Start-up businesses in the Philippines face difficulties when they are trying to get off the ground.
Risk of failure in the first months or couple of years is so high. It’s useful to review these challenges and how to address them or better yet, work around them.
Some founders either don’t calculate the capital they’ll need to get the business running and profitable, or they decide to just go ahead and figure it out along the way. This may create difficulties because there’s likely going to be things that were forgotten about or not known that increase the capital required.
Even when the capital was enough and the estimates were in right, the money flow still must be managed well. Financial matters should be clear from the get go. Without it, when difficult markets arrive, there are no margins for error.
Getting the right people for the job is not easy. You as a start-up business will have to compete with established companies for the best available staff out there.
Businesses flops because of problems founders never anticipated. So preparing and anticipating is very important on the get-go.