We bring you the ultimate checklist of basic requirements for setting up a business :
1. Legal documents
2. Mayor’s Permit
3. DTI Registration of Company Name
4. DTI / SEC Documents
5. Building Permit (if needed)
6. SSS / Philhealth /
7. Pag-IBIG registrations
8. Business plan
9. Required capital
10. Entrepreneurial skills
And the entrepreneur has to pay attention to the following issues:
The external environment
• The dynamics of the country’s economic indicators, such as inflation and GNP (gross national product), affect consumers’ disposition to buy.
• The degree of competition in the sector determines your market positioning.
• A good set of suppliers will determine how you could get resources at least cost.
• You need to pay close attention to daily operations to control costs.
The internal environment
• Concrete operational and functional policies should be consistently observed to avoid conflicts in decision-making and delivery of tasks.