[gegepanalo]

My situation: 22yr old male with near 400k savings looking into starting a unique food cart business concept but currently involved in a full time job.

My question: How do I start? Can i just start having my stall constructed and my signage made, or do I have to register my business name first? I have never started a business in my life, so I don't know how to begin.

[ferrariEverest]

My situation: 22yr old male with near 400k savings looking into starting a unique food cart business concept but currently involved in a full time job.

My question: How do I start? Can i just start having my stall constructed and my signage made, or do I have to register my business name first? I have never started a business in my life, so I don't know how to begin.

AFAIK, there are a few companies who facilitate this exact business venture.
consultant ng food cart business. tutulong sayo sa concept, design, busines registartion, etc.

do search around the net. Good luck Sir
Post Merge: Apr 11, 2012, 11:49 AM

It involves financial markets trading. Not stocks and not foreign currency.

You are into speculative gold/commodities trading.
as far as i know, speculative trading is UNREGULATED in the Philippines.

You all have been warned.

[krissy]

hmm ako i would ask around from people already established in the industry you wanna venture into before starting the biz.. ask how much they earn each day, their start-up costs and maintenance costs, the ups and downs in their business.. it's easy to register your business, do requirements like barangay clearance, business permit, SEC registration if applicable etc.. but what's important in your case is that you gotta learn the ins and outs of the business you're getting into..

you're young, you've got more years to learn the business so have fun ^^

if i were you i'd divide 400k into half savings, 1/4 investments 1/4 business.. just in case things don't happen as expected, you got some buffer and some cash to start anew

happy investing

[wiggy]

Decide first on what kind of business you want and look for GREAT locations (if applicable). Research and write a business plan (a business plan would let you answer most of the important questions that you have or will have).

if i were you i'd divide 400k into half savings, 1/4 investments 1/4 business.. just in case things don't happen as expected, you got some buffer and some cash to start anew

I agree. This is a fundamental in finance management.

[gegepanalo]

Thanks for the tips guys.

Currently I am thinking of putting up a drinks stall. I won't be investing the whole of my capital, perhaps at most 60-70%. I have made a trip to the nearest grocery store to canvass on the prices of my ingredients. After reading a lot online, it seems that the first step is to make sure you have a great product. It seems so simple now but it didn't when I first started thinking about it. So I will experiment in mixing my drinks this weekend and I will keep those that are interested posted

[wiggy]

What happened to you TS? Ok ka lang ba?

I'm planning to put up a new business, almost everything can roll except the location. I can't find the perfect location. Scout pa ulit...

[gegepanalo]

Hi,

Thanks for the follow up Wiggy.

Because of my full time job I have been going at a slow rate.

I already have my business name. I have an ongoing negotiation with Starmalls and SM for leasing. I have perfected the recipe for 2 milkshakes.

I am having second thoughts though with this direction, because the costs of using quality ingredients such as Arce dairy ice cream and Nestle milk means that I will have a high selling cost, and I am still thinking of how to fix this.

I am looking at other business opportunities at the moment, till I can figure out how to solve this.
Post Merge: May 15, 2012, 04:28 AMWiggy can I suggest for you to contact someone to scout for a location for you. You usually pay 3k-5k and they give you 3-5 good locations according to your description. Good luck!
Post Merge: May 15, 2012, 04:52 PMGoing to DTI today to pay for my national business name. 2,000 PHP, I think its worth it, rather than having to go through the hassle of reregistering later if I need to.

Meeting leasing agent tonight as well for a bus terminal food cart, then another leasing agent friday.

Received about 10 applicants through my email to work for my food cart.

Finished computations for predicted income statement and predicted startup costs, looks promising, may make 1k a day profit and this is on a bad day of sales.

First business here I come! Estimated time of launching is 2 weeks. Stay tuned!

[pinoyden]

How's your business launching?

[ebo_bro]

Did I miss something, 2K na ba registration sa DTI ngayon? parang 300 lang yata when I registered 4 or 5 years ago. BTW why national business name? I know that DTI now have baranggay, reginal, national registration. What is the difference ba kung baranggay o national ang registered name? dati kasi basta may kapangalan ka kahit baranggay level lang at nasa dulo pa ng pinas o internationally know ang pangalan, di pwede gamitin.

[pinoyden]

Yup 2000 + 15 pesos fee na ang babayaran. Nagpunta kami kahapon para magregister buti konti lang tao.

Talagang bang mahigpit sila sa pagbigay ng business name? Kasi ang gusto nila related sa business mo ang name mo.

Example ako web developer and may gusto ako na name like "PinoyDev Services" but ang sabi ng babae ay dapat daw naayon sa work tapos ang gusto nya  "XXX Web Development Services" where XXX is my initials or name ko daw dapat na nagsasabing pagaari ko yun business. Hindi ba pwedeng gumawa ka ng sarili mong brand or business name or sa ibang government agency yun inireregister?

[pmtmember]

^^ ganyan lang talaga siguro sila mag isip pero pwede rin naman yang suggestion nila para madali lang ma approve then gawa ka nlang ng brand name mo at yon ang i-advertise mo

[prnd32]

Yup 2000 + 15 pesos fee na ang babayaran. Nagpunta kami kahapon para magregister buti konti lang tao.

Talagang bang mahigpit sila sa pagbigay ng business name? Kasi ang gusto nila related sa business mo ang name mo.

Example ako web developer and may gusto ako na name like "PinoyDev Services" but ang sabi ng babae ay dapat daw naayon sa work tapos ang gusto nya  "XXX Web Development Services" where XXX is my initials or name ko daw dapat na nagsasabing pagaari ko yun business. Hindi ba pwedeng gumawa ka ng sarili mong brand or business name or sa ibang government agency yun inireregister?

Business name is different from brand/billboard name.  Business is registered sa DTI, whereas the brand/billboard name sa IPO (Intellectual Property Office).  The business name is the legal identity name of your business at dapat nakalagay sa lahat ng legal documents like official receipts, invoices, contracts, etc... Yung brand name naman ang inilalagay sa mga marketing/promo materials, signages, banners, billboards, etc..

BTW, you should also register your business' trademarks and logo with the IPO.

[pinoyinvesting]

wow been thinking to start building a business, this will be very helpful.

[ebo_bro]

Dati pa ganyan sa DTI na kailangan yung business name mo sangayon sa work. May tinatawag pa silang prefix at suffix sa biz name. prefix yung unique name mo tapos yung suffix yung line of work.

Part 2 ng question ko, anong pinagkaiba pag baranggay ang inapply mo kasya national business name. Pag national business name mo pwede mo pa ba ito i-apply sa Baranggay Micro Business?

Pag Baranggay naman inapply mo, ibig sabihin ba nito sa ibang baranggay pwede na nila gamitin name mo?

Sorry medyo naguguluhan lang ako sa process ngayon ng DTI, malapit na kasi ako mag-renew

[prnd32]

Part 2 ng question ko, anong pinagkaiba pag baranggay ang inapply mo kasya national business name. Pag national business name mo pwede mo pa ba ito i-apply sa Baranggay Micro Business?

Pag Baranggay naman inapply mo, ibig sabihin ba nito sa ibang baranggay pwede na nila gamitin name mo?

Sorry medyo naguguluhan lang ako sa process ngayon ng DTI, malapit na kasi ako mag-renew

From DTI's website:

Under the DTI’s Enhanced Business Name Registration System (EBNRS), applicants have the option to register a BN in any of the four (4) territories with its corresponding fees of: 1) Barangay - ₱ 200.00; 2) City/Municipality - ₱ 500.00; 3) Regional - ₱ 1,000.00; or 4) National - ₱ 2,000.00, plus ₱15.00 documentary stamp tax.
 
With the new territorial scheme of BN registration, registrants are authorized to use the BN anywhere within the territory regardless of the number of branches/outlets of the business. Thus, if a business has 10 branches nationwide, it only has to pay the one-time registration of ₱ 2,000.00 for the said branches compared to paying ₱ 3,000.00 for the 10 branches under the old scheme. Consequently, expanding the business outside the registered territory for instance from barangay to city is considered a change of location, which requires a new business name application.