Family Business: How Parents Can Get Started

If you're a parent who wants to start a business, there's nothing that's holding you back. Here are some helpful tips on how you can get started on the right foot.

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Parents are one of the busiest creatures on the planet. From the moment you wake up, you’re already thinking about things you need to accomplish in the day. You’re constantly bombarded with problems and the pressures of life. This kind of busy lifestyle makes me feel extremely jealous of those parents who have their own business and can still manage to create a balance in their life.

But if you’re a parent who wants to start a business, there’s nothing that’s holding you back. Starting a business or validating an idea is now easier more than ever. Parents can get started on their business even without much capital. But, this ease of access can also mean that failing and competition will be a significant factor.

So even before you start your business, here are some helpful tips on how you can get started on the right foot.

1. Drum up an idea.

Thomas Edison once said, “The value of an idea lies in the using of it.” Having an idea alone isn’t going to make you successful. The way that you utilize your concept and make it work for you is what’s going to help you create your business.

Now, I’m not saying that any business idea is going to succeed. Start writing your business ideas on a piece of paper and select the ones that really resonate with you. Do your research, talk to people, and eliminate those that don’t make sense.

2. Build your brand.

More often than not, business owners are so caught up with their business idea that they skip to the next part, hoping that they could find their brand once the business succeeds. But, how do you expect to find your voice or your brand when your customers don’t even know you?

Develop your own brand and make your business stand out from the get-go. Even if your business idea is something as small as a sari-sari store, find a way to establish your brand. For example, an easily identifiable business name will help you with name recognition. No matter how small the business is, your brand will help people know you and your business.

3. Register with the government.

Now, this step is going to be a headache. We know how our government works, and we know how slow the process can be. But registering your business with the government is crucial. There are three main government agencies that you need to be registered with. They are the following:

  • Department of Trade And Industry (DTI) or Securities and Exchange Commission (SEC);
  • Local barangay;
  • Mayor’s Office; and
  • Bureau of Internal Revenue (BIR).

These four government agencies will help legitimize your business and make people feel secure when doing business with you. It will also help protect you from financial problems that may arise in the future. If your business is not registered and you get into debt with your suppliers or other parties, they could go after your personal assets. Protect your self just in case your business fails.

4. Open a separate bank account.

Once your business is registered, that’s the perfect time to think about money. So, where will you keep your money? It should be in a bank account, but not just any account. It should be a bank account solely for business use.

Doing so will you manage your finances better. This strategy is an industry best practice that successful people employ. Some business owners even create a seperate bank account in different banks. Having a business bank account will also help you with your cash flow management.

5. Develop a business plan.

As they say, failing to plan is planning to fail. This statement holds especially true with businesses. A business plan is a detailed description of how a business will operate and achieve its goals. A business plan usually consists of the following information:

  • Market study;
  • Marketing plan;
  • Financial research;
  • Operating expense;
  • Cash flow projection; and
  • Projected income.

6. Create an operational plan.

Just like a business plan, an operational plan helps a business achieve its goals. But an operational plan is the framework of how your business will run systematically. Your operational plan may include the following:

1. Website – All businesses need a website. Your website will not only make your business look professional; it’ll also help you target your audience better.

2. Social media accounts – To create a presence among your customers, you need to exist on relevant social media websites like Facebook and Instagram. For instance, a business that sells homemade baked goods can have an Instagram page with beautiful photos of their finished products.

3. CRM – If you deal with customers and clients, their information is one of your assets. CRM or customer relationship management software will help keep your customer’s information in one place. If you’re starting, there’s no need for a fancy CRM. There are downloadable CRM spreadsheets that you can make use of.

4. Back office – Your back office handles the daily operations and ensures that your business continues to function even in the worst situations. Back-office support handles human resources, IT support, and accounting. If you have a partner in your business, they could be the ones doing these tasks.

5. Report generation – Reports are an essential part of your business. They are a visual representation of how your business or your employees are performing. Generate reports regularly to manage your business growth and opportunities.

7. Don’t expect to get rich quickly.

Anything worth having is worth waiting. Your business will not make you rich immediately. In some cases, you could even lose money before you can even generate profits. But all of that is part of the process. Your failures will teach you what works and what doesn’t. What’s important is that you show up consistently and create a mindset that helps you succeed no matter what.

I hope these tips help you create that business you’ve been dreaming of. While it’s not an easy process, but when you start seeing results from all your hard work, it’ll be worth it.

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