Accounting Firms May Aid Your Davao Food Startup Company, a Great News for First Time Business Owners
Davao City is the economic hub of Mindanao so it’s no secret that establishments concentrated on different industries abound. One particular industry that tops the picture is food.
With the opening of new dining and leisure businesses all over the city, it is impossible for local residents and tourists not to notice. And with the growing population of the city by the minute, the demand is not left behind.
The idea of forming a start-up food business or restaurant is an option that business-oriented people venture into, considering the ripeness of situation where there are more mouths feeding and more competition arising. Luckily, if you’re also a neophyte when it comes to this sort of undertaking, going at it alone is not a wise decision. Tap the services of a Davao accounting firm and see what they can do to uplift your chances of not being part of statistics.
The statistics being talked about involves high figures of failing start-ups in the first few years of its existence. So if you’re a first timer, you might want to look at the list below and be delighted in many ways that accounting professionals can help you in every step of the way.
The Local Food Industry
Just like any other industry, it will be nice for you to first look at the big picture if you consider entering it later on. Much like how the media instills the inverted pyramid technique in news writing and presentation; from the big issues to the smaller ones.
- Food business can still be accounted as one of the largest industries in the land, think of Jollibee and Penongs.
- Banana and coconut products top the best-selling agricultural products. You get the idea that these things are good investments, especially if you want to export.
- Food stalls, franchises and carts are also big in the city. You’d see burger joints to donuts and street-food type of food products being sold even at malls.
- Davao City hosts an annual Davao Food Expo to help local entrepreneurs reach out more customers.
The Mind Behind
Do you have what it takes to run a food business? This basically says that you must have the ample background to run a restaurant. Have you been exposed to family and friends who are in the same line of business? Were you trained as a businessman or chef? Or is just a food lover who is also into cooking or baking?
It takes not just a culinary expert but also an individual with excellent managerial skills to handle any food business since there’s money and food involved.
You need to do market research and know who the competitors are in a certain type of business; what the customers want and conduct a field research of potential customers and initial feedback over your ideas. An accountant can also do this for you while at the same time helping you focus on other things.
Have a Unique Idea
You can go have a bakery, an ice cream stand, fresh seafoods only restaurant, juice stall, have a coffee shop of your own, become a canteen concessionaire, and even an opulent catering service.
There are a lot of ideas to choose from but what fits you and what is exactly needed by the people by your target market are two of the biggest considerations. If you want a location near residential spaces, bakeries and food carts can be great. Employee hubs especially the BPO industry call the need for posh coffee shops while schools need concessionaires focused at giving hearty but affordable meals.
Never open a restaurant or any food business for that matter without considering first the location before coming up with an idea that you’re passionate about.
Name recall
What’s in a name? A lot. That is why soon to be parents take precautions naming their first born. If it is your first time, it is better to consult various experts in the field. Accounting firms in Davao City have professional accountants who can do market research and share their expertise in new business formations to you when it comes to naming your new business.
One definite rule is to know whether or not it is already being used by competition. You can also try it out with colleagues.
Safety Procedures
One thing that makes all most food establishments common is the need to apply for dedicated permits especially on sanitation and health precautions. Food businesses, especially restaurants need to acquire sanitary permit and have each of your workers obtain health certificates. They’d also require you to secure fire safety inspection certificates.
Business Planning
One big reason why businesses fail in their first year is not having a business plan. Certified accountants from Davao accounting firms can help solve half of all the acquisition of needed requirements before putting up a food company. They can secure necessary permits; help you register your business’ name and protect it; give you needed advice and multiple fallback plans, just in case.
They can also:
- Clarify everything that revolves around financial gains, marketing and management of capital
- Forecast and prepare a real cash flow budget to keep your company grinding every month in its first few years
- Comply with employment laws under DOLE or Department of Labor and Employment so you get happy clients and employees at the same time
- Select a fitting business structure to prepare you for relocation should there be any need for it
- Advice you on the right software for accounting purposes if ever there’s a need for it
- Evaluate your borrowing power from financial institutions such as banks and lending companies.
- They may also let you try new ways of acquiring funds such as crowd sourcing and or cooperative funding.
If you’re done reading, start acting and find a reliable accounting partner in Davao today. Who knows, your startup may become one of Davao food industry’s finest in no time.