Filipino Entrepreneur turns hobbies into successful businesses. Turning a hobby into a business is rewarding because it lets you work for yourself and get what you like. It can also be the best opportunity to support yourself financially while doing what you love the most.

Turning your hobby into a business means you get to do something you love daily. It can make work feel more like fun and less like a chore. Also, you can make all the decisions and control your work when you have your own business.

You can make a living doing something you love. It can be fulfilling and satisfying. Further, running a company based on a hobby allows you to be creative and develop new ideas and products.

However, before you decide on whether or not you are ready to do business to earn from your hobby, you have to think of the following:

Identify your hobby. Think about whether your hobby is something you enjoy and would want to do every day. Do you love doing it? Is it something that you want to do to de-stressed? Can you spend much of your time doing it yet feel your time can never be enough? Knowing these are important because running a business can be hard work, and you need to be passionate about it. 

Then, research to see if other people would be interested in what you make or do as a hobby. It will help you understand whether there is a market for your business. Look for similar business undertakings and see how they are doing. It will help you know if your idea is feasible. Ask your friends and family if they would be interested in your product or service. In addition, you can also ask people you know from your target market (for example, if your hobby is making jewelry, you might ask other kids or their moms if they would be interested in buying it).

Look online to see other businesses that sell the same products or services. It can help you understand whether there is a demand for what you want to sell. By doing this research, you can better understand whether there is a market for your business and how you can reach potential customers.

A Filipino Entrepreneur also needs to prepare a Business Plan.

A business plan is a map that specifies your business goals and how to achieve them. It should include your target market, products or services, and marketing and financial strategies. Try out your business idea on a small scale to see if it works. It is called a “pilot” or “prototype.” If your pilot or prototype is successful, it’s time to launch your business.

On the other hand, know your financial requirements and where to get the funds. How much is the cost to start the business? Do you need to buy equipment? Are you going to construct or rent spaces or need to hire employees?

Also, it is advisable to make a financial forecast. It is essential for a new business because it can help determine whether your business idea is feasible and whether you have the necessary funds to start.  

Financial planning can help you to identify possible financial risks and to make ways to lessen those risks. It can also help you to set up benchmarks for your business. Additionally, it can be helpful when seeking funding from investors or lenders, as they provide a guide for the economic success of your business.

Set up your business and start to be a Filipino Entrepreneur.

Determine your business structure and register your business. Select a business type, such as a sole proprietorship, partnership, or corporation. Then, register your business with the appropriate government agencies to see that it is legal.

To register a business in the Philippines, you will need to follow these steps:

Choose a business name: First, you must choose a name for your business. This name should be unique and not already used by another company. You can check the availability of a business name by searching the Securities and Exchange Commission (SEC) online database if you want to have a corporate or partnership style of business. While for Sole Proprietor, you can check it with the BNRS Portal of the Department of Trade and Industry (DTI). You may apply for registration in SEC and DTI online. 

Second, get business permits from your local government units. Depending on your business, you need to comply with specific permits and licenses. For example, you must get a food handling permit for a restaurant.

Third, register your business in the Bureau of Internal Revenue (BIR) thru the NewBizReg portal of the BIR. You need to fill out the Tax Type Questionnaire Form. Your tax liabilities will depend on the answers that you provide. 

Lastly, fill out the Application for Authority to Print (ATP) Receipts and Invoices and file it with the BIR for you to print an official receipt. 

Create a website for online presence. You can reach customers worldwide than just those who pass by your physical storefront. By giving information about your products or services and making it easy for customers to buy online, you can make it easier for them to do business with you.  

Further, a good website can help your business look credible. Your website can be a tool for advertising your business, allowing you to reach customers and promote sales.

Conclusion:

Starting a business is challenging and rewarding. Be patient and determined to continue even if you fail. Stay focused on your goals. You may ask for help from consultants if need be.

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