Starting a restaurant in the Philippines can be an exciting and lucrative venture. However, it’s also a big investment, and there are several steps that you need to take to ensure success. 

In this article, we’ll provide you with a checklist of things to consider when starting a restaurant in the Philippines.

Starting a restaurant checklist:

1. Conduct market research
2. Develop a business plan
3. Register your business
4. Obtain the necessary permits
5. FInd a location
6. Hire a reliable team
7. Set up your kitchen and dining area
8. Create a menu
9. Develop a marketing strategy
10. Manage your finances

1. Conduct market research

Before starting a restaurant, you need to understand the demand for the type of cuisine you plan to serve. Look at the existing restaurants in your area, identify any gaps in the market, and consider the preferences of your target market. This research will help you develop a unique concept that will set your restaurant apart from the competition.

2. Develop a business plan

Your business plan should include your target market, location, marketing strategies, startup costs, and revenue projections. A solid business plan will help you secure funding from investors or lenders and keep you on track as you start and grow your business.

3. Register your business

Registering your restaurant as a legal entity is crucial for complying with the laws and regulations of the Philippines. You need to register with the Department of Trade and Industry (DTI) if you’re a sole proprietorship or Securities and Exchange Commission (SEC) if you’re a corporation.

4.Obtain the necessary permits and licences

To operate a restaurant in the Philippines, you need to obtain permits and licences from various government agencies such as the Department of Health (DOH), Bureau of Internal Revenue (BIR), and the Department of Labor and Employment (DOLE). You may also need to secure a zoning permit and a sanitary permit.

5. Find a location

Your restaurant’s location can significantly impact your success. Look for a location with high foot traffic, easy accessibility, and ample parking. Also, consider the local market and the competition in the area.

6. Hire a reliable team

Your restaurant’s success depends on the performance of your staff. Hire reliable and experienced personnel, including chefs, servers, and bartenders. Train them properly to provide excellent customer service.

7. Set up your kitchen and dining area

Equip your kitchen with the necessary appliances and tools to prepare and serve your dishes. Your dining area should have a welcoming ambiance that matches your restaurant’s concept.

8. Create a menu

Your menu should reflect your restaurant’s concept and cater to your target market’s preferences. Ensure that you offer a variety of dishes with high-quality ingredients at reasonable prices.

9. Develop a marketing strategy

To attract customers, you need to develop a marketing strategy that includes advertising, promotions, and social media marketing. Engage with your customers and encourage them to leave positive reviews to help build your restaurant’s reputation.

10. Manage your finances

Managing your finances is crucial to the success of your restaurant. Keep track of your expenses, revenue, and profits. Monitor your cash flow and make adjustments as necessary to ensure the sustainability of your business.

Starting a restaurant in the Philippines requires careful planning and execution. By following this checklist, you can increase your chances of success and establish a thriving restaurant in the competitive Philippine market.

Types of restaurant industry segments

The restaurant industry in the Philippines can be segmented into several categories based on various criteria. Here are some of the most common restaurant industry segments in the Philippines:

Fine dining restaurants

Fine dining restaurants offer high-end dining experiences with an emphasis on quality, presentation, and service. They typically serve expensive and sophisticated cuisine and offer an elegant atmosphere and decor.

Casual dining restaurants

Casual dining restaurants are more relaxed and informal than fine dining establishments. They usually offer a diverse menu of moderately priced dishes and a comfortable and welcoming atmosphere.

Fast-food restaurants

Fast-food restaurants offer quick and convenient meals at affordable prices. They are often franchised and have a standardised menu and service system.

Coffee shops and cafes

Coffee shops and cafes specialise in coffee, tea, and light snacks. They often have a cozy and relaxing ambiance that encourages customers to socialise or work while enjoying their drinks and food.

Buffet restaurants

Buffet restaurants offer a wide variety of dishes for customers to serve themselves. They are popular for their all-you-can-eat promotions and are often located in hotels or malls.

Food trucks and stalls

Food trucks and stalls offer street food and other quick bites. They are typically located in busy areas such as markets, parks, and street corners.

Specialty restaurants

Specialty restaurants focus on specific cuisines, such as Japanese, Italian, or Mexican. They often feature unique dishes and ingredients and provide a specialised dining experience for customers.

Restaurant safety and food handling in the Philippines

The safety and proper handling of food in restaurants are crucial to prevent foodborne illnesses and ensure customer satisfaction. In the Philippines, there are specific regulations and guidelines that restaurants must follow to maintain food safety standards. Here are some of the essential restaurant safety and food handling practices in the Philippines:

Food safety training

All restaurant staff must undergo food safety training to ensure they know how to handle food properly and prevent contamination. This training includes hygiene practices, safe food handling procedures, and proper storage and labelling of food.

Sanitation and hygiene

Restaurants must maintain a clean and sanitary environment to prevent the spread of bacteria and other contaminants. This includes regular cleaning and disinfection of kitchen equipment and surfaces, as well as hand-washing and personal hygiene practices for staff.

Temperature control

Restaurants must ensure that all food products are stored, prepared, and cooked at the correct temperatures to prevent the growth of harmful bacteria. Temperature control measures include using refrigerators, freezers, and heating equipment properly and frequently checking and recording food temperatures.

Pest control

Restaurants must implement pest control measures to prevent insects and rodents from contaminating food products. This includes regular cleaning and sealing of entry points, such as doors and windows, and use of insecticides and traps.

Proper labelling and packaging

Restaurants must ensure that all food products are correctly labelled with essential information, including expiration dates, ingredients, and allergen information. Proper packaging helps prevent contamination and ensures the freshness and quality of food products.

Compliance with regulations

Restaurants must comply with all regulations and guidelines set by government agencies such as the Department of Health (DOH) and the Food and Drug Administration (FDA). These regulations include licensing and permits, food safety inspections, and proper documentation of food handling procedures.

What is the cost of starting a restaurant in the Philippines

The cost of starting a restaurant in the Philippines can vary widely depending on several factors such as location, size, concept, menu, equipment, and permits.

Here are some of the significant expenses involved in starting a restaurant in the Philippines:

Location

The cost of renting or leasing a commercial space can vary depending on the location and size of the restaurant. Prime locations in major cities are typically more expensive than suburban or rural areas.

Equipment and supplies

Restaurants require specialised equipment such as ovens, grills, refrigerators, and kitchen utensils, which can be expensive. The cost of supplies such as plates, utensils, and linens should also be taken into consideration.

Staffing

Restaurants require trained staff, including chefs, servers, and kitchen staff, who need to be paid a competitive wage.

Permits and licences

Restaurants in the Philippines require various permits and licences from government agencies, such as the Department of Trade and Industry (DTI), Bureau of Internal Revenue (BIR), and the Department of Health (DOH).

Marketing and advertising

Restaurants need to market their products and services to attract customers, which can include the cost of advertising, promotions, and social media marketing.

The cost of starting a restaurant in the Philippines can range from PHP 500,000 to PHP 5,000,000 or more, depending on the factors mentioned above. It is essential to conduct thorough research and create a detailed business plan to estimate the total costs involved in starting a restaurant.

Additionally, it is important to have a financial cushion to cover unexpected expenses and to sustain the business during the initial stages of operation.

Payment collection methods in the Philippines

Restaurants in the Philippines have various options for collecting payments from customers. Here are some of the most common payment methods used in restaurants:

Cash

Cash is the most widely accepted form of payment in restaurants in the Philippines. Customers can pay their bill using Philippine Peso (PHP) bills or coins.

Credit and Debit Cards

Most restaurants in the Philippines accept credit and debit card payments, including major international brands such as Visa, Mastercard, and American Express. These payments are typically processed using point-of-sale (POS) machines.

Mobile Payment Services

Mobile payment services such as GCash and PayMaya are gaining popularity in the Philippines. These services allow customers to make payments using their mobile phones and are widely accepted in many restaurants.

Online Payment Platforms

Online payment platforms such as PayPal, Stripe, and Dragonpay are also available for restaurants to collect payments from customers. These platforms allow customers to pay using their credit or debit cards or online bank transfers.

Bank Transfers

Some restaurants may accept bank transfers as a form of payment. This method requires customers to transfer the payment to the restaurant’s bank account before or after dining.

In conclusion, restaurants in the Philippines have various options for collecting payments from customers, including cash, credit and debit cards, mobile payment services, online payment platforms, and bank transfers.

Offering multiple payment methods can help restaurants accommodate customers’ preferences and make transactions more convenient and efficient.

How to build a brand for your restaurant

Building a strong brand for your restaurant is essential to attract and retain customers, stand out from competitors, and create a loyal customer base. Here are some steps to build a brand for your restaurant:

Define Your Target Audience

Before building a brand, it’s essential to know who your target audience is. Identify the demographics, lifestyle, and preferences of your ideal customers to create a brand that resonates with them.

Develop a Unique Concept

A unique and compelling concept is crucial to building a brand for your restaurant. Consider your menu, atmosphere, decor, and overall experience to create a concept that sets your restaurant apart from others.

Create a Memorable Logo and Visual Identity

A strong visual identity, including a memorable logo, color scheme, and typography, can help build a recognizable brand. Make sure your visual identity is consistent across all marketing channels, including menus, signage, and social media.

Establish Your Online Presence

In today’s digital age, having a strong online presence is essential to building a brand for your restaurant. Create a website, social media accounts, and online listings to showcase your brand and interact with customers.

Offer Consistent Quality and Service

Consistency is crucial to building a strong brand. Ensure that your food quality and service are consistently excellent to create a positive reputation for your restaurant.

Develop a Marketing Strategy

A comprehensive marketing strategy can help promote your restaurant’s brand and attract customers. Consider using social media, email marketing, influencer partnerships, and other tactics to reach your target audience and build brand awareness.

Building a brand for your restaurant requires careful consideration of your target audience, concept, visual identity, online presence, consistency, and marketing strategy. By following these steps, you can create a strong brand that resonates with customers and sets your restaurant apart from competitors.

What are the restaurant trends in the Philippines

The restaurant industry in the Philippines is constantly evolving, with new trends emerging each year. Here are some of the current restaurant trends in the Philippines:

Plant-based and Sustainable Menus

As more consumers become health and environmentally conscious, there is a growing trend towards plant-based and sustainable menus. Restaurants are offering more vegetarian, vegan, and plant-based options, as well as sourcing ingredients locally and reducing food waste.

Delivery and Takeout Services

The COVID-19 pandemic has accelerated the trend towards delivery and takeout services, with more restaurants offering online ordering, delivery, and curbside pickup options. This trend is likely to continue even after the pandemic, as consumers seek convenience and safety.

Fusion Cuisine

The Philippines is known for its rich culinary heritage, and restaurants are now experimenting with fusion cuisine, combining traditional Filipino flavors with international influences. This trend is popular among younger consumers who are open to new and diverse flavours.

Brunch Menus

Brunch is becoming a popular dining trend in the Philippines, with restaurants offering all-day breakfast menus and bottomless brunch cocktails. This trend caters to consumers who prefer a more leisurely dining experience on weekends and holidays.

Virtual Kitchens

Virtual kitchens, also known as ghost kitchens or cloud kitchens, are growing in popularity in the Philippines. These kitchens operate solely for delivery and takeout orders, without a physical storefront or dining space. Virtual kitchens allow restaurants to expand their delivery reach and reduce overhead costs.

Tips from restaurant owners

The restaurant industry in the Philippines is highly competitive, and top restaurants often have unique strategies that set them apart from the competition. Here are some tips from top restaurants in the Philippines:

Focus on Quality

Top restaurants prioritise quality in all aspects of their operations, from sourcing ingredients to preparing dishes and serving customers. They use high-quality ingredients, prepare food with care, and ensure that dishes are presented attractively.

Offer Unique Experiences

Top restaurants create unique experiences that differentiate them from other dining options. This may include offering interactive cooking classes, hosting special events, or creating themed menus that change regularly.

Embrace Technology

Many top restaurants in the Philippines have embraced technology to improve their operations and enhance the customer experience. This may include using online reservations, digital menus, and mobile payments to streamline service and reduce wait times.

Cater to Special Dietary Needs

More consumers are seeking out restaurants that cater to special dietary needs, such as vegetarian, vegan, gluten-free, or halal. Top restaurants offer a variety of options that cater to these needs, ensuring that all diners feel welcome and accommodated.

Provide Exceptional Service

Top restaurants provide exceptional service that goes above and beyond customer expectations. This may include personalised recommendations, attentive servers, and prompt and efficient service.

Engage with Customers

Top restaurants engage with their customers through social media, email marketing, and other channels to build relationships and loyalty. They respond to feedback, offer promotions, and keep customers informed about special events and menu changes.

Final Thoughts

Top restaurants in the Philippines prioritise quality, offer unique experiences, embrace technology, cater to special dietary needs, provide exceptional service, and engage with customers to build loyalty.

To be like them and compete against the best, you need to follow these tips so that you can differentiate your business in a competitive market, which can help to create a loyal customer base and to strive for greater success.

Entrepreneurship is a popular career path for many Filipinos looking for financial independence and creative freedom. However, embarking on this journey requires a deep understanding of the different types of entrepreneurship available to you.

Each type of entrepreneurship has its unique characteristics, advantages, and challenges. Knowing which type of entrepreneurship suits your personality, goals, and resources can help you increase your chances of success.

Moreover, understanding the different types of entrepreneurship can provide valuable insights into the Philippine business landscape. It can help you identify the most lucrative industries, the emerging trends, and the key players.

In this article, we’ll delve into the ten most common types of entrepreneurship in the Philippines, including their defining features, examples, and opportunities. By the end of this article, you’ll have a better grasp of the diverse entrepreneurial landscape in the Philippines and which path to take to achieve your dreams.

Why is it important to understand the different types of entrepreneurship

In the ever-evolving world of entrepreneurship, it’s important to understand the different types of business ventures. It helps you to identify the suitable business type that aligns with your skills, resources, and goals.

Understanding the types of entrepreneurship can also aid in creating effective business plans and strategies. Moreover, comprehending these types can provide insights into industry trends, challenges, and growth opportunities.

In a nutshell, knowledge about the various types of entrepreneurship can empower individuals to make informed decisions and increase their chances of success as entrepreneurs.

1. Small business entrepreneurship

Small business entrepreneurship refers to the process of starting and managing a small-scale business venture. Small businesses are usually independently owned and operated with limited resources and a focus on serving a specific niche market.

Small business entrepreneurship examples in the Philippines

• Bibingkinitan – a fast-food chain that specialises in selling bibingka, a popular Filipino rice cake.
• Happy Skin – a cosmetics brand that offers quality products using local ingredients.
• Paper Chic Studio – a stationery store that offers personalised paper products and gifts.
• Manang’s Chicken – a fast-food chain that offers delicious Filipino-style fried chicken.

These successful small businesses have been able to thrive in the competitive Philippine market by offering unique products and services, targeting specific niches, and effectively managing their resources.

2. Social entrepreneurship

Social entrepreneurship is a type of entrepreneurship that focuses on solving social and environmental issues through innovative business solutions. Social entrepreneurs are driven by a desire to create positive social impact while also generating profit.

Social entrepreneurship examples in the Philippines

• Bayani Brew – a social enterprise that produces organic teas made from local ingredients while also providing livelihood opportunities to women farmers in rural communities.
• Rags2Riches – a company that turns scrap cloth into fashionable bags and accessories, providing sustainable livelihoods to low-income artisans.

By focusing on social impact, these businesses are not only making a difference in the lives of individuals and communities, but they are also contributing to the growth and development of the Philippine economy.

3. Technopreneurship

Technopreneurship is a type of entrepreneurship that involves using technology and innovation to create and grow a business. The process entails recognizing an issue or a vacancy in the market and devising a remedy by utilising technology.

Technopreneurs often focus on developing software, apps, or other tech-based products or services that can be scaled up quickly. This type of entrepreneurship requires a strong understanding of technology and business, as well as the ability to adapt quickly to changes in the market.

Technopreneurship examples in the Philippines

• Kalibrr – an online platform that connects job seekers with potential employers using artificial intelligence and machine learning algorithms.
• PayMaya – a digital wallet and online payment platform that allows users to pay bills, buy loads, and send money.
• Xurpas – a mobile content provider and mobile marketing solutions provider
• Coins.ph – a blockchain-based financial services platform that enables users to buy and sell cryptocurrency, as well as pay bills and buy mobile loads.

These businesses have leveraged technology to disrupt traditional industries and create new markets, demonstrating the potential for technopreneurship in the Philippines.

4. Agripreneurship

Agripreneurship is a type of entrepreneurship that focuses on agricultural businesses. It involves identifying opportunities in the agriculture sector and creating innovative solutions to meet the needs of the market.

This type of entrepreneurship is particularly important in the Philippines, where agriculture is one of the main industries and a significant contributor to the country’s economy.

Agripreneurship examples in the Philippines

• Green Earth Heritage Foundation – a social enterprise that promotes sustainable agriculture and agroforestry. They provide training and support to farmers to help them transition to organic farming methods and produce high-quality, environmentally friendly products.
• BukidFresh – an online marketplace that connects farmers directly to consumers. They offer a wide range of fresh produce and products from local farmers, including fruits, vegetables, meat, and dairy. By eliminating the middleman, BukidFresh is able to offer fair prices to both farmers and consumers, while also promoting sustainable farming practices.
• Plush and Play – a business that creates handcrafted plush toys using locally sourced materials. They work with small-scale farmers to obtain materials such as organic cotton and bamboo, supporting local communities and promoting sustainable sourcing practices.

These businesses not only generate profits but also contribute to the development of sustainable and eco-friendly solutions in agriculture, while also supporting local communities and farmers.

5. Creative Entrepreneurship

Creative entrepreneurship is a type of entrepreneurship that involves the creation, production, and distribution of creative and artistic products or services. It encompasses a wide range of industries, including art, design, music, film, fashion, and more.

It is becoming increasingly popular in today’s economy as more people seek to turn their hobbies and passions into profitable businesses.

Creative entrepreneurship examples in the Philippines

Habi Footwear – a shoe company that produces handwoven shoes made by local artisans using traditional Filipino weaving techniques.

Creative Definitions – a graphic design and branding agency that specialises in creating unique visual identities for businesses and organisations.

Anthill Fabric Gallery – a company that creates sustainable and eco-friendly fashion products using traditional Filipino fabrics.

Creative entrepreneurship not only contributes to the economy by creating jobs and generating income, but it also promotes cultural heritage and artistic expression.

By supporting creative small businesses, consumers can help preserve traditional craftsmanship and support local artists and designers.

6. Online Entrepreneurship

Online entrepreneurship, also known as e-entrepreneurship or digital entrepreneurship, refers to the act of creating, managing, and growing a business venture through online platforms such as websites, social media, e-commerce platforms, and mobile applications. It involves utilising digital tools and technologies to develop and market products or services, connect with customers, and manage business operations.

Online entrepreneurship has become increasingly popular in the Philippines, especially in the wake of the COVID-19 pandemic which has accelerated the shift to online channels. It offers a low barrier to entry and enables entrepreneurs to reach a global audience with minimal overhead costs. 

Online entrepreneurship examples in the Philippines

• Shopee, Lazada, and Zalora – online marketplaces that offer a wide range of products to consumers.
• BeautyMNL – an online store that sells beauty and skincare products
• Kumu – a social media app that allows users to buy and sell products through live streaming.

Other examples of online entrepreneurship in the Philippines include freelancing, blogging, and affiliate marketing. Freelancing involves offering services such as writing, graphic design, and programming to clients online, while blogging and affiliate marketing involve creating content and promoting products or services through a website or social media platform.

7. Franchise Entrepreneurship

Franchise entrepreneurship is a type of business ownership where an individual (the franchisee) operates a business using the branding, products, and systems of an established company (the franchisor). The franchisee pays an initial fee to the franchisor, as well as ongoing royalties, in exchange for the right to use the franchisor’s intellectual property and business model.

 

One advantage of franchise entrepreneurship is that the franchisee can benefit from an established brand and a proven business model, which can increase the chances of success. The franchisor also provides ongoing support, such as training, marketing, and operational assistance.

Franchise entrepreneurship examples in the Philippines

• Jollibee – a fast food chain that offers Filipino-style burgers, fried chicken, and other menu items.
• 7-Eleven – a convenience store that offers a variety of snacks, beverages, and other products.
• The Generics Pharmacy – a pharmacy that offers affordable generic medicines.
• Ministop – a convenience store that offers a range of food and beverage items, including Japanese-inspired snacks.

These franchise businesses have been successful in the Philippines due to their popularity and strong brand recognition, as well as their ability to adapt to the local market by offering products that appeal to Filipino consumers.

8. Intrapreneurship

Intrapreneurship is a type of entrepreneurship where employees within a company are encouraged to think and act like entrepreneurs, taking risks and coming up with innovative ideas to improve the company’s performance.

Intrapreneurship can be seen as a way for companies to foster a culture of creativity and innovation from within, and can lead to new products, services, and processes that can help the company stay competitive in the market.

Intrapreneurship examples in the Philippines

• Jollibee Foods Corporation – Jollibee is a fast-food chain that has become a household name in the Philippines. It was started by Tony Tan Caktiong, who encouraged his employees to come up with new ideas and innovations to improve the company’s offerings.
  
  This led to the creation of some of Jollibee’s most popular menu items, such as the Chickenjoy and Jolly Spaghetti.
• Procter & Gamble Philippines – Procter & Gamble is a global consumer goods company that has been operating in the Philippines for over 80 years.
  
  The company encourages its employees to come up with new product ideas and innovations, which has led to the successful launch of several new products in the Philippines, such as Safeguard soap and Pantene shampoo.
• Smart Communications, Inc. – Smart Communications is a telecommunications company that has been operating in the Philippines for over 20 years. The company encourages its employees to think like entrepreneurs and come up with new ideas to improve its services.
  
  This has led to the successful launch of several new products and services, such as the Smart Money mobile banking service and the Smart LTE mobile data network.

9. Micro Entrepreneurship

Micro entrepreneurship is a type of entrepreneurship that involves starting and running a small business with a minimal amount of capital and resources. It often involves providing basic goods and services to the local community, and the primary goal is to generate income for the entrepreneur and their family.

Micro entrepreneurs often operate in the informal sector, meaning they are not registered with the government and may not have access to formal business training or financial resources.

Micro entrepreneurship examples in the Philippines

“Balut” industry – a type of boiled fertilised duck egg that is a popular delicacy in the country. The industry employs thousands of people across the country, from the egg collectors and farmers to the vendors and distributors.

“pasalubong” or souvenir industry – sells locally-made products to tourists visiting the country. These products range from handicrafts, local delicacies, and other souvenir items that are unique to specific regions in the Philippines.

Sari-sari stores, carinderias, and street food vendors – often run by individuals or families in their local communities.

Other examples include home-based businesses such as handicrafts and small-scale food processing, as well as online selling through social media platforms.

Micro entrepreneurship plays a vital role in the economy of the Philippines by providing employment opportunities, generating income, and contributing to the growth of local communities.

Starting your entrepreneurial journey

The aforementioned list showcases the different types of entrepreneurship one can opt for to kick start their career in the Philippines. However, it’s important to note that entrepreneurship requires substantial investments of time and resources, and overnight success is unlikely.

To build a flourishing career, it’s crucial to put in persistent effort and approach things in the right manner. Additionally, be sure to explore our articles on motivational quotes and enhancing your confidence as an entrepreneur to continually develop and strengthen yourself.

Starting your entrepreneurial journey can be challenging, especially when you don’t have the support of an employer or colleague to help you run your business, set goals, and manage tasks. Even if you have been on this adventure for a while, you may have faced setbacks that made it difficult to balance your business and personal life, as entrepreneurship requires a significant amount of dedication and time commitment.

It’s natural to experience a loss of motivation, particularly on tougher days. However, perseverance is key, and finding effective ways to keep yourself motivated is crucial to your success as an entrepreneur.

Entrepreneurship requires grit, determination, and a whole lot of motivation to make your business dreams a reality. To help you stay motivated throughout your entrepreneurial journey, below is a list of ten effective strategies that can keep you going even when things get tough.

1. Motivation doesn’t last forever

To stay motivated as an entrepreneur, you need to understand that motivation isn’t a constant emotion and it requires constant effort to sustain. Highs and lows are an inevitable part of the entrepreneurial journey, and some days you’ll have a lot on your plate, while on others even getting out of bed can feel like a monumental task.

Motivation, like every other aspect of your business, needs ongoing attention and nurturing. So, don’t get disheartened when you’re feeling down. Remember the almost ecstatic feeling you get when you’re highly motivated, and focus on regaining it.

Motivation doesn’t come by chance, and it doesn’t last forever. It requires focus, drive, and determination. When you’re feeling unmotivated, roll up your sleeves, pick a task, and get back to building your business.

If reading quotes from successful entrepreneurs can inspire you, feel free to do so. You can even print them out and keep them on your desk as a constant reminder.

2. Remember your why (personal goals)

Although having goals, objectives, and core values for your business is vital, don’t forget about your personal goals as an entrepreneur. Your reasons for starting a business may include being your own boss, working on your own projects, creating a business you’re passionate about, or eventually determining your own salary.

Write down your reasons and keep them accessible on your phone, computer, or a piece of paper. Having them nearby will remind you of your motivations and help you stay motivated. Add a motivational quote to your list for daily inspiration.

3. Stick to your business mission

Your business mission should not be a moving target. While it can be reassessed periodically, it must remain consistent for a significant period of time, as it should be the driving force behind everything you do.

Your business mission should be a source of motivation. If you’re not passionate about it, can’t be the best at it, or aren’t making money delivering it, then you should find a new mission that intersects. This way, you’ll rediscover your entrepreneurial motivation.

Moreover in this rapidly changing world, customer needs, technology, markets, workforces, and supply chains are constantly evolving. Be ready to take up the challenge and respond to these changes while staying true to your mission.

4. Make time for yourself and your health

Stress is an unavoidable aspect of life, but how you manage it is crucial. Neglecting physical health when experiencing emotional distress is common, yet taking care of your physical wellness can have a significant positive impact on your mental well-being.

To maintain a healthy and balanced lifestyle, it is crucial to adopt healthy eating habits, engage in regular exercise, and prioritise some time for yourself. Make sure to set aside some “me time” to disconnect from work and focus on your well-being.

5. Start your day right

Starting your day the right way is essential for ensuring productivity. Once you have completed your standard morning routine, take some time to sit down and create a list of goals for the day.

To keep yourself organised and focused, aim for three-quarters of your goals to be business-related and one-quarter to be personal. Balancing your goals between personal and work-related tasks can ensure a productive and enjoyable day, avoiding the feeling of being overworked and unmotivated.

6. Set timely reminders

Maintaining focus throughout the day can be challenging, even with a list of goals to guide you. When focus wanes, irritability and a lack of motivation can quickly set in. That’s why it’s important to set reminders to keep you on track.

Use your phone to set alarms to remind you of key tasks and deadlines. You can also use reminders to limit your time on social media and stay focused on your work, or to prompt you to send important emails to stakeholders and publish new blogs or social media content. By using reminders, you can stay organised and motivated throughout the day.

7. Celebrate wins and learn from losses

Both victories and defeats are significant motivators that should not be ignored in business. It’s essential to revisit the goals you set when you started your business and celebrate your successes, even if they are small.

However, you also need to make the necessary adjustments to convert your losses into wins. Brooding over losses instead of learning from them and moving on can drain your motivation.

When you feel a lack of motivation, remind yourself of all the accomplishments you have achieved. Recognize and celebrate your successes, and use them as a driving force to achieve greater success.

8. Rest is very important

Entrepreneurs often prioritise their business tasks over rest, particularly in the beginning stages. However, compromising on sleep can result in a lack of concentration and motivation, hindering progress towards success. To be well-equipped to face the challenges of entrepreneurship, it is essential to prioritise adequate rest and sleep.

It’s okay to take a quick 10-minute nap during the day to recharge your mind. In fact, delaying a task and getting sufficient rest can actually increase productivity, as you’ll be able to tackle the task more efficiently and effectively.

9. Reward yourself when needed

To boost your motivation, it’s important to reward yourself for achieving milestones in your entrepreneurial journey, no matter how big or small they are. By doing so, you’ll encourage yourself to work harder towards your goals. 

When it comes to rewards for motivation, they can take many forms, both tangible and intangible. For instance, treating yourself to something you’ve always desired after achieving a financial goal or planning a special occasion like a vacation or romantic evening with your partner.

10. Surround yourself with like-minded and motivated individuals

Surrounding yourself with individuals who have similar aspirations can be crucial. Not only can they provide you with a support system, but also spending time with motivated people who push you to be better and hold you accountable can make it more challenging to give up.

Being part of a community of accomplished individuals can serve as an inspiration and help you stay on track towards achieving your goals.

Qualities of a motivated and successful entrepreneur

Staying motivated as an entrepreneur requires you to stay connected to your initial aspirations. Employing the tactics discussed earlier and maintaining a positive attitude will aid you in remaining on track and achieving your objectives. Remember, while the ultimate key to your success is you, it is important to seek the advice and insights of others to unlock your true potential.

A resilient mindset is a vital characteristic of a prosperous entrepreneur. A skilled businessperson prepares for obstacles, extracts lessons from failures, and persists through difficulties.

Make it a habit to document your achievements and learning moments regularly. Establishing boundaries to avoid burnout is also crucial. Reach out to peers or mentors who can understand and support you. A successful entrepreneur is adaptable and committed to continuous learning.

Confidence is a critical trait in business, especially for successful entrepreneurs. Starting a business, believing in your products and services, and making the right strategic decisions all require confidence.

However, being a generally confident person does not necessarily mean you are a self-assured entrepreneur. Maintaining confidence in your business can be challenging due to various factors that can shake your optimism if you are unprepared. This challenge can even discourage potential entrepreneurs from starting their business. 

Entrepreneurial confidence can be cultivated over time with effort and dedication. This article explores the significance of confidence in entrepreneurship and presents thirteen effective strategies for building and enhancing it in your business.

Why confidence is important in an entrepreneur

Improves mental well-being

Taking care of your mental well-being is crucial, especially for entrepreneurs who face numerous challenges on a daily basis. Self-doubt can be debilitating, but having confidence in your abilities and decisions can help you remain optimistic, even during tough times, and lead to long-term success.

To boost your mental well-being, seek inspiration from successful entrepreneurs by reading motivational quotes that can keep you motivated and focused on your goals. Incorporating positive affirmations into your daily routine can also help you maintain a healthy and optimistic mindset. 

Encourages and motivate your employees

Your confidence impacts how your employees perform and perceive you. The more confident you are, the more respect you hold with your employees, making them calmer under pressure, more willing to take on challenges, ready to offer feedback, and better prepared to serve your customers.

Equips you to tackle challenges

Confidence prepares you to take on challenges. Confident entrepreneurs are willing to take necessary risks, experiment, and make adjustments to determine if a viable purchase is worth making, even if it deviates from the initial plan.

Develops resilience to handle setbacks

Confidence helps you accept failure. It’s easy to take failure personally and let it hinder your ability to grow your business. However, confident entrepreneurs use failures as learning opportunities to improve their businesses, rather than letting them hinder their progress.

13 practical tips to build confidence as an entrepreneur

1. Set effective goals using the SMART framework

As a business owner, your confidence can be impacted by the type of goals you set and how you go about achieving them. Leveraging the SMART framework can increase your chances of reaching both personal and business milestones.

Setting SMART goals means being specific, measurable, achievable, relevant, and time-bound. When you define exactly what you want to achieve, you can create tactical plans to reach those goals and have the confidence to execute them effectively.

Moreover, it becomes easier to pivot when necessary, especially when your goals no longer align with your vision or don’t make strategic sense. In such cases, not achieving your original goal isn’t a failure, but rather a confident adjustment that enhances your business.

2. Embrace risk-taking and learn from your failures

Taking calculated risks and stepping out of your comfort zone is crucial in building your confidence as an entrepreneur. It’s inevitable to encounter failure along the way, but it shouldn’t discourage you.

Instead, learn from your mistakes and use them as opportunities to grow and improve. Remember, every failure is a valuable lesson that will bring you closer to achieving your goals.

3. Identify your strengths and weaknesses

As an entrepreneur, it’s essential to juggle multiple roles, from accounting to marketing to customer service and even operations, to keep your business running smoothly. However, that doesn’t necessarily mean you excel in each area. Understanding your strengths and weaknesses is crucial to the long-term success of your business.

Knowing what you’re good at will boost your confidence and help you focus on your strengths. On the other hand, recognizing your weaknesses is the first step in improving your skills as a small business owner. This knowledge will also help you identify when to seek the expertise of partners or employees.

4. Hire people with complementary skills

Identifying the areas where you lack expertise is crucial in determining who to hire for your business because your employees play a significant role in the success or failure of your venture.

With the multitude of responsibilities that come with entrepreneurship, it’s impossible to be proficient in every aspect. Hiring individuals who can complement your strengths and compensate for your weaknesses is vital.

When you build a team that can fill in the gaps and handle tasks that are not your forte, it eases the burden and allows you to focus on what you do best. Your team’s expertise can help mitigate the impact of your shortcomings, giving you more confidence in running your business.

5. Manage stress to make better decisions and avoid costly mistakes

When you’re under stress, your body activates the fight-or-flight response, causing an increase in heart rate and blood pressure. While this response can be helpful in some situations, it’s not ideal when you need to make important decisions. Stress can lead to impulsive decision-making, which can be costly for your business.

Managing stress is crucial for any entrepreneur. There are many effective ways to cope with stress, such as regular exercise, relaxation techniques, and positive thinking. It’s important to find what works best for you and make sure to take some time for yourself every day. This will help you maintain a clear mind and make better decisions for your business.

6. Seek guidance from a mentor and build a strong support network

Entrepreneurs, like everyone else, require a support system. It can be overwhelming to bear the weight of responsibility without someone to turn to for advice or to talk to when things get tough.

Think about people who can provide guidance or a listening ear when things don’t go as planned. Having a support network can help you persevere through difficult times when your confidence is most vulnerable.

Keep in mind that your support system should include a mentor – someone who has gone through their own entrepreneurial journey and knows what you’re going through. Connect with local business owners and seek advice from advising groups or previous investors. You’ll be amazed at how willing people are to share their experiences and insights with you.

7. Foster emotional resilience

Emotional resilience refers to the ability to recover quickly from disappointments and defeats. This attribute holds significant value for entrepreneurs as they often face unexpected situations that can disrupt their plans.

Hence, it becomes crucial for them to have the strength to dust themselves off and move ahead. Practising mindfulness is an effective way to cultivate emotional resilience.

8. Establish a spiritual routine

One method that can help to foster emotional resilience is to create a spiritual routine. It can enable you to establish a deeper connection with a higher power, granting you a feeling of tranquillity and serenity. You can opt for various practices such as meditation, journaling, or even taking a walk amidst nature.

Discover what resonates with you the most and incorporate it into your daily regimen. This will aid you in grounding yourself and discovering inner resilience during challenging times.

9. Enhance your abilities

Weaknesses can significantly impede your performance, but you don’t have to settle for being mediocre. As a confident entrepreneur, you must confront these challenges and strive to improve your skills, converting them into strengths.

The good news is that we live in an era where knowledge and training are readily available. You can opt for online courses, books, or podcasts, whichever method suits your schedule and learning preferences.

It’s equally crucial to encourage your employees to do the same. Set professional development milestones as part of their goals and workload, and allocate funds to facilitate their growth. The more you invest in them, the more they’ll invest in your business.

10. Stay focus on your mission

What motivated you to embark on the entrepreneurial journey? Was it the desire for a better work-life balance, a vision to revolutionise the world, or the longing for financial independence?

Your rationale forms the backbone of your company’s mission and fuels your entrepreneurial drive. Focusing on your mission will keep you grounded amidst the inevitable challenges of running a business. It should serve as a constant reminder of your purpose and the significance of making your business thrive.

This mindset will prevent you from being derailed and will overshadow any distractions or uncertainties that may arise. Moreover, it will inspire and propel your employees to push for the same goals as their source of motivation.

11. Regularly access your business plan

Preparation is one of the most effective ways to boost your self-assurance. In today’s business landscape, being prepared involves regular planning and relying on data rather than just intuition or gut feelings to make informed decisions.

Entrepreneurs who devote time to planning can proactively handle crises. Through regular plan evaluations, they can easily spot potential risks and capitalise on exciting prospects.

By creating and assessing your plan, you will have a comprehensive understanding of your business, which will enable you to confidently steer it towards success, make well-informed decisions, and achieve sustainable growth.

12. Celebrate milestones and victories

Acknowledging and celebrating even small achievements can significantly boost your confidence. As an entrepreneur, it’s important to be your own biggest cheerleader.

Avoid the tendency to focus on the next goal before achieving the current one, which is a common trait among entrepreneurs. Take a break to appreciate and celebrate each milestone your business reaches.

13. Boost your confidence through dressing

Wearing appropriate attire can have a positive impact on your confidence and performance in the business world. However, that doesn’t mean you need to break the bank on expensive suits or accessories. The key is to dress in a way that aligns with your personal style and the culture of your business.

In today’s startup and tech scenes, casual wear such as jeans and hoodies have become the norm. The important thing is to feel comfortable and confident in what you’re wearing, as this can greatly impact your attitude and approach to your work.

Embrace the journey of entrepreneurship and keep growing (in your confidence too)

Running a business is an adventure filled with opportunities to learn and overcome obstacles. Each challenge you overcome will help you to grow and become more confident in yourself and your business idea.

Remember, persistence is key. Don’t lose faith, and keep pushing forward. With hard work and determination, you can achieve success as an entrepreneur.

When one hears the word “entrepreneurship,” iconic business personalities such as Steve Jobs, Elon Musk, Jack Ma, and Jeff Bezos may come to mind. Despite hailing from diverse backgrounds, they share a common quality that underpins their success: the ability to introduce innovative and original ideas that propel their industries forward.

To follow in their footsteps and achieve entrepreneurial success, one must possess a unique skill set that includes self-determination, self-motivation, and perseverance. Whether you have devised a solution to a known problem or simply aspire to work for yourself, establishing an online presence and creating a business website from the outset are essential steps.

To become an entrepreneur, one must prioritise innovation and forward-thinking in their mindset. With the right skills and mindset, you can transform your ideas into thriving enterprises that push your industry to new heights.

Entrepreneurship encompasses more than just self-employment or a great business idea. This article delves into what entrepreneurship means and outlines the qualities needed to succeed in today’s world.

What is the difference between entrepreneur and entrepreneurship

 

What is entrepreneurship

Entrepreneurship is more than just creating a business venture to make a profit; it also involves the willingness and ability to bring positive change to society by addressing its most pressing problems and pain points. This often involves introducing innovative products or services and creating new markets.

When entrepreneurship is combined with economic resources such as land, labour, and capital, it has the potential to generate profitability. A successful entrepreneur possesses a mindset that is characterised by a willingness to take risks and identify new opportunities, which is crucial for a nation to succeed in an ever-changing and highly competitive global marketplace.

What is an entrepreneur

An entrepreneur is someone who comes up with an idea and takes action to create a product or service that appeals to customers, while also setting up an organisation to support their venture. As the driving force behind their new enterprise, an entrepreneur bears the brunt of the risk and demonstrates a visionary and innovative mindset.

Starting a new business venture is one of the most typical examples of entrepreneurship. Entrepreneurs are often considered a source of fresh ideas and innovation, bringing new products or services to the market by replacing old ones with new inventions.

Entrepreneurship can range from small or home businesses to multinational corporations. In economics, an entrepreneur’s profits are derived from a combination of land, natural resources, labour, and capital.

In essence, anyone with the willpower and determination to start a new company and navigate the associated risks can become an entrepreneur.

What are the different types of entrepreneurship

Entrepreneurship can be classified into different types, each with its own unique characteristics and goals.

Small Business Entrepreneurship

This type of entrepreneurship involves small businesses like hairdressers, grocery stores, travel agents, carpenters, plumbers, electricians, consultants, and other locally-owned enterprises. These business owners usually fund their ventures through small business loans or loans from family and friends. They aim to make enough profit to support their family and community rather than become industry giants.

Scalable Startup Entrepreneurship

Start-up entrepreneurs who fall under this category aim to bring about a change in the world with their innovative ideas. They attract investors who support out-of-the-box thinking and focus on scalable business models and experimental ideas. They require significant venture capital to fund their business and attract the best employees.

Large Company Entrepreneurship

Large companies have a defined lifecycle and sustain themselves by offering new and innovative products revolving around their primary offerings. The ever-changing technological landscape and customer preferences compel these companies to create new products and reach new customers. They may acquire innovative enterprises or invest in developing new products in-house to keep up with technological advancements.

Social Entrepreneurship

This type of entrepreneurship focuses on creating products and services that address social needs and problems, with the primary goal of working towards the betterment of society rather than making profits.

8 common traits of entrepreneurs

While there are four different types of entrepreneurship, these entrepreneurs share the same common traits:

1. Value independence and adaptability
2. Exhibit ingenuity and originality
3. Strive for objectives and aspire to greatness
4. Demonstrate imaginative and innovative thinking
5. Exhibit courage and daringness
6. Excel at finding solutions to problems
7. Possess strong self-motivation and drive
8. Grasp fundamental principles of finance

Why is entrepreneurship important

Entrepreneurship, through the creation of employment, generates jobs that serve as an entry point for unskilled workers to gain experience and training. Moreover, it serves as a hub of innovation, which brings forth new products, markets, technologies, and improved product quality that, in turn, raises people’s living standards.

A society becomes more vibrant and stable when there is a large and diverse employment base. It leads to social changes that promote better education, sanitation, and housing, thereby improving the overall quality of life. Therefore, entrepreneurship plays a vital role in enhancing the community’s stability and quality of life.

Entrepreneurship helps improve an individual’s standard of living by increasing their income. This results in increased consumption of goods and services by households, leading to an improved standard of living.

Additionally, entrepreneurs provide support for research and development by funding research institutions and universities. This promotes research, construction, and development in the economy, leading to the creation of new products and services.

What are the advantages of being an entrepreneur

Entrepreneurship offers a range of benefits, including work flexibility. As a self-employed individual, you can set your own schedule and work from any location you prefer.

It also enables you to follow your passion by turning your innovative ideas related to your hobbies or interests into a career.

Owning your own business gives you total control over your entrepreneurial ventures, allowing you to make decisions quickly and independently.

Innovation and creativity thrive in the world of entrepreneurship, free from the bureaucracy and constraints of large corporations. Entrepreneurs can solve problems creatively and experiment frequently, without being hindered by red tape.

Finally, entrepreneurship presents unlimited earning potential. Many famous entrepreneurs, such as Mark Zuckerberg and Bill Gates, have built successful businesses and amassed millions or even billions of dollars.

What are the disadvantages of being an entrepreneur

While there are advantages of being an entrepreneur, it’s also good to know that it can be a challenging path to pursue, with a range of obstacles to overcome. For instance, there is the financial risk of putting your own money on the line for your idea. If things do not work out as expected, you may be responsible for managing disappointed investors and outstanding bank loans.

The life of an entrepreneur can also mean long hours spent brainstorming new ideas, attracting potential investors, and managing the day-to-day operations of your business to make your dream a reality.

Furthermore, being the leader of your own business means that you have a greater responsibility to guide and direct your team, which can result in significant personal stress.

Despite having an innovative business idea, you may still face intense competition from established firms or other entrepreneurs aiming to beat you to the finish line.

Finally, as a startup entrepreneur, it is essential to be prepared for an unreliable income stream. Although successful entrepreneurs may eventually achieve significant financial gains, it often takes time and a lot of hard work before the business generates enough income to become profitable.

How to get started with entrepreneurship

Now that you understand what entrepreneurship entails, including its advantages and disadvantages, it’s time to take the next step and learn how to become an entrepreneur yourself. If you’re planning to start your own business, there are five key steps you should follow to increase your chances of success.

Step 1: Identify a problem or gap in a particular niche

To start a successful business, the first step is to identify a problem that you are passionate about solving. Your ultimate goal should be to disrupt the current market with a groundbreaking idea that sets you apart from the competition. This is the time to brainstorm and explore all your ideas, regardless of how unconventional they may seem.

Consider your previous work experience and skill set when generating ideas, and focus on developing a business idea that you have the grit and motivation to bring to life. Remember, starting a business from scratch requires a deep-seated inspiration and a strong sense of purpose.

Ultimately, the success of your business will depend on your ability to turn your idea into a viable business plan and execute it successfully. With perseverance, dedication, and hard work, you can transform your vision into a thriving business.

Step 2: Conduct market research

Once you’ve identified the gap in the market, it’s time to immerse yourself in the industry and learn everything you can. Whether you’re entering a new field or are already familiar with the market, there’s a wealth of online content available to help educate you.

Read books, browse blog articles, and explore other entrepreneurs’ websites to research and familiarise yourself with your target market. Consider taking online courses through platforms like Coursera or Udemy to deepen your knowledge. Consuming fresh perspectives on your idea will keep you updated on market trends.

Creating a buyer persona for your ideal customer is also essential. Consider the demographic you want to target, such as age and occupation, as well as the common pain points that your potential buyers experience. This information will help you create a clear picture of your target customer and inform your product development.

Step 3: Come out with a solution

Entrepreneurs are renowned for their innovative thinking and unique perspectives. When developing your solution, aim to offer something new and original in your industry. Brainstorm creative and inventive ideas that will capture the attention of your target audience and attract potential investors.

It’s not necessary to have every detail figured out at this point. Start with a broad solution and fill in the specifics to determine which option is the most practical and feasible.

Step 4: Expand your professional circle

Networking with other professionals in your industry is a crucial step in gaining practical knowledge and insight. Attending conferences, relevant speaking events, and finding a mentor are all great options for connecting with like-minded individuals.

LinkedIn is also a valuable tool that allows you to directly contact other professionals in your field. While becoming a member is free, a Premium account provides additional features that can be immensely helpful for entrepreneurs in the early stages of their business, such as InMail messaging and advanced search filters.

It’s important to tap into available entrepreneurship resources, such as courses, books, and other sources of experience and expertise. Building a network of contacts and accessing these resources can help you stay informed, gain insights, and make important connections that can drive your business forward.

Step 5: Look for fundings

You have a great idea and a practical solution, but now comes the most crucial and challenging part – securing funding to get your business up and running. However, you don’t necessarily need cash upfront or a wealthy relative to bring your dream to fruition.

Once you’ve established a business, such as a sole proprietorship or limited liability company (LLC), consider applying for a loan from the bank. Alternatively, crowdfunding sites like Kickstarter and Fundable can be a fantastic way to get people from all walks of life to contribute to your new venture.

You can also organise fundraising events specifically designed to raise money and introduce people to your idea.

Lastly, you can search for investors. Whether you’re pitching to friends and family members, angel investors or venture capitalists, you’ll need to prove that your concept is developed, cohesive, and worthwhile.

Prepare a detailed pitch deck proposing the problem you seek to solve, the solution, your target market, and your business and marketing strategies. You want potential investors to see that you’re prepared, have done your homework, and have thought through every aspect of your business.

What kind of business to start

As someone who is considering entrepreneurship, you might still be wondering what kind of business to start. Don’t worry, because identifying a need or gap in the market and finding a way to fill it is fundamental to the success of any small business venture.

It’s also worth noting that starting a business that’s similar to one that already exists can still be successful. To help you decide what kind of business to pursue, here are some tips to consider.

• Interests: Are there any passions, hobbies, or interests that you can innovate and turn into a business?
• Background and experiences: How has your personal history prepared you to tackle the challenges of entrepreneurship?
• Financial resources: Can you gather the necessary resources to bring your business idea to life?
• Unmet market needs: What opportunities exist in your chosen industry or field?
• Problems you can solve: What challenges can your skills and knowledge help you address in the external environment?
• Network and connections: Who in your professional network can support you on your entrepreneurial journey?

Learn more about entrepreneurship

Now that you have a grasp of the fundamental aspects of entrepreneurship, you are on your way to embarking on this journey. If you’re seeking more resources and inspiration, here are some additional articles on entrepreneurship to help guide you and keep you on the right track.

• 100 Entrepreneur Quotes from the Most Successful Business Owners
• 13 Ways to Build Your Entrepreneurial Confidence
• 10 Ways to Stay Motivated as an Entrepreneur
• 9 Most Common Types of Entrepreneurship in the Philippines

Starting a business can be likened to planting a tree, where the anticipated results may not be immediate. At the beginning, you need to invest your time and money, and then you must nurture it for a period of time before you can see tangible results. But once you achieve your goals, the sense of satisfaction you gain makes all your hard work and patience worthwhile.

However, there will be obstacles and challenges on the path to success. This is where the words of successful entrepreneurs can provide powerful encouragement by offering perspective on our journey. These words remind us that all successful entrepreneurs face difficulties, and their ability to overcome those obstacles is what sets them apart.

Inspiration is essential for aspiring entrepreneurs, whether they seek insights, advice, guidance, or a better understanding of how successful business owners overcome challenges. To assist you, we have compiled one hundred of our favourite quotes from the world’s most accomplished entrepreneurs to keep you inspired.

100 Quotes from Entrepreneurs

1. “Only the paranoid survive.” – Andy Grove, former CEO of Intel
2. “The thing that motivates me is a very common form of motivation. And that is, with other folks counting on me, it’s so easy to be motivated.” – Jeff Bezos, CEO of Amazon
3. “Whatever you do, be different—that was the advice my mother gave me, and I can’t think of better advice for an entrepreneur. If you’re different, you will stand out.” – Anita Roddick, founder of The Body Shop
4. “When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” – Henry Ford, founder of Ford Motor Company
5. “You have to see failure as the beginning and the middle, but never entertain it as an end.” – Jessica Herrin, founder and CEO of Stella & Dot
6. “It starts with not having a hangover with the way things used to be.” – Kevin Plank, founder and CEO of Under Armour
7. “If something is important enough, or you believe something is important enough, even if you are scared, you will keep going.” – Elon Musk, CEO of Tesla Motors and SpaceX
8. “Success depends on employees. For me knowing and connecting with my employees is very important.” – Divine Ndhlukula, founder and managing director of DDNS Security Operations Ltd
9. “The way to get started is to quit talking and begin doing.” – Walt Disney, founder of Walt Disney Company
10. “It doesn’t matter how many times you have failed. You only have to be right once.” – Mark Cuban, owner of NBA Dallas Mavericks
11. “Too many people measure how successful they are by how much money they make or the people that they associate with. In my opinion, true success should be measured by how happy you are.” – Richard Branson, founder of Virgin Group
12. “If you can offer a free tier that provides a lot of value, it will naturally help your product to spread much more rapidly.” – Melanie Perkins, Co-founder of Canva
13. “Selling is not a pushy, winner-takes-all, macho act. It is an empathy-led, process-driven, and knowledge-intensive discipline. Because, in the end, people buy from people.” – Subroto Bagchi, Co-founder of Mindtree
14. “Remain self-funded as long as possible.” – Garrett Camp, Co-founder of Uber, StumbleUpon, and Expa
15. “Don’t let others convince you that the idea is good when your gut tells you it’s bad.” – Kevin Rose, co-founded Digg
16. “There is something artificial when everyone is agreeing with each other. It’s useful to indulge people who don’t agree, and see their viewpoint or force yourself to explain things better.” – David Sack, founder of Yammer
17. “Five days a week, I read my goals before I go to sleep and when I wake up. There are 10 goals around health, family and business with expiration dates, and I update them every six months.” – Daymond John, founder, president, and CEO of FUBU
18. “If you are not getting traction on your idea, you try few things. You try pushing harder, cleaning up something, building up to something aggressively — but if it doesn’t get traction, then don’t bother.” – Vijay Sharma, founder of Paytm
19. “When you build technology it’s not just a matter of “what.” In most cases the success ends up determined by “how” you build it—which foundations you used, how simple and scalable it is.” – Tobi Lütke, founder and CEO of Shopify
20. “I learned to always take on things I’d never done before. Growth and comfort do not coexist.” – Virginia Rometty, former chairman, president and CEO of IBM
21.  “Failures are life’s way of nudging you and letting you know you are off course. Trying new things and not being afraid to fail along the way are more important than what you learn in school.” – Sara Blakely, founder of Spanx
22. “Success is empty if you arrive at the finish line alone. The best reward is to get there surrounded by winners.” – Howard Schultz, CEO of Starbucks
23. “I’m always tweaking, always trying to make it better, constantly moving the levers and dials.” – Steve Ells, founder and co-CEO of Chipotle
24. “I think it is often easier to make progress on mega-ambitious dreams. Since no one else is crazy enough to do it, you have little competition.” – Larry Page, co-founder of Google
25. “If you’ve got an idea, start today. There’s no better time than now to get going. That doesn’t mean quit your job and jump into your idea 100% from day one, but there’s always small progress that can be made to start the movement.” – Kevin Systrom, co-founder of Instagram
26. “Find your passion… then it is no longer work!” – L.A. Reid, co-founder of LaFace Records
27. “The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.” – Nolan Bushnell, founder of Atari & Chuck E. Cheese’s
28. “The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try.” – Debbi Fields, founder of Mrs. Fields Cookies
29. “Genius is 1% inspiration, and 99% perspiration.” – Thomas Edison, founder of General Electric (GE)
30. “Life is really simple as far as I’m concerned. There is no luck, you work hard and study things intently. If you do that for long and hard enough you’re successful.” – Jason Calacanis, founder of Weblogs, Inc.
31. “When you reach an obstacle, turn it into an opportunity. You have the choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.” – Mary Kay Ash, founder of Mary Kay Cosmetics
32. “I’ve been blessed to find people who are smarter than I am, and they help me to execute the vision I have.” – Russell Simmons, founder of Def Jam
33. “Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you’re generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make.” – Sam Walton, founder of Wal-Mart
34. “One of the unique things we small companies have over the big guys is the ability to establish personal relationships. Big companies really can’t do that. You read about effective organisations, learning organisations, lean and mean organisations, but small companies can be virtuous. We as small companies can have virtue because we as small companies are basically the embodiment of one or two people, and people can have virtue, while organisations really can’t.” – Jim Koch, founder of Boston Beer Company
35. “It’s very important for entrepreneurs to look for people in the company who are not afraid of failures, for example, intrapreneurs. They make a business more successful by thinking like an entrepreneur — but within a company.” – Chirag Kulkarni, Founder of Taco
36. “Most of us want to tell our coworkers or friends, or husbands or wives, our ideas. For what reason? We want validation. But I feel ideas are most vulnerable in their infancy. Out of love and concern, friends and family give all the reasons or objections on why [you] shouldn’t do it. I didn’t want to risk that.” – Sara Blakely, founder of Spanx
37. “One of the things I tend to do is open myself up to a variety of voices. I try to expose myself to the kind of culture shock that occurs when you talk to people who speak a different language.” – Pierre Omidyar, founder of eBay
38. “If you tune it so that you have zero chance of failure, you usually also have zero chance of success. The key is to look at ways for when you get to your failure checkpoint, you know to stop.” – Reid Hoffman, cofounder of LinkedIn
39. “Start as small as you can. When I started SkinnyMe Tea, I had $24 in the bank, and I was entirely self-funded. If you are not embarrassed by the first version of your product; you’ve launched too late.” – Gretta Rose van Riel, founder of Hey Influencers
40. “Sometimes, it doesn’t hurt to ask. I have been in the news many times just by calling on the news channel and asking them about featuring my business.” – Lori Cheek, founder of Cheekd
41. “In the age of transparency, honesty, and generosity, even in the form of an apology, generate goodwill.” – Alexander Asseily, founder of Jawbone
42. “If you are working on a product that’s going to be consumer-facing, then feedback is invaluable. You should be out there being brave and talking to people and asking for feedback as much as possible.” – Emily Brooke, Co-founder of Blaze
43. “Being a woman in business doesn’t come without challenges. My advice? Surround yourself with other supportive women that encourage you, share ideas, and get you motivated.” – Jessica Alba, Founder of The Honest Company
44. “It’s fine to celebrate success, but it is more important to heed the lessons of failure.” – Bill Gates, co-founder of Microsoft
45. “We led with our conviction rather than rational, because rational said it was impossible.” – Daniel Ek, CEO of Spotify
46. “Micromanage the process, not the people.” – Joe Apfelbaum, CEO and founder of Ajax Union
47. “If you don’t define yourself and proactively maintain your identity, someone else will do it for you. The idea that you can be invisible is a myth.” – Patrick Ambron, CEO and co-founder of BrandYourself.com
48. “Avoid openly trying to reform people. Every man knows he is imperfect, but he doesn’t want someone else trying to correct his faults. If you want to improve a person, help him embrace a higher working goal–a standard, an ideal–and he will do his own ‘making over’ far more effectively than you can do it for him.” – Dave Packard, co-founder of Hewlett-Packard
49. “The job of a manager is to support his or her staff, not vice versa, and that begins by being among them.” – Bill Hewlett, co-founder of Hewlett-Packard
50. “Never give up, because you never know if the next try is going to be the one that works.” – Mary Kay Ash, founder of Mary Kay Cosmetics
51. “The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg, CEO of Facebook
52. “Everyone has ideas. They may be too busy or lack the confidence or technical ability to carry them out. But I want to carry them out. It is a matter of getting up and doing it.” – James Dyson, founder of Dyson Ltd.
53. “If you don’t give up, you still have a chance. Giving up is the greatest failure.” – Jack Ma, co-founder of Alibaba Group
54. “The most important investment you can make is in yourself.” – Warren Buffet, CEO of Berkshire Hathaway
55. “Ups and downs in life are very important to keep us going, because a straight line even in an ECG means we are not alive.” – Ratan Tata, Former Chairman of Tata Group
56. “I’ve only had two rules. Do all you can and do it the best you can. It’s the only way you ever get that feeling of accomplishing something.” – Harland David Sanders, founder of KFC
57. “If you’re not a risk taker, you should get the hell out of business.” – Ray Kroc, former CEO of McDonald’s
58. “We only get to play this game one time. We have one life.” – Gary Vaynerchuk, CEO of Vayner Media
59. “Have the courage to follow your heart and intuition. They somehow already know what you truly want to become.” – Steve Jobs, co-founder of Apple
60. “F-E-A-R has two meanings: ‘Forget Everything And Run’ or ‘Face Everything And Rise.’ The choice is yours.” – Zig Ziglar, author
61. “If you can push through that feeling of being scared, that feeling of taking a risk, really amazing things can happen.” – Marissa Mayer, president & CEO of Yahoo!
62. “As a founder, lay all the possible scenarios — from best to worst — in front of you, so you don’t get surprised when something happens.” – Brian Wong, co-founder of Kiip
63. “Don’t get distracted. Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets.” – Jas Bagniewski, co-Founder of Eve Sleep
64. “People are the most important thing. Business model and product will follow if you have the right people.” – Adam Neumann – co-founder of WeWork
65. “Starting a company extracts so much energy and conviction that not having a clear-cut goal and meaningful mission can hamper your success. This is why, at Virta, our mission was clearly defined: reverse early type-2 diabetes in 100 million people by 2025.” – Sami Inkinen, co-founder of Virta Health
66. “I can name dozens of failures that we had over the years. Yet, with all these failures, we still managed to build Appster into one of the largest, and best companies in our industry. So, remember every time you fail, remind yourself these words: ‘Life won’t always go my way, but I will always find a way’.” – Josiah Humphrey, co-founder of Appster
67. “Be nicer to your customers than your competitors.” – Richard Reed, co-Founder of Innocent Drinks
68. “There are two types of people who will tell you that you cannot make a difference in this world: those who are afraid to try and those who are afraid you will succeed.” – Ray Goforth, director of strategy and partnerships at Spredfast
69. “While I am not big with words, I am big and bold in my dreams and visions” – Henry Sy, Sr., former chairman of SM Investment Corporation
70. “To remain relevant, learn from the past, live in the present with an eye for the future” – Aftab Ahmed, CEO of Citibank Philippines
71. “In whatever you choose to do, pursue it with intense passion, and make sure it is able to uplift the lives of others” – Edgar Injap Sia II, chairman of DoubleDragon Properties Corporation
72. All problems are man-made problems. All man-made problems have man-made solutions” – Necisto U. Sytengco, chairman of SBS Philippines Corporation
73. I think you’ve got to have something you believe in. There has to be a goal, and that goal can’t always be just about the resort of yourself. You have to look outside as well as in. What is our purpose and how do we achieve that?” – Stephen James Reilly, COO of Resorts World Manila
74. Entrepreneurship in the ability to spot opportunities in the challenges that life throw at us” – Alberto Emilio V. Ramos, director and president of China Bank Savings
75. Through the years, as my companies expanded, I stuck to my success formula of hard work and luck to stay ahead of the pack. That basically, is the story of my life’s journey. It has been a constant process of moving forward no matter what” – Dr. Andrew L. Tan, chairman of Megaworld Corporation
76. “Your reputation is more important than your paycheck, and your integrity is worth more than your career.” – Ryan Freitas, About.me co-founder
77. “The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow.” – Ingvar Kamprad, founder of IKEA
78. “There’s nothing wrong with staying small. You can do big things with a small team.” – Jason Fried, founder of 37signals
79. “Don’t worry about failure; you only have to be right once.” – Drew Houston, founder and CEO of Dropbox
80. “Fail often so you can succeed sooner.” – Tom Kelley, partner, Ideo
81. “What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.” – Dave Thomas, founder of Wendy
82. “Entrepreneurs change the world—and at this moment in time in particular, we need them more than ever. Supporting their creativity and ingenuity in solving today’s challenges through their innovative ideas and companies is pivotal to a better future.” – Maëlle Gavet, CEO of Techstars
83. “Small businesses are the lifeblood of our neighbourhoods and communities. It’s important to support and nurture their success. And you never know—any one of these small businesses on the list could end up being traded on the stock market some day.” – Tom Colicchio, founder of Crafted Hospitality
84. “Too often entrepreneurs are portrayed as academic pedigreed, white men with access to capital. And while this may be true, more and more entrepreneurs are breaking outside of this stereotype. They are women. They are members of the LGBT+ community. They are Black and Brown. They are indigenous leaders. They have stories of resilience, and not just privilege.” – Melissa Bradley, co-founder of Ureeka
85. “Do not focus on numbers. Focus on doing what you do best. It’s about building a community who wants to visit your site every day because you create value and offer expertise.” – Cassey Ho, founder of Blogilates
86. “If you are offered a seat on a rocket ship, don’t ask what seat! Just get on. – Sheryl Sandberg” – COO of Facebook
87. “Fearlessness is like a muscle. I know from my own life that the more I exercise it the more natural it becomes to not let my fears run me.” – Arianna Huffington, co-founder of The Huffington Post
88. “The biggest lesson I’ve learned is that hurt people hurt people, and kindness is just as contagious. So if you can focus your efforts on engineering kindness, it will prevail.” – Whitney Wolfe Herd, founder of Bumble
89. “You don’t need to be a genius or a visionary, or even a college graduate for that matter, to be successful. You just need framework and a dream.” – Michael Dell founder and CEO of DELL
90. “Risk more than others think is safe. Dream more than others think is practical.” – Howard Schultz Founder and CEO of Starbucks
91. “I don’t want to leave my kids an inheritance, I want to leave them a legacy.” – Daymond John, Entrepreneur, Investor and Author
92. “I’ve gotten my personal life all the way intact and made sure that it’s straight. Without that, you have no foundation. Your building is going to crumble.” – Dr. Dre, Rapper and founder of Beats by Dr. Dre
93. “Stay hungry. And bootstrap.” – Rob Kalin, co-founder of Etsy
94. “Timing, perseverance, and ten years of trying will eventually make you look like an overnight success.” – Biz Stone, co-founder of Twitter
95. “Companies rarely die from moving too fast, and they frequently die from moving too slowly.” – Reed Hastings, co-founder and co-CEO of Netflix
96. “You can learn practically anything you want in the world online.” – Matt Mullenweg, founder of WordPress
97. “You are alive today, and no matter what your condition, make a mark here and now. Opportunity is at every moment, seizing it is pleasure.” – Angelo Sotira, co-founder of Deviantart
98. “The idea that you could change the world from your bedroom was pretty compelling to me.” – Pete Cashmore, founder of Mashable
99. “I remember knowing, for a while, for a long time, that I was kind of abnormal in some sense.” – Vitalik Buterin, creator of Ethereum
100. “If you breathe it and sleep it and every single minute is your business, you will succeed. You will learn from any mistakes that you make and you will grow from those mistakes.” – Nik Mirkovic, co-founder of HiSmile

Entrepreneurship is not for the faint-hearted, as it presents a myriad of obstacles on the path to building a thriving business. However, it is worth remembering that encountering difficulties is not a measure of success or failure. Even the most successful business owners have encountered struggles; it is how they handle them that defines their success.

In times of difficulty, self-sabotage is often the greatest obstacle. This is where motivational quotes can prove beneficial. While they are simply words, they have the power to counteract self-doubt, which frequently arises when faced with challenges.

If you require more motivational quotes, be sure to peruse this article for 100 motivational quotes to fuel your success!

As a savvy online entrepreneur, registering your business with the Bureau of Internal Revenue (BIR) and Department of Trade and Industry (DTI) is a critical step in ensuring compliance with legal requirements and avoiding potential penalties in the Philippines. This is true whether you’re a freelancer providing online services or running an e-commerce store.

That’s why we’ve created a comprehensive guide to assist you in registering your online business with BIR and DTI. Our step-by-step guide will simplify the process and help you navigate the registration process with ease.

Registering Your Business with DTI

Step 1: Choose a Business Name

When registering your business with DTI, the first step is to choose a unique and catchy business name. This name should not be identical to existing businesses, and it must be memorable and relevant to your business niche.

Step 2: Verify Business Name Availability

After choosing your business name, you need to verify its availability with DTI. You can check the availability of your chosen name by visiting their website or by contacting their office.

Step 3: Fill Out the DTI Registration Form

Once you have verified the availability of your business name, the next step is to fill out the DTI registration form. You can download this form from the DTI website, and it requires basic information about your business, such as your business name, address, and contact details.

Step 4: Submit Your DTI Registration Form

After filling out the DTI registration form, you need to submit it to the nearest DTI office in your area. You will also need to pay a registration fee, which varies depending on your business location and type.

Registration Fee

• Barangay: PHP 200
• City/Municipality: PHP 500
• Regional: PHP 1,000

Step 5: Download Your Certificate

Your business name will be officially registered once your payment has been confirmed. To complete the registration process, head over to the Transaction Inquiry page, where you’ll need to accept the Terms and Conditions and enter the reference code provided during the registration form submission.

Once you’ve completed these steps, your business name will be successfully registered, and you’ll be one step closer to launching your online business.

Register for a Barangay Business Clearance

Step 1: Prepare the required information

• Two valid IDs
• Proof of Address. Contract of Lease (if rented) or Certificate of Land Title (if owned)
• Certificate of registration from DTI

Step 2: Claim Your Barangay Business Clearance

To obtain your Barangay Business Clearance, simply visit the barangay office where your business is located. Fill out the necessary application form and submit it, along with the required documents.

Once all requirements are complete, you can then claim your Barangay Business Clearance. This clearance is an essential document for your business, so make sure to secure it promptly and efficiently.

Register for a Mayor’s Permit

Now you need to apply for a Mayor’s permit with your DTI certificate and Barangay business clearance.

Step 1: Prepare the required documents

• Two valid IDs
• Proof of Address. Contract of Lease (if rented) or Certificate of Land Title (if owned)
• Certificate of registration from DTI
• Barangay Business Clearance

Step 2: Claim Your Mayor’s Permit

To secure your Mayor’s Permit, visit the municipal office in the area where your business is located. You’ll need to fill out the application form and submit it, along with the necessary documents.

Once all requirements are complete, you can then claim your Mayor’s Permit. This permit is also a crucial requirement for your business, so be sure to complete the process accurately and efficiently.

Registering Your Business with BIR

When it comes to BIR registration, the processes differ depending on whether you’re an online shop (single proprietor) or an online freelancer. To help you navigate the process with ease, we’ve outlined the step-by-step procedures for each below.

For online shops (single proprietor)

Step 1: Prepare the Required Documents

• DTI Certificate of Registration
• Barangay Business Clearance
• Mayor’s Permit
• Certificate of Lease (if the place is rented) or Certificate of Land Title (if owned)
• Government-issued identification (Passport, Driver’s License, Birth Certificate, etc.

Step 2: Fill Up BIR Form 1901

Download and complete three copies of the BIR Form 1901, which can be obtained through this link.

Step 3: Visit Your Revenue District Office (RDO)

The RDO is where your business is located and has jurisdiction over you. This is where you submit your application. You can find your respective RDO here.

Step 4: Pay the Registration Fee

To complete your registration, you’ll need to pay a fee of PHP 500, as well as PHP 30 for loose DST or Proof of Payment of Annual Registration Fee (ARF). These fees can be settled at any BIR-accredited bank, which will provide you with a BIR payment form.

Make sure to bring along your Documentary Stamp Tax on Lease for submission as well. 

Once you’ve made your payment, submit a photocopy of your BIR form payments and other required documents to your RDO. This will ensure that your registration process is complete and you’re compliant with all legal requirements.

Step 5: Claim Your Certificate of Registration (COR)

In some cases, certain RDOs may require you to attend a seminar on tax filing prior to releasing your COR. It’s important to clarify this with the RDO after settling your registration fee.

Additionally, when claiming your COR, make sure to also request for an “Ask for Receipt” sign to be provided to you. This will further ensure that your business is compliant with all relevant regulations and requirements.

Step 6: Register Your Book of Accounts

In keeping track of your business transactions, you need to maintain a book of account where you record all your financial activities. There are three types of books of account to choose from:

• Manual Books of Account: This includes journals, ledgers, or columnar books where you manually record your business transactions by hand.
• Loose-leaf Books of Account: This also includes journals and ledgers, but they are printed instead of being handwritten. Additionally, using a spreadsheet application like Microsoft Excel for bookkeeping can also be considered as a loose-leaf book of account.
• Computerised Books of Account: A computerised system or program for bookkeeping that is typically used by businesses with more complex operations.

To register your books of account, you need to fill out and submit BIR Form 1905 along with your books of account to the RDO where your business is registered.

Step 7: Secure an Authority to Print (ATP)

As per BIR regulations, businesses offering services must have an Authority to Print (ATP) receipts while those selling goods must have commercial invoices. To get your ATP, submit three copies of BIR Form 1906 along with a sample of your principal or supplementary invoices and a copy of your COR at the RDO where your business is registered. The processing time usually takes a week.

Once you have your ATP, bring it to an accredited BIR printer. You can check for BIR-accredited printers here. The release of your official invoices may take up to 2 weeks.

For online freelancers

Step 1: Gather the Required Documents

• Tax Identification Number (TIN)
• Occupational Tax Receipt (for non-licensed professionals)
• Professional Tax Receipt (for licensed professionals)
• Government-issued IDs
• NSO Birth Certificate

Note that additional requirements such as a copy of a client contract or Barangay Clearance may be requested by the Revenue District Office (RDO).

Step 2: Get a Tax Identification Number (TIN)

Before proceeding to the next step, those who do not have a Tax Identification Number (TIN) yet must accomplish and submit two copies of BIR Form 1901, which is a prerequisite.

Step 3: Update Your Personal Information

If you have been employed before and already possess a TIN, you still have to complete BIR Form 1901 to update your information and declare that you are now “self-employed.” 

You need to also fill out BIR Form 1905 to transfer your TIN registration and change your registered address to the RDO that has jurisdiction over your business. You can locate your respective RDO here

Step 4: Pay Certificate of Registration (COR) Fee

To register for a Certificate of Registration (COR), you need to pay a registration fee of PHP 500. To do this, accomplish BIR Form 0605 and pay the fee at any Authorised Agent Bank in your RDO.

Remember to keep your receipt and a copy of the form as proof of payment. Once you’ve paid the fee, prepare three photocopies of the accomplished form and the receipt.

Step 5: Secure an Occupational Tax Receipt (OTR)

Freelancers are not required by the BIR to submit a DTI permit, but they may need to obtain an OTR. The requirements for OTR issuance vary across municipalities.

To obtain an OTR, you can visit your city hall, where the most basic requirement is a copy of a contract from an existing project or client. If your city does not issue an OTR, you can consult your RDO for alternative options.

Don’t forget to prepare a photocopy of your OTR for submission to the RDO if your city provides one.

Step 6: Submit All Documents to Your RDO

The RDO, or Revenue District Office, has jurisdiction over your business and is the location where you should submit your application. By now, you should already have the contact information of your RDO, if not refer to the link listed in Step 3.

Step 7: Claim Your Certification of Registration (COR)

Depending on the RDO, attending a tax filing seminar may be required before claiming your COR. It’s best to confirm this with your RDO after paying the registration fee.

Don’t forget to ask for the “Ask for Receipt” sign when claiming your COR to comply with BIR regulations.

Step 8: Register Your Book of Account

Like online shops, you require to purchase and register your book of account because keeping it is crucial in recording all your business transactions. There are three types of books of account, which is the same as online shop (Refer to Step 6 for online shop)

For freelancers, you are usually required to maintain 2 books of accounts. To register your books, you need to accomplish and submit BIR Form 1905 along with your books of accounts at the Revenue District Office (RDO) where your business is registered.

Step 9: Secure an Authority to Print (ATP)

To comply with BIR regulations, any businesses (freelancers included) that offer services are required to have Authority to Print (ATP) receipts, while those that sell goods must have commercial invoices.

To obtain an ATP, submit 3 copies of BIR Form 1906, along with a sample of principal or supplementary invoices and a copy of your COR, to the RDO where your business is registered. It usually takes a week to process your application.

Once you have your ATP, submit it to an accredited BIR printer. Check out the list of accredited printers on the BIR website. It usually takes up to 2 weeks to release your official receipts.

Conclusion

Registering your online business with the BIR and DTI is a critical step towards establishing your business in the Philippines. This article provides a comprehensive guide that makes the registration process easy, enabling you to comply with all legal requirements. Compliance is essential to avoid potential penalties and build a thriving business in the long run.

Now that you have completed all the necessary paperwork and registered your online business, you can breathe a sigh of relief, knowing that your business name is now protected and exclusively yours.

Additionally, having the appropriate BIR registration demonstrates your responsibility in fulfilling your tax obligations, making you ready to take charge and grow your online business as your own boss.

For those planning to start an ecommerce business, Shopboxo is an excellent solution for creating your online store in minutes. With its pre-built themes, you can set up your store easily, without any coding expertise, and best of all, it’s free to set up!

Crafting a winning business proposal can be the key to securing new clients, funding, and projects for any business owner. However, in the early stages of a new venture, many entrepreneurs tend to overlook the importance of writing a business proposal. With so much focus on developing the product, setting up operations, and building the brand, it’s understandable that creating a proposal may not be their top priority.

While these are important aspects of starting a new business, crafting a business proposal should also be a priority for new entrepreneurs, especially if they require funding. A well-developed business proposal can help attract new clients and secure funding, making it an integral part of any business plan.

We understand that creating a compelling business proposal that can stand out from the competition can be a challenge for many entrepreneurs. That’s why we’ve compiled some tips to help you draft a winning business proposal that can achieve the desired results.

What is a business proposal

A business proposal is a formal document that businesses send to prospective clients with the intention of working with them on a project. Whether it’s a partnership or a specific project, the goal of the proposal is to convince the client that your company is the best fit for their needs.

The scope and content of a business proposal can vary depending on the nature of the involved businesses and the project being proposed. It’s essential to tailor your proposal to address the specific needs of the client, as this will increase your chances of securing the project.

For businesses that offer B2B services, knowing how to write an effective business proposal is crucial for growth. A well-crafted proposal can help establish your credibility and showcase your expertise, which can lead to more opportunities and partnerships with other businesses.

What is the difference between business proposal and business plan

Although both a business proposal and a business plan are crucial documents for any business, they are often confused with one another. Therefore, it’s important to understand that they serve different purposes.

A business proposal is a formal document that outlines the specifics of a proposed project or partnership. It includes details such as timelines, costs, and deliverables, with the goal of convincing the client to choose your company over other potential competitors.

On the other hand, a business plan is a comprehensive document that outlines a company’s overall goals, strategies, and operations. It typically includes information on market research, financial projections, marketing plans, and management structures. The goal of a business plan is to guide the company’s overall direction and provide a roadmap for achieving its objectives.

In simple terms, a business proposal is designed for external use, such as sending to prospects for partnership, while a business plan is intended for internal use by the management for the company’s overall vision and strategy.

What are the different types of business proposal

The types of business proposals can differ depending on the type of service and project proposal, but generally, they can be classified into six distinct types:

1. Solicited proposal

A solicited proposal is a response to a request for proposal (RFP) or an invitation to bid (ITB) from a prospective client. This type of proposal requires the business to respond to specific requirements or guidelines provided by the client.

2. Unsolicited proposal

An unsolicited proposal is a proposal that is submitted to a potential client without them requesting it. This type of proposal is used to introduce a new product or service, or to propose a project idea to a potential client.

3. Internal proposal

An internal proposal is a proposal that is written within an organisation, typically by an employee or team, to request funding or approval for a project or initiative.

4. Grant proposal

A grant proposal is a type of proposal that is written to request funding from a foundation or government agency for a specific project or program.

5. Sales proposal

A sales proposal is a proposal that is written to sell a product or service to a prospective customer. This type of proposal focuses on the benefits of the product or service and how it can meet the needs of the customer.

6. Sole-source proposal

A sole-source proposal is a proposal that is submitted when a business is the only one capable of providing a specific product or service. This type of proposal is typically used in government contracting or in industries with limited competition.

Regardless of the type of proposal you are creating, the steps for developing it are generally similar. Your proposal should include three main components: a statement of the organisation’s problem, a proposed solution, and pricing information.

How to create a winning business proposal

Prior to writing your winning business proposal, it’s essential to comprehend the prospective client’s company. For example, if they’ve issued a Request for Proposal (RFP), read it thoroughly to ensure you understand their requirements.

It can also be beneficial to schedule an initial call or meeting with the new client to ensure you comprehend the problem they want to solve and their goals.

After conducting your research, it’s time to start writing your business proposal. While there is no one-size-fits-all approach to crafting a business proposal, there are a few key elements that all proposals should include.

1. Design an effective title page

The title page of your proposal acts as its “cover,” and it’s essential to make it visually appealing. It typically includes basic information such as your name, your company’s name, the date of submission, and the recipient’s name.

Since it’s the first thing your client sees, the title page should succinctly and clearly communicate your brand and proposal. Like any visual content, it should convey a lot of information quickly, so avoid using complex graphics that may distract from the proposal’s main message.

The title page sets the tone of your proposal, reflecting your brand’s aesthetics and personality. It should be professional yet eye-catching to draw the reader in, with a neat and clean design.

2. Include table of contents

A robust user experience (UX) holds immense value in any given scenario, and business proposals are no different. To ensure that your proposal is well-received by the intended audience, it is crucial to simplify and streamline the information presented. An effective way to accomplish this is by incorporating a table of contents.

Incorporating a table of contents into your document can significantly enhance its navigability. Although it doesn’t necessarily have to be the first page (in some cases, it may follow the cover letter), it is advisable to include it among the initial pages.

When creating the contents page, ensure that it follows a chronological order. Avoid listing overly detailed items as this may appear cluttered and overwhelming.

To optimise UX, it is beneficial to structure the table of contents around specific pain points or queries that the reader may have. This approach will enable them to use the table of contents as a reference point to quickly locate the information they require.

3. Craft a cover letter

The cover letter plays a vital role in introducing both you and your company. To keep it concise, limit it to one page. In just a few paragraphs, provide an overview of your company’s background, mission statement, and unique selling proposition.

Don’t forget to include your contact information and encourage prospects to ask any questions they may have. You might also consider placing your cover letter before the table of contents to prepare the ground for the proposal.

4. Build a strong case with an executive summary

The executive summary is a critical component of your proposal as it explains the reason for sending the proposal and why your company is the best option for the client. It should resemble a value proposition by outlining your unique selling points and the benefits your prospective client stands to gain from collaborating with you.

Although it serves as a summary, the executive summary should be specific. An effective strategy is to pinpoint the client’s exact challenges, elaborate on your company’s role, and offer solutions to their issues.

You should leave out other details such as logistics and precise approaches from the executive summary, as they can be covered in the rest of the business proposal.

5. Highlight the problem or need with proposal pages

In this section is where you provide a summary of the issue impacting the potential client. It’s an excellent opportunity to showcase your understanding of their needs and the problem they need to address.

The proposal pages constitute the bulk of your business proposal. Here, you’ll delve into more detail about the solutions you presented in your executive summary. While the summary explains what you can do and why you’re the perfect fit for the job, in the proposal pages, you’ll outline how you plan to execute the project and the timeline involved.

To craft a persuasive proposal, it’s essential to anticipate the questions your client may have and provide them with detailed answers. Research, critical thinking, and thorough preparation are some of the key approaches to take to help you in this process.

Take a comprehensive approach to analysing the specific issues your client faces and how your services can help address them. Then, present your proposal in a compelling way that positions you for success.

6. Provide pricing options

Place your pricing table after your problem and solution pages. This will enable you to showcase all your products and services with their respective pricing information.

Your pricing strategy should be tailored to the type of service you provide. It’s important to offer prospective clients with different pricing options so that they can make an informed decision. Pricing your product too high or too low may not be beneficial for your business in the long run.

And offering a single flat fee can limit the negotiation process and make it easier for clients to reject your proposal. On the other hand, providing pricing options can help clients start a conversation about their specific needs and create a more negotiable starting point.

If you want to cater to clients with different budgets, including an optional fee table with various pricing options can be helpful.

Transparency is crucial in this section. It is essential to ensure that your clients can easily comprehend what they are paying for and the options available for customising your service. Nobody appreciates hidden fees or intricate stipulations buried in fine print. Therefore, it’s crucial to provide all the details of your pricing options in a clear and concise manner.

7. Showcase your qualifications

You need to elaborate on what sets your company apart and uniquely qualifies it to solve your customers’ problems in your qualifications summary. This section provides an opportunity to detail why your business is best positioned to help potential customers achieve their goals.

To create an effective qualifications summary, it’s advisable to leverage social proof to make your case. This may involve case studies of past clients, customer testimonials, positive feedback on social media, endorsements from trusted experts in your field, and any other relevant information that showcases the value you bring to your clients. These elements will help strengthen your argument and demonstrate your competence in addressing your clients’ needs.

8. Summarise with a conclusion

Once you’ve presented all the relevant information in your proposal, it’s helpful to provide a final section that briefly summarises the key points. In this section, it’s also important to highlight your qualifications and emphasise why you’re the best choice for the project.

To encourage further discussion, confirm your availability and provide clear contact details that make it easy for prospective clients to follow up with you. By taking these steps, you can help ensure that your proposal stands out and increases your chances of securing the project.

9. Outline your terms and conditions

When creating your marketing proposal, it’s important to be clear about the terms and conditions of the offer you’re presenting to your clients. In certain jurisdictions, proposals can be considered legally binding contracts, so it’s wise to seek the assistance of a legal expert when drafting this section.

However, not all business proposals require a legally binding contract. If your proposal is simply intended to initiate further discussions with your client, consider including a straightforward call to action that outlines how to proceed with the next steps.

On the other hand, if a binding contract is necessary, be sure to provide your clients with an area to sign the agreement or indicate their preferred course of action.

Craft your winning business proposal today

Although crafting a winning business proposal is not an easy feat and requires significant effort, learning how to create an effective proposal can set you up for long-term success. 

Regardless of your industry, there will likely come a time when you need to prepare a business proposal. Collaborating with clients presents a remarkable opportunity to expand your business. Not only does it lead to financial gain, but it also facilitates the creation of strong, mutually beneficial relationships within your industry.

By delivering outstanding work to your clients, you’ll increase the likelihood of satisfying them, making it easier to attract new clients. Each new partnership opportunity is a stepping stone toward continuous success as it can open doors for growth and elevate your reputation among peers.

So pick up a pen and start writing your business proposal!

Motivational quotes can be a powerful tool for lifting us up and spurring us on, particularly when we’re feeling stuck or lacking in motivation. This is especially true when it comes to the challenges of launching an online store or struggling to generate sales.

That’s why we’ve compiled a list of quotes from a variety of sources, each with its own unique style and perspective. Whether you’re looking for a gentle nudge or a bold declaration, these quotes are sure to inspire and reignite your inner drive.

Not only will these quotes help you stay focused and energised, but they’ll also serve as a valuable resource that you can return to whenever you need a boost. So be sure to bookmark this page and keep it handy whenever you need a little extra inspiration!

Motivational quotes for online business owners

Running a business can be an incredibly rewarding endeavour, but it’s not always as glamorous as it may seem. So we’ve compiled a list of quotes that we hope will inspire and encourage you to keep striving for your goals and growing your business.

Choose your favourites and display them prominently in your workplace to give yourself an extra boost of motivation whenever you face a challenge.

1. “Whatever you are, be a good one.” – Abraham Lincoln
2. “The best way of learning about anything is by doing.” – Richard Branson
3. “Discipline is the bridge between goals and accomplishment.”  – Jim Rohn
4. “Success is often achieved by those who don’t know that failure is inevitable.” – Coco Chanel
5. “If you can’t feed a team with two pizzas, it’s too large.” – Jeff Bezos
6. ”It’s fine to celebrate success, but it is more important to heed the lessons of failure.” – Bill Gates
7. “The secret of getting ahead is getting started.” – Mark Twain
8. “The only place where success comes before work is in the dictionary.” – Vidal Sassoon
9. “The secret of success is to do the common thing uncommonly well.” – John D. Rockefeller Jr.
10. “Everything you’ve ever wanted is on the other side of fear.” – George Addair

Motivational quotes for leaders

The most effective leaders are those who can inspire and motivate their teams to achieve great things. But in order to do that, leaders must first embody the qualities and traits that they want their team members to emulate.

That means cultivating a sense of motivation and drive within themselves before they can encourage others to strive for improvement.

To help leaders stay motivated and focused on their goals, we’ve compiled a list of quotes about leadership that offer wisdom, inspiration, and guidance. Whether you’re a seasoned executive or a new team leader, these quotes can serve as a valuable resource for staying on track and inspiring your team to reach new heights.

1. “Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.” – Jack Welch
2. “Make sure you’re not just waiting for someone else to fix things, or hoping that things will improve … Figure out what’s going on and make a plan to improve things.” – Kenneth W. Thomas
3. “To handle yourself, use your head; to handle others, use your heart.” – Eleanor Roosevelt
4. “Keep your fears to yourself, but share your courage with others.” – Robert Louis Stevenson
5. “The greatest leader is not necessarily the one who does the greatest things. He is the one that gets the people to do the greatest things.” – Ronald Reagan
6. “Don’t tell people how to do things, tell them what to do and let them surprise you with their results.” – George Patton
7. “Leadership is the art of getting someone else to do something you want done because he wants to do it.” – Dwight D. Eisenhower
8. “If you really want the key to success, start by doing the opposite of what everyone else is doing.” – Brad Szollose
9. “The art of leadership is saying no, not yes. It is very easy to say yes.” – Tony Blair
10. “A good leader is a person who takes a little more than his share of the blame and a little less than his share of the credit.” – John Maxwell

Motivational quotes for success

We all require some encouragement to propel ourselves forward. Whether embarking on a business venture or seeking a boost in motivation, these motivational phrases serve as a reminder that success is within reach.

1. “Without continual growth and progress, such words as improvement, achievement, and success have no meaning.” – Benjamin Franklin
2. “Success is not final; failure is not fatal: It is the courage to continue that counts.” – Winston S. Churchill
3. “Success is getting what you want, happiness is wanting what you get.” – P. Kinsella
4. “I never dreamed about success. I worked for it.” – Estée Lauder
5. “All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
6. “It’s hard to beat a person who never gives up.” – Babe Ruth
7. “Develop success from failures. Discouragement and failure are two of the surest stepping stones to success.” – Dale Carnegie
8. “The road to success and the road to failure are almost exactly the same.” – Colin R. Davis
9. “Opportunities don’t happen. You create them.” – Chris Grosser
10. “Try not to become a man of success. Rather become a man of value.” – Albert Einstein

Motivational quotes for work

The truth is, whether you’re working remotely or in a traditional office setting, each day of the week can present unique obstacles that make it challenging to maintain productivity and focus.

This collection of motivational quotes for work can provide the ideal inspiration and motivation to help you succeed throughout the entire week.

1. “You’ve got to get up every morning with determination if you’re going to go to bed with satisfaction.”  – George Lorimer
2. “Your talent determines what you can do. Your motivation determines how much you’re willing to do. Your attitude determines how well you do it.” – Lou Holtz
3. “When someone tells me ‘no,’ it doesn’t mean I can’t do it, it simply means I can’t do it with them.” – Karen E. Quinones Miller
4. “Don’t count the days, make the days count.” – Muhammad Ali
5. “Even if you’re on the right track, you’ll get run over if you just sit there.” – Will Rogers
6.  “The more I want to get something done the less I call it work.” – Richard Bach
7. “I would rather die of passion than of boredom.” – Emile Zola
8. “I have not failed. I’ve just found 10,000 ways that won’t work.” – Thomas A. Edison
9. “It is better to fail in originality than to succeed in imitation.” – Herman Melville
10. “Success is liking yourself, liking what you do, and liking how you do it.” – Maya Angelou

Motivational quotes for working hard

Achieving success is not an easy feat, and even the most committed entrepreneur may struggle to remain focused at times. To maintain your determination and stay focused on your goals, you can turn to a collection of motivational quotes for working hard.

These words of wisdom from those who have come before us can serve as a source of motivation and inspiration, as you learn from the experiences of those who have walked the same path and gained valuable insights through their struggles.

1. “You can’t get there by bus, only by hard work and risk and by not quite knowing what you’re doing. What you’ll discover will be wonderful. What you’ll discover will be yourself.” – Alan Alda
2. “I’m a great believer in luck, and I find the harder I work the more I have of it.” – Thomas Jefferson
3. “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life and that is why I succeed.” – Michael Jordan
4. “If something is important enough, even if the odds are against you, you should still do it.” – Elon Musk
5. “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” – Thomas Edison
6. “Start where you are. Use what you have. Do what you can.” – Arthur Ashe
7. “Success isn’t always about greatness. It’s about consistency. Consistent hard work leads to success. Greatness will come.” – Dwayne “The Rock” Johnson
8. “When you do more than you’re paid for, eventually you’ll be paid for more than you do.” – Zig Ziglar
9. “Perseverance is not a long race; it is many short races one after the other.” – Walter Elliot
10. “Success is the sum of small efforts, repeated day in and day out.” – Robert Collier

Motivational quotes for employees

Start meetings with a quote and select a different one for each session. Add them to your email signature or post a new quote every day in your workplace messaging system.

Utilise this list of powerful motivational quotes and messages for your employees to promote team spirit and optimism.

1. “Alone we can do so little. Together we can do so much.” – Helen Keller
2. “It is amazing how much you can accomplish when it doesn’t matter who gets the credit”. – Harry S. Truman
3. “If everyone is moving forward together, then success takes care of itself.” – Henry Ford
4. “The only way to do great work is to love what you do.” – Steve Jobs
5. “We may encounter many defeats, but we must not be defeated.”- Maya Angelou
6.  “Criticism is the best sign you’re onto something.” – Michael Lopp
7. “We are really competing against ourselves. We have no control over how other people perform.” – Pete Cashmore
8. “The real competitive advantage in any business is one word only, which is ‘people.’” – Komil Toume
9. “The employer generally gets the employees he deserves.” – J. Paul Getty
10. “Synergy — the bonus that is achieved when things work together harmoniously.” – Mark Twain

Motivational quotes about life challenges

Challenges are an inevitable part of life, and everyone will encounter them at some point. Those who never experience adversity are an exceptional rarity, akin to a mythical unicorn. 

Therefore, it is perfectly normal to face difficult times occasionally. This collection of motivational quotes about life challenges can provide the inspiration and encouragement needed to navigate through tough times.

1. “Life is not always perfect. Like a road, it has many bends, ups and down, but that’s its beauty.” – Amit Ray
2. “Obstacles? Don’t be Stopped by them be Strengthen by them” – Bernard Kelvin Clive
3. “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.” – Martin Luther King, Jr.
4. “In the middle of every difficulty lies opportunity.” – Albert Einstein
5. “It isn’t the mountain ahead that wears you out; it’s the grain of sand in your shoe.” – Robert W. Service
6. “The most rewarding things you do in life are often the ones that look like they cannot be done.” – Arnold Palmer
7. “You don’t overcome challenges by making them smaller but by making yourself bigger.” – John C. Maxwell
8. “Life is a challenge, meet it! Life is a dream, realise it! Life is a game, play it! Life is love, enjoy it!” – Sathya Sai Baba
9. “Obstacles will look large or small to you according to whether you are large or small.” – Orison Swett Marden
10. “Embrace each challenge in your life as an opportunity for self-transformation.” – Bernie Siegel

Motivational quotes for entrepreneurs

Success demands ambition, a strong work ethic, inspiration, and motivation. The insights of successful business owners exemplify the strategies they’ve employed to inspire themselves.

As an entrepreneur, it’s crucial to maintain a clear vision of your business and persevere through obstacles. Use these motivational quotes for entrepreneurs to inspire you to work harder and achieve maximum growth for your business.

1. “Play by the rules, but be ferocious.” – Phil Knight
2. “You only have to do a few things right in your life so long as you don’t do too many things wrong.” – Warren Buffett
3. “I don’t know the word ‘quit.’ Either I never did, or I have abolished it.” – Susan Butcher
4. “If you really look closely, most overnight successes took a long time.” – Steve Jobs
5. “Forget past mistakes. Forget failures. Forget everything except what you’re going to do now and do it.” – William Durant
6. “The first one gets the oyster, the second gets the shell.” – Andrew Carnegie
7. “There are no secrets to success. It is the result of preparation, hard work and learning from failure.” – Colin Powell
8. “Yesterday’s home runs don’t win today’s games.” – Babe Ruth
9. “The best investment is in the tools of one’s own trade.” – Benjamin Franklin
10. “Whether you think you can or whether you think you can’t, you’re right!” – Henry Ford

Motivational quotes for stress

Stress is a pervasive issue that affects many people, both in their professional and personal lives. Like any challenge, conquering or at least managing stress necessitates a strategic approach.

While it’s a real and often overwhelming problem, we always have a choice in how we respond to it. We can either allow stress to consume us or learn to control it. These motivational quotes might hold the key to help you manage your stress more effectively

1. “You can’t always control what goes on outside, but you can always control what goes on inside.” – Wayne Dyer
2. “Much of the stress that people feel doesn’t come from having too much to do. It comes from not finishing what they’ve started.” – David Allen
3. “Take chances, make mistakes–that is how we grow. Pain nourishes your courage. You have to fail in order to practice being brave.” – Mary Tyler Moore
4. “The greatest weapon against stress is our ability to choose one thought over another.” – William James
5. “Your mind will answer most questions if you learn to relax and wait for the answers.” – William S. Burroughs
6. “Stress is an ignorant state. It believes that everything is an emergency.” – Natalie Goldberg
7. “It’s not stress that kills us, it is our reaction to it.” – Hans Selye
8. “Somehow our devils are never quite what we expect when we meet them face to face.” – Nelson DeMil
9. “For fast-acting relief, try slowing down.” – Lily Tomlin
10. “If you focus on success, you’ll have stress. But if you pursue excellence, success will be guaranteed.” – Deepak Chopra

Motivational quotes for sales team

At the start of the month, you’re eager to help your team achieve their sales targets. However, your team may require a morale boost or a reminder of their passion for sales after losing a deal. One effective way to inspire and enhance productivity is through motivation.

Perhaps with a new quote for every day of the month, your team will be motivated to perform their best and reach their sales goals. Use these examples to keep them inspired.

1. “Today is always the most productive day of your week.” – Mark Hunter
2. “Prospecting – find the man with the problem.” – Ben Friedman
3. “Always do your best. What you plant now, you will harvest later.” – Og Mandino
4. “Most people think ‘selling’ is the same as ‘talking’. But the most effective salespeople know that listening is the most important part of their job.” – Roy Bartell
5. “Quality performance starts with a positive attitude.” – Jeffrey Gitomer
6. “No one can make you feel inferior without your consent.” – Eleanor Roosevelt
7. “Wanting something is not enough. You must hunger for it. Your motivation must be absolutely compelling in order to overcome the obstacles that will invariably come your way.” – Les Brown
8. “Setting goals is the first step in turning the invisible into the visible.” – Tony Robbins
9. “It is not your customer’s job to remember you. It is your obligation and responsibility to make sure they don’t have the chance to forget you.” – Patricia Fripp
10. “The most unprofitable item ever manufactured is an excuse.” – John Mason

Start using motivational quotes

Running a business can be stressful, whether you’re a seasoned ecommerce pro or a new entrepreneur. But incorporating inspirational quotes into your daily routine can help you stay positive, productive, and happy on your journey.

Reciting a motivational quote every day, even while looking in the mirror, can have a significant impact on your mindset. And it’s not just for personal use; motivational quotes can inspire your team to drive better performance and stay motivated.

Use these quotes to connect with yourself, clear your mind, and step out into the world with confidence and gratitude for yourself and your surroundings.