It can be exciting to consider starting up a new business, but it can also be terrifying. For many, a new business is a bit of a gamble but there are steps you can take to make success a little more certain. Plan carefully to start your own small business in Davao.
The first steps
The best first step to starting your own small business is to establish that there is indeed a market for the services or goods you plan to offer. You accomplish this by doing some market research. Check out your local area to see if anyone else is in the same line as you, and if so, who their core customers are. You may decide to target a different demographic so you will not struggle to sell to the same people, and may even refine your offerings to become a niche provider. Then,establish the market price for your goods or services so that you can price yourself competitively. You can conduct market research among your potential customers easily, by utilizing social media.
Next, you look at your business, the type of structure it will be, your company name and your branding. If you are going it alone, then registering as a sole trader will be appropriate for you, but you have other options, such as forming a limited company or a partnership. Choosing a good business name is more complicated than you might think. Because of the internet, it can be extremely beneficial to choose a business name that incorporates the goods or services you are offering. For example, if you are a maker of men’s suits, you could choose to include the words ‘bespoke tailoring’ to give you more leverage when it comes to search engine results.
Your branding is just as important as your business name because it will give your company a visual identity and will be used across a wide range of marketing tools, such as your website, your social media profiles and your business cards, which are still considered essential. You could design your logo yourself, but you will undoubtedly get a better logo if you have it professionally designed and then order custom printing for your printed materials such as letterheads and brochures, because these will be given out to your potential customers and need to look good to show that you are a reputable company.
Marketing yourself will be one of your priorities when just starting out, as you need to get the word out that you are open for business. This is where your printed brochures and business cards will be invaluable, so be sure to hand these out whenever possible. You should also use social media to raise awareness, build up an email distribution list and get visitors to your website. You may also want to consider paid-for advertisements in local publications.
Give your new small business in Davao the best chance of success by carrying out market research, choosing your company structure and setup carefully, and marketing yourself through your current networks.