Starting your business in Cebu might be the biggest challenge of your life, especially if this is your first time doing so. A lot of people are dreaming to become their own boss but not everyone can make things happen. It’s a good thing if you have an entrepreneur’s mindset and you have the capacity to bring your dream business into life. If you’re planning to establish an enterprise in Cebu, this article is just the right piece for you!
Also Read: 5 Fun Facts about Cebu
The City of Cebu is known for being the Queen City of the South. It is the hub of trading and finance in the Visayan region. Being the 2nd largest city in the country, you have made a good decision to target this as a location of your business.
Reminders When Starting Your Business In Cebu
Cebu is not a bad market especially when it’s booming. But be careful as Cebuanos are quite picky so do some research before executing that idea. But now that you have chosen a good location, let’s take a look at other major factors you have to consider when starting your business in Cebu.
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You might want to reserve the name of your business in the Securities and Exchange Commission.
SEC Location: V. Rama Ave, Cebu City | (032)-253-5337
Verifying the availability of the chosen name for your business is free but keep in mind that reserving the name will cost you P40 for the first 30 days and with a maximum of 120 days for P120. Thinking of a name for your enterprise can be challenging if you don’t have a unique one. So as early as now, claim and reserve its name!
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Make sure are complying with business rules, including the necessary permits and licenses.
Licenses such as BIR, Barangay Clearance, DTI Business Name Registration Certificate, Mayor’s Permit, Business Permit, and SEC Registration Certificate are essential when starting up a business in Cebu. Make sure you have all these before you start operating.
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Know your customers.
Starting a business without any idea who your customers are is like writing without an outline. It’s hard to move around, even harder to make your strategies to sell your products and services. If you are planning to establish your own business, make sure you know your customers first. In this way, you can create a better business plan.
Also Read: Is Cebu a Safe Place For Expats?
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Build a killer website for your business.
While the physical location of your business is a good attribute, you might want to partner it with a good website to attract customers who are not just in Cebu. Expand the scope of your business by utilizing the internet.
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Don’t forget to advertise and promote.
Be it online advertisement or face to face promotion, do not hesitate to spread your brand in your area. Choose a location in Cebu where there is high foot traffic so to lessen the difficulty of advertising your business.
It may look easy at first but with your willingness to become a successful businessman, it is possible for you to start your business and run it for the long haul. Always aim for long-term investment. Cebu has a lot more in store for you in the future!
