Philippine laws on the internet aren’t quite as stringent compared to that of other countries. Unlike its counterpart Asian countries such as Saudi Arabia, North Korea and China; no bans, censorships or any restrictions are in effect here, making the Filipinos one of the freest online citizens.
This means that if you’re setting up a small online business that won’t do any illegal activities (but beware of the new Cyber Crime Prevention Act) in the country then you will be doing just fine. When will you need financial help from Certified Public Accountants in Davao?
That would be a separate problem since for any startups, online or not; financial matters are at the core. But don’t forget all the other issues that must also concern you.
Like any endeavor, online businesses follow procedures before realizing its fruition. Here are snapshots with details below:
Why do you need a bank account? Any business sure needs funds to fuel it and e-commerce is no different. There must be capital in any business undertaking. Make sure you have saved up on some money while you’re still working your day job. And a bank account solely dedicated to business matters will save you on intertwined personal account woes.
What’s a market base? Any new business needs study and extensive research of current conditions in the given market you are about to enter. Like traditional companies, you should conduct competitor analysis, product research and audience survey to assess what types of clients would surely flock your online startup.
What’s your background? You need to understand your current situation. Are you a home-based mother, an overseas worker or a skilled professional juggling daytime job and possible online business? You should also consider your expertise. Are you a baker or a skilled artist? These skills should matter to your online business ideas.
What’s in a name? A lot. And your business’ identity also relies on it, especially that a swarm of many other companies are present online. Getting unique can become as hard as it gets.
Having any techy problems? You don’t need to hire webmasters or computer majors to help you build a website. There are free methods to do so which is identical to blogging, try WordPress. There are also cheaper alternatives to towering giants in the web hosting industry such as webfocus.ph and 1pesohosting.com.
What about the equipments? Having a simple laptop or desktop PC of your own is an advantage. You get to secure your online transactions. There are also rented ones but they put you on more risks. Make sure that you have stable online connection though.
What do you offer? This is where the contention on being unique comes in. Are you an innovator or do you blend in competition? Whatever service (outsourcing office solutions) or product (cosmetic or health) you offer, make sure it stands out in usability and durability.
How about your manner of selling? Why do business owners say that marketing is one of the most important aspects of maintaining a healthy business? It’s because without it, you’d get no customers and that means zero balance. You get the point? Be aggressive or do some search engine optimization. Otherwise, email marketing and social media marketing also works.
In this case, a startup is not complete without challenges and so here are the common hurdles you’d encounter:
You might tell yourself that in the few months of online business operation, you can handle all the taxation yourself; much like how you handle your own business alone. But this will not be the case in the long run.
Income tax deadlines that loom every April aren’t your friend. Consulting with an accountant who knows how it’s like doing online business is a must. Do so every December if you’re handling your own quarterly tax obligations, why?
Would you rather risk your taxes to be entangled in the future to take that decisive action now? Professional and certified accountants are there for some worthy consultation time. All it takes is a call to change the direction that your online startup is heading to.