cleaner. This separate role manifests the importance of making the tableware clean; a singular presence of blemish can tarnish the reputation of the carinderia. This is especially crucial if the eatery relies on handwashing and without the help of a dishwashing machine. Cashier/Accountant – this person takes charge of the finances of the business. He or she collects customer bill payment, looks at the inventory of materials, analyze which menu items are profitable or loss-making, makes suggestions on the menu from a profit perspective. He or she also looks after the cash flow management and makes tight monitoring of expenses (LPG supply, electricity/water bills, supplier invoices, salary/payroll, and taxes and permits ) against income. Utility person – this person does everything not defined from the above list. This role can assist the above jobs or tasks that are not anticipated in the operation. He or she helps arrange the delivery of meat/veggies of suppliers, replaces broken bulbs or faucets, orders extra rice from other restaurants or condiments from the supermarket if supply is short, or keeps an eye on customers who try to steal items like cutlery.

Keeping carinderia operation costs low

Commitment to growth.

Depending on your market research, you might decide that your carinderia will only serve lunch as it’s the peak time of activity in the area. Maybe folks (students, factory workers, laborers) will likely return home and eat dinner prepared by their families. In that case, you can narrow down options, even though there’s a lot in common between lunch and dinner options for a typical Filipino appetite. Fixed menu or flexible menu? It’s certainly your call as you discern the pattern of your past customers. But it would be great to have a bit of variety (think of specials for the day menu) available to those who wish to explore new options. Or have a certain specialty like lechon or ginisang munggo available on a specific day. This can be a deliberate choice of day or due to the required time to prepare or sourcing of raw materials. We have a list of popular carineria menu but you can consider the following items as well:

Pick 3-5 main specialties and make sure you have enough rice! This staple food is a Filipino favorite and cost-wise it helps customers get full without spending much. A safe bet would be items that don’t spoil easily. Otherwise, food poisoning and other health issues can easily break your personal reputation and destroy the business. If you think offering unlimited rice (even as an opening week promotion) will attract customers without going in the red, it would be a good marketing approach.

Focus on cleanliness and carinderia hygiene

Download pdf – carinderia business plan, help pinoy negosyo.

If you find this article helpful, consider donating to Pinoy Negosyo to help maintain content and server expenses. Thank you!

More From Forbes

How to make a business plan with 4 sticky notes.

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All you need for business planning is a stack of sticky notes.

What if I told you you could have a business plan in half an hour? It might sound too good to be true—but it’s not.

If you have a set of sticky notes and a pen, you can create a business plan. As I talk about in my book Start. Scale. Exit. Repeat. , this is an exercise for you and your business partners—not the robust business plan you will show to your seed investors or use at a pitch competition.

So why sticky notes? Because when you’re coming up with your personal business plan, less is better. Since they’re small, they force you to focus only on what’s critical for your startup idea. And they are also sticky. We can post them on the board to focus on following the plan.

So now you’ve got your four multi-colored sticky notes ready, what do you put on there?

Now, what do each of these mean?

Story is where you’re going to spend the most time. Think of it as your elevator pitch when someone asks, “So what do you do?”

Look at it like a journalist and ask, “Why, What, Who, Where, When, and How?”

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Why: Your purpose.
What: The problem you solve.
Who: Your customer profile.
Where: Location for people to find you (physical, online, or both).
When: Your timeline for success.
How: What gives you the competitive edge—your X-Factor.

Concerning “When,” you’ve got to set up Stage Gates—a point in time to meet a milestone. These are different from goals in that they are tied to big decisions. You can miss a goal and be fine. But if you miss a Stage Gate, you’ll need to decide if you will pivot the business—or kill it.

More than regular goals, Stage Gates must be SMART—Specific, Measurable, Attainable, Relevant, and Time-Bound. And when you meet a Stage Gate, it provides momentum because you can go back to investors and say, “Look, we did what we set out to do—so now we need to raise more funds to scale.”

Your People sticky note is all about who you need on your team to reach your Stage Gates. Even if you’re starting as a solo venture, you still need support: vendors, suppliers, marketing, web support, and so on.

Seek out a business mentor or coach. Find a local startup incubator where you can refine your idea, prove your concept, and develop your MVP. Incubators are also a great way to workshop your pitch for investors—or even connect with investors. Which brings us to…

Many entrepreneurs think, “I can just put it out there, and the money will come,” but 82% of startups fail because they don’t have enough money to launch. You can have the greatest Story, People, and Systems ever assembled, but if you don’t have the money, those won’t matter. Money is the oxygen in your tank—run out, and you’ll suffocate.

Instead, figure out how to fund the company to reach that first Stage Gate. Also, it’s not enough to know the amount you need but where your funds come from: Self-funded? Friends and family? Business loan? Grants or government funding? Or one of my favorites—being customer-funded - the art of getting paid in advance to fund your startup.

Last but definitely not least, you need Systems in place to track your KPIs—your Key Performance Indicators—which are directly connected to your Stage Gates. You need to check on these daily to stay on track and mitigate risks. The startups that scale are often the same ones that develop repeatable Systems aligned to their Story.

Some systems are more obvious, like email or accounting software. But it can also entail hiring systems to identify the right salespeople, setting up distribution channels, establishing sales pipelines, and anything else needed to hit your next Stage Gate.

You can even use the 4-Sticky Note Business Plan as a system for business growth. As my close colleague Michele Van Tilborg said at a recent Startup Club session, it’s a great exercise for teams to do, too—a way to find a common mindset and clarity around business objectives.

With over a dozen startups under my belt, I still use the 4-Sticky Note Business Plan. If nothing else, it’s an easy way to figure out whether your idea is worth developing or not. If you can’t fill most of the four sticky notes, it’s not time to act.

If you are still stumped with blank sticky notes staring back at you. We put a free CustomGPT (AI Tool) to help you complete the 4-sticky-note plan found at www.startplanai.com . Do you have the right Story, People, Money, and Systems? Grab your sticky notes and pen, and take half an hour to figure it out.

Your future self will thank you.

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Trump is proposing to make tips tax-free. What would that mean for workers?

Republican presidential candidate former President Donald Trump walks to the podium at a campaign event Tuesday, June 18, 2024, in Racine, Wis. (AP Photo/Jeffrey Phelps)

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WASHINGTON (AP) — Former President Donald Trump’s new proposal to exclude tips from federal taxes is getting strong reviews from some Republican lawmakers, though major questions remain about the impact of the policy and how it would work.

What’s certain is that a change in the taxation of tips would affect millions. The U.S. Bureau of Labor Statistics estimates there are 2.24 million waiters and waitresses across the country, with tips making up a large percentage of their income.

A look at what Trump’s proposing and the possible political and economic ramifications:

TRUMP’S ELECTION-YEAR PITCH IN NEVADA

Trump announced his tax-free-tips plan at a June 9 rally in Nevada, a key battleground state with six electoral votes in the race for the White House. President Joe Biden won the state in 2020, but the Trump campaign hopes to put the state in play this fall.

Nevada has the highest concentration of tipped workers in the country, with about 25.8 waiters and waitresses per 1,000 jobs, followed by Hawaii and Florida.

“To those hotel workers and people who get tips, you are going to be very happy, because when I get to office we are going to not charge taxes on tips, people making tips,” Trump said at the rally. “... We’re going to do that right away, first thing in office.”

The pitch sets up a sharp political contrast between Democrats and Republicans. While Trump assumes that a tax cut would help workers, Democrats have generally endorsed efforts to increase hourly wages — and it’s an open question which approach resonates more with voters.

The Culinary Union, which represents 60,000 workers in Las Vegas and Reno and is backing Biden, dismissed Trump’s plan as a stunt.

“Relief is definitely needed for tip earners, but Nevada workers are smart enough to know the difference between real solutions and wild campaign promises from a convicted felon.” Culinary Union Secretary-Treasurer Ted Pappageorge said in a statement.

Lael Brainard, director of the White House National Economic Council, declined to speak to the idea floated by Trump because, as a federal employee, she’s not supposed to talk campaign politics.

“What I can say is that President Biden has fought for real solutions that actually address workers’ legitimate need for fair wages, we think, much more effectively,” she said, adding that tipped workers in Nevada would get a $6,000 income boost from a higher minimum wage and the elimination of the tipped minimum wage.

HOW WOULD THE TAX EXEMPTION WORK?

Trump has not specified whether he wants to exempt tips from just income taxes or from the payroll tax as well. The payroll tax funds Medicare and Social Security.

For workers, a blanket exemption would mean more take-home pay. And for the federal government, it could mean larger budget deficits.

The Committee for a Responsible Federal Budget, a nonpartisan fiscal watchdog group, has estimated that exempting tips from both income and payroll taxes would reduce federal revenues by $150 billion to $250 billion over the next decade.

The committee said exempting tips from taxation would also lead employers and workers to reclassify wages as tips where possible. The more that happens, the more that federal deficits would increase. A 10% increase in tips, for example, would bump up the committee’s projection for lost federal revenue to a range of $165 billion to $275 billion over the next decade.

Congress undoubtedly would examine Trump’s proposal on tips as it considers which portions of the 2017 Tax Cuts and Jobs Act are allowed to expire after next year, including the lower individual tax rates. Lawmakers are already prepping for the task, though Trump’s proposal is something that many had not thought about until recently.

Rep. Vern Buchanan, R-Fla., a senior House Ways and Means Committee member, said lawmakers will have to consider the overall cost of the tips proposal and how to pay for it.

“I want to be sensitive because they work hard, you can’t find enough waiters, and obviously a big part of their earnings is tips,” Buchanan said. “All these programs sound good. Everybody would like to pay less taxes, but we’ve got to pay the bills.”

“I know he’s trying to make sure the people at that income level have relief as much as possible. We might be able to do the same thing in making his tax cuts more permanent and more likely to address lower-income people,” said Rep. Kevin Hern, R-Okla., who also serves on the Ways and Means Committee, which has jurisdiction over tax policy.

TRADE-OFFS OF NOT TAXING TIPS

Like many tax proposals, Trump’s push to exempt tips could have unintended consequences.

Howard Gleckman, a senior fellow at the Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution, argues that Trump’s proposal could actually backfire for many tipped workers.

For example, some customers may respond to tax-free tips by reducing their gratuity. Secondly, it could take the steam out of efforts in some states to gradually increase the minimum wage for tipped workers so that their base pay is in line with the minimum wage for other workers.

“The lure of tax-free income could turn many workers against the shift from tips to wages,” Gleckman wrote in a blog post.

Gleckman also questioned why a service worker should avoid paying taxes on tips as opposed to a warehouse worker earning the same amount. He noted that while Trump promised to repeal the tax on tips right away, only Congress can repeal federal taxes, and “for reasons of efficiency, fairness, and sound tax administration, let’s hope it doesn’t.”

LOOKING AHEAD

Democrats have largely dismissed Trump’s proposal as a gimmick to win over voters.

Sen. Debbie Stabenow, a senior member of the Senate Finance Committee, noted she was a waitress in college, calling it “really hard work.” She prefers increasing the minimum wage for tipped workers to match the minimum wage for other workers.

“From my perspective, I don’t think (Trump’s) proposal is serious and I don’t think it does enough to address low-wage working people,” Stabenow said.

Sen. Ron Wyden, the chairman of the Senate Finance Committee, said Trump was “throwing out lots of ideas as he goes,” but his record as president reflects an emphasis on tax breaks for the wealthy and corporations.

“All these things he throws out every day, I’ll believe it when I see it,” Wyden said.

But Trump’s enthusiasm for the idea seems to be growing. The tax promise has since become a staple of Trump’s rallies and meetings, and he raised his proposal while meeting with GOP lawmakers and business leaders in Washington last week.

“I think it’s actually a very smart idea. The men and women who rely on tips for their earnings, they are working their tails off,” said Sen. Ron Johnson, R-Wis. “That’s very good, targeted tax reform right there.”

Some lawmakers and allies have begun tweeting photos of their restaurant bills with handwritten messages designed to spread the word about Trump’s promise. Rep. Derrick Van Orden, R-Wis., wrote “Vote Trump!” and “No Tax on tips!” on his bill from a Milwaukee restaurant.

The musician Kid Rock, a prominent Trump supporter, shared a photo on X.

“A vote for Trump is a vote for no tax on tips!!” he wrote on his receipt. He tipped $400 on a $1,143 bill at a pricey steakhouse, according to the photo.

Associated Press writer Jonathan J. Cooper in Phoenix contributed to this report.

Student-loan borrowers who were set to get debt cancellation or lower payments through Biden's new repayment plan won't get it — for now. Here's what you need to know.

Two federal judges blocked parts of the SAVE income-driven, student-loan repayment plan on Monday.
The rulings mean that student-loan forgiveness and lower payments set to begin in July cannot move forward.
The Justice Department is appealing the rulings, and the courts have yet to make final decisions.

Legal challenges against President Joe Biden's student-debt relief efforts are back — and the latest rulings are bad news for his new repayment plan.

On Monday evening, district courts in Kansas and Missouri handed down rulings blocking parts of the new SAVE income-driven repayment plan , first introduced last summer with the goal of giving borrowers more affordable payments and a shorter timeline for loan forgiveness.

The first lawsuit was filed in March in Kansas by 11 GOP state attorneys general, and the second was filed in April in Missouri by seven GOP state attorneys general. In both cases, the plaintiffs requested that the courts block the SAVE plan and the loan forgiveness that comes with it, arguing that the relief is beyond the administration's authority.

Monday's district court rulings were different, but both dealt blows to the SAVE plan. Kansas Judge Daniel Crabtree ruled that new provisions through SAVE set to go into effect July 1, like lower monthly payments, cannot be implemented as the legal process progresses. Missouri Judge John Ross ruled that the plan's provision to cancel student debt for borrowers with original balances of $12,000 or lower who made as few as 10 years of qualifying is now blocked, as well.

Education Secretary Miguel Cardona condemned the rulings on Monday, saying in a statement that "the Department of Justice will continue to vigorously defend the SAVE Plan."

"Republican elected officials and special interests sued to block their own constituents from being able to benefit from this plan – even though the Department has relied on the authority under the Higher Education Act three times over the last 30 years to implement income-driven repayment plans," Cardona said.

"While we continue to review these rulings, the SAVE plan still means lower monthly payments for millions of borrowers - including more than 4 million borrowers who owe no payments at all, and protections for borrowers facing runaway interest when they are making their monthly payments," he added.

First ruling: No new payment reforms

Student-loan borrowers who have already enrolled in SAVE can continue making the payments the plan calculated for them. However, the new provisions set to go into effect July 1 — including cutting undergraduate borrowers' payments in half and forgiveness credit for period of deferment of forbearance — are halted.

Here's why: Kansas' Crabtree ruled , in part, in favor of the attorneys general, and he explained in his ruling that the SAVE plan's monthly payment cap and shortening of the payment period for forgiveness "overreach any generosity Congress has authorized before."

However, Crabtree ruled to preserve the provisions of SAVE that have already gone into effect because the plaintiffs failed to adequately show how they suffered harm from parts of the plan already in place. For example, the Education Department outlined in June 2023 its intention to cap monthly payments and announced the shorter timeline to forgiveness a month in advance, leaving the attorneys general with time to challenge the plan earlier.

"All of this is to ask why: if these parts of the SAVE Plan promised an irreparable harm to plaintiffs, why didn't they move to enjoin the SAVE Plan before they took effect?" Crabtree wrote.

However, with regards to the new SAVE provisions set to go into effect July 1, Crabtree ruled that the plaintiffs succeeded in showing harm because there was no delay in challenging the plan's unimplemented provisions, and any forthcoming relief would be irreversible.

So rather than reversing or altering any of the provisions through SAVE already implemented, Crabtree decided to halt any new measures that have yet to be implemented until the court makes a final decision.

Second ruling: No student-loan forgiveness

While thousands of borrowers have already received student-loan forgiveness through the SAVE provision, which cancels debt for borrowers with original balances of $12,000 or less, no more borrowers will be able to partake in that relief for now.

Missouri's Ross handed down a different ruling regarding SAVE. He first said that Missouri's argument that the plan would harm student-loan company MOHELA — based in Missouri — due to lost revenue has standing, given it was the same conclusion the Supreme Court reached when it struck down Biden's first attempt at broad debt relief last summer.

With regards to the fate of SAVE, Ross decided that while already implemented provisions of SAVE can remain, any future student-loan forgiveness through the plan is blocked. He wrote that Congress did not account for the scale of loan forgiveness under SAVE, and as a result, the attorneys general have "a 'fair chance' of success on the merits on their claim that the Secretary has overstepped its authority by promulgating a loan forgiveness provision as part of the SAVE program."

He also said that even without allowing student-loan forgiveness, the other provisions, like lower payments and limited interest accrual, will still provide relief to borrowers. Since the attorneys general did not adequately argue why the other provisions should be blocked, Crabtree said he would only place a preliminary injunction on the debt cancellation.

Cardona said on Tuesday that the Justice Department will appeal the rulings.

White House Press Secretary Karine Jean-Pierre said in a statement that the Education Department will "continue to enroll more Americans in SAVE and help more students and borrowers access the benefits of the plan that remain available, including $0 payments for anyone making $16 an hour or less, lower monthly payments for millions more borrowers, and protecting borrowers from runaway interest if they are making their monthly payments."

Watch: Why student loans aren't canceled, and what Biden's going to do about it

Main content

How To Start A Business Teaching Tagalog

Have you ever thought about starting your own teaching business ? If so, you may be wondering how to start a business teaching Tagalog in the Philippines. In today’s article, we will cover the process of starting a business teaching foreigners the language of the locals.

Table of Contents

1. Create A Teaching Plan And Strategy

The first stage of any teaching business is the most important: Creating a teaching plan and strategy. As you are most likely aware, when an entrepreneur is looking at how to start a business teaching Tagalog, there are several opportunities and options that the entrepreneur will need to choose.

For example, who will you be teaching, and how will you teach them? Are you teaching a small group or private one-to-one lessons? Will you be teaching them online or face to face? What will be the prices of your service and how much profit will you make?

These are some basic questions that you may find yourself asking when starting a teaching business in the Philippines. The great news is, when starting a Tagalog business in the Philippines, you do not necessarily need to stick with the plan 100%. You can always change details later down the line.

Nevertheless, having a plan of action will allow you to decide what steps you will need to follow carefully. But, more importantly, it will allow you to create a strategy to turn this idea into a profitable teaching business in the Philippines.

We have a free downloadable template that can be found by clicking on the tools tab at the top of this page. Nevertheless, several teaching business plans can be downloaded for free.

Additionally, it’s recommended to fully research this industry’s market, demand, and supply i n your area. Below we have discussed the importance of location. Nevertheless, local and nationwide market research in any industry is important when starting a new business in the Philippines.

2. Gain The Relevant Skills, Experience, And Qualifications

As we know, being a teacher in the Philippines requires qualifications, but technically, if you are teaching Tagalog in a private business, these qualifications are relaxed. As you are a native speaker, you already have all the relevant qualifications and experience you need.

Nevertheless, gaining qualifications is highly recommended. This will allow you to stand out, but it will also give your business credibility, which is very important in the early stages. Therefore, one of the next areas you may wish to consider is gaining experience.

Experience is sometimes a factor that holds people back as it can be difficult to obtain. However, when looking at how to start a business teaching Tagalog, gaining experience can be effortless. One option is to offer your services for free in exchange for a testimony for your portfolio.

Suppose you are directing your customers back to your website. In that case , Google E.A.T policy focuses on expertise, authoritativeness, and trustworthiness. Therefore, these reviews and testimonies will help your page perform better in search engine optimization regarding Google’s update policy.

3. Purchase Essential Tools And Equipment’s

Additionally, you may work with clients at all different levels. Some are beginners, and others are more experienced, so online workbooks or physical Tagalog books will need to be tailored to the customers’ needs.

It’s a great idea to create a list of all the teaching equipment you will need to open a teaching business in the Philippines.

4. Register Your Business And Choose Your Location

If you decide to teach Tagalog face-to-face, it’s best to choose a small commercial property. The area you live in will influence the potential customers and opportunities. For example, if you are in Manila or Cebu, there will be more potential clients than in other cities such as Iloilo or Davao.

One important consideration when choosing the location is to ensure that the location is accessible to your clients. Many retirees and full-time expats living in the Philippines choose to live within the city, and therefore finding a location that is accessible to your clients is essential.

5. Market Your Business And Grow

The 5th and final stage on how to start a business teaching Tagalog is to market your business and grow your company.

Growth can take many forms. Growth can include increasing your team, serving more customers, or earning more income. The great news is there are many ways to do all three of these when starting a Tagalog teaching business in the Philippines.

We have mentioned marketing several times today as it is important for growing a teaching business in the Philippines. Clients will need to know that you exist and have available services. Facebook targeted marketing is often the most specific form of marketing if you are starting a Tagalog teaching business.

An illustration of a drug capsule that’s been pulled apart, its innards spilling out.

the middlemen

The Opaque Industry Secretly Inflating Prices for Prescription Drugs

Pharmacy benefit managers are driving up drug costs for millions of people, employers and the government.

Credit... Photo illustration by Jens Mortensen for The New York Times

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By Rebecca Robbins and Reed Abelson

This is the first article in a series about how pharmacy benefit managers prioritize their interests, often at the expense of patients, employers and taxpayers.

June 21, 2024

Americans are paying too much for prescription drugs.

It is a common, longstanding complaint. And the culprits seem obvious: Drug companies. Insurers. A dysfunctional federal government.

But there is another collection of powerful forces that often escape attention, because they operate in the bowels of the health care system and cloak themselves in such opacity and complexity that many people don’t even realize they exist.

They are called pharmacy benefit managers. And they are driving up drug costs for millions of people, employers and the government.

The three largest pharmacy benefit managers, or P.B.M.s, act as middlemen overseeing prescriptions for more than 200 million Americans. They are owned by huge health care conglomerates — CVS Health, Cigna and UnitedHealth Group — and are hired by employers and governments.

The job of the P.B.M.s is to reduce drug costs. Instead, they frequently do the opposite. They steer patients toward pricier drugs, charge steep markups on what would otherwise be inexpensive medicines and extract billions of dollars in hidden fees, a New York Times investigation found.

Most Americans get their health insurance through a government program like Medicare or through an employer, which pay for two different types of insurance for each person. One type covers visits to doctors and hospitals, and it is handled by an insurance company. The other pays for prescriptions. That is overseen by a P.B.M.

Biggest P.B.M.s Dominate

Each P.B.M.’s estimated share of prescriptions filled in the United States.

CVS Health’s

UnitedHealth’s

Cigna’s

Express Scripts

Express Scripts/

Cigna merger

“I t ’ s just

nuts.”

Joseph Kaplan

A Modern Health Care Conglomerate

CVS Caremark

CVS Pharmacy

Mail-order pharmacy

CVS Specialty

Group purchasing

organization

Drug marketing

Group purchasing organization

Drug marketing partner

Fees Paid by Drug Manufacturers Doubled

What drug manufacturers paid in fees to P.B.M.s or their associated G.P.O.s.

$3.8 billion

“ W e were

ripped off.”

K ent McKinley

Overcharging for a Cancer Drug

CVS Caremark charged Oklahoma far more than the wholesale cost for everolimus.

Price charged by

$138,000 per year

Wholesale cost for

a local pharmacist

P.B.M.s Charge Inflated Prices

Two P.B.M.s charged two different clients much more than the wholesale cost of abiraterone acetate, a cancer drug.

What CVS Caremark

charged Blue Shield

$3,000 per month

What Express Scripts

charged Hyatt

Price available

from a wholesaler

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IMAGES

Business Plan Template
Simple business plan in philippines in 2021
NEGOSYO TIPS: PAANO GUMAWA NG BUSINESS PLAN? PAANO GAWIN ANG BUSINESS PLAN? BUSINESS PLAN
Sample Business Plan For Small Business In The Philippines
Ultimate Guide in Creating a Business Plan in 2020
Halimbawa Ng Business Letter Tagalog

VIDEO

Paano Mapalakas ang Negosyo
Business Proposal Sample for #ACPC Loan and #DOLE Livelihood Program ( PART 1) 😱
iTeraCare MARKETING PLAN (Tagalog Version) By: Christian Eduard Baluran
BUSINESS PLAN PREPARATION ll Business plan presentation discussion ll How to make business plan
Daily Mines business plan (Tagalog)
How to Make Business Plan for ACEF loan program #Agriculture #Farming #Livestock

COMMENTS

Paano Gumawa ng Business Plan: Isang Step-by-Step na Gabay
Dapat ilunsad ng mga negosyante ang kanilang mga negosyo pagkatapos gumawa ng plano sa negosyo. Dapat silang gumamit ng a serbisyo sa pagbuo ng kumpanya upang matiyak na ito ay ginawa ng maayos. Tiyaking namumukod-tangi ang iyong plano sa negosyo sa pamamagitan ng pagsunod sa simple ngunit epektibong gabay na ito.
Paano Gumawa ng Business Plan
Kailangan mo ring ilagay dito ang pinakamagagandang impormasyon tungkol sa kumpanya niyo. Sabihin mo ang mga bagay kung saan mahusay ang kumpanya niyo at anong mga factors o mga bagay ang nakakatulong sa iyong negosyo tulad ng iyong mga competitive advantages, operational strengths, technological advantages, at iba pa.
Pagsulat ng business plan
Ipakita ang plan sa board of directors mo (kung mayroon), sa senior management at sa mga pangunahing empleyado para makuha ang buong palagay nila. Madalas na pinakamainam na ipagawa sa isang taong mula mismo sa kumpanya na sumulat ng business plan. Pero makatutulong ding kumuha ng opinyon mula sa isang eksperto sa labas ng kumpanya.
Paano gumawa ng simpleng Business Plan
On this video, i explained a very simple and effective way how to create a business plan that you can write in 1 page of paper..#businessplan #negosyo #negos...
What is BUSINESS PLAN and How To Create One
Eto na ang huling episode sa ating KASOSYO 30 Days series mga Kasosyo!Maraming salamat sa lahat ng tumapos at dasal ko na ma execute nyo na po ang inyong mga...
Business Plan in Tagalog Version
A business plan is more than just a piece of paper. It is a guide that will assist you in outlining and achieving your objectives. It's also a management too...
Template ng Negosyo Plan para sa isang Business Startup
Ang pagsulat ng isang plano sa negosyo para sa isang negosyo sa pagsisimula ay maaaring maging isang nakakatakot na gawain, ngunit ito ay isang mahalagang bahagi ng anumang matagumpay na entrepreneurial venture. Isang pangkaraniwang plano sa negosyo ang nagpapatakbo ng 15 sa mga pahina ng 20, ngunit may puwang para sa malawak na pagkakaiba-iba ...
How to Write a Business Plan: Tips, Format, & Templates
2. Validate your business idea. Research on the specifics of your business idea—paying special attention to your product or service, target market, and competitors. According to entrepreneurship experts, it's best to spend twice as much time on this step as spending the time to the actual drafting of the business plan.
Making a Business Plan and How to Write it Successfully
How to Create a Business Plan: Step-by-Step. Sa mga naghahanap ng how to make a business. Step 1: Research the Market. Bago magsimula ng kahit na anong negosyo, mahalagang maunawaan ang local market at industry. Ito ay makakatulong na malaman mo kung may pangangailangan sa iyong produkto o serbisyo at kung may kakayahang bumili ang mga customer ...
How To Start a Business in the Philippines: The Complete ...
Step 1: Know your "Why.". Holocaust survivor Victor Frankl wrote in his book that "those who have a 'why' to live can bear with almost any 'how'". Starting a business may not be as tragic as a Holocaust but it is certainly not a walk in the park either.
How to Make a Business Plan in the Philippines (Plus Samples)
Step 2: Research Your Market and Industry. Once you've finalized your business concept, you can start collecting data about your target market and the industry you'll be in to find out if your idea is feasible. Never skip this step—you have to prove to the bank that everything in your business plan is based on facts.
Ultimate Business Plan Guide in Creating a Winning Strategy
1. Clarity. It helps you clearly define your business goals and the strategies to achieve them, providing you with a focused direction. 2. Attracting Investors. Investors are more likely to support a business with a solid plan, showcasing your commitment and potential returns. 3. Decision-Making. A business plan helps you make informed ...
PDF Business Plan
Part 3: Your Customers Are Your Customers: INDIVIDUALS BUSINESSES BOTH Describe Your Regular Customer & What Triggers Your Customers To Buy Your Product/Service:
Free Printables Philippines
Financial Planning Philippines. The financial template is perfect for small and start-up businesses in the Philippines looking for a simple guide to business finances. The template explores sales, returns, net sales, gross profit, wages, rent, total expenses, and other important financials. EXCEL: Financial Plan.
Tagalog Business Plan Writing Services (From $150)
Business Plan writing for Business loans that include Financial Projections. From $199. Oluwanifise S. 5.0 (4) StartUp Business Plan, Financial Plan, Pitch Deck Business Plan, Bank Loan. From $100. Abdullah O. 4.3 (6) An amazing business plan with a financial model and marketing strategy.
Filipino Business Plan Writing Services (From $150)
A top-notch business plan for startups, nonprofits, grants, fundraising. From $250. Saheed O. 4.7 (1) Top-notch business plan for startups, pitch deck, business plan writer. From $150. Esuola. Investor-ready business plan, pitch deck, or financial plan for startups. From $150.
Carinderia Business Plan (with PDF)
Carinderia Business Plan (with PDF) Negosyanteng Pinoy February 4, 2024 035 mins. A carinderia business may be attractive and seemingly easy to set up: have a stall near your house, few tables and chairs, adequate cooking equipment and utensils and a good cook might be all you need to get started.
Business Plan Template
Business Plan Template (Tagalog Version) by victor5arrojo5mirall
NEGOSYO TIPS: 9 Steps In Creating A Business Plan
Paano nga ba magplano kung wala namang alam at experience? Tuparin ang pangarap na negosyo by learning how to create your business road map to success!Watch ...
How Much Is A Business Plan Philippines
Prices range from a few thousand pesos up to 10s of thousands of pesos. Alternatively, to purchase a business plan in the Philippines, you can head over to freelancing platforms such as Fiverr to get a customized business plan. The last option is writing your business plan. In today's article, we will be going through what you need to include ...
How to Make a Business Plan With 4 Sticky Notes
You can even use the 4-Sticky Note Business Plan as a system for business growth. As my close colleague Michele Van Tilborg said at a recent Startup Club session, it's a great exercise for teams ...
PDF How to write a Business Plan
A business plan sells the viability of a business venture, outlining why it will be profitable. It includes details on the business concept, market analysis, operations, financial projections, and strategies for success. What are the 3 main purposes of a business plan? 1.To clarify your plans for growth 2.To understand your financial needs 3.To ...
AI is replacing human tasks faster than you think
The CFO Survey, a collaboration of Duke and the Atlanta and Richmond Fed banks, found that nearly one in three (32%) firms — large or small — plan to use AI in the next year to complete tasks ...
What Trump's proposal to exclude tips from taxes could mean for workers
WASHINGTON (AP) — Former President Donald Trump's new proposal to exclude tips from federal taxes is getting strong reviews from some Republican lawmakers, though major questions remain about the impact of the policy and how it would work.. What's certain is that a change in the taxation of tips would affect millions. The U.S. Bureau of Labor Statistics estimates there are 2.24 million ...
Student-Loan Forgiveness Through SAVE Plan Is ...
Missouri Judge John Ross ruled that the plan's provision to cancel student debt for borrowers with original balances of $12,000 or lower who made as few as 10 years of qualifying is now blocked ...
How To Start a Party Rental Supply Business in Five Steps
1. Develop a Party Rental Business Plan. A new business needs a roadmap, and all business owners should create a business plan for their business. There are many online resources to help with crafting a business plan, and you can also get help from the U.S. Small Business Administration. A comprehensive business plan should include the following:
How To Start A Business Teaching Tagalog
How To Start A Business Teaching Tagalog. 1. Create A Teaching Plan And Strategy. The first stage of any teaching business is the most important: Creating a teaching plan and strategy. As you are most likely aware, when an entrepreneur is looking at how to start a business teaching Tagalog, there are several opportunities and options that the entrepreneur will need to choose.
Tips: Paano Magsulat ng "Business Plan" Plano mo sa Negosyo ...
Statistics shows Start-Up Businesses has a low mortality rate, 90% of those who have started failed within the first five (5) years of their operations and o...
Faraday Future Stock Shocker: From EV Maker to China-U.S. Auto
Faraday Future Intelligent Electric has a Plan B to survive although it might not include making EVs of its own. The luxury EV maker will soon lay out a two-home-market/two-brand plan to bring ...
How PBMs Are Driving Up Prescription Drug Costs
In Oklahoma, for example, CVS's P.B.M., Caremark, overcharged the health plan for state employees by more than $120,000 a year for one patient's cancer drug, according to his insurance documents.