by Louise Castrillo of Mamacademy PH
You already have your business idea validated, suppliers identified, and a marketing plan created. It seems that you are all set and ready to kick off your business. But, let me ask you this. Have you already registered your business legally?
For some, it may sound intimidating or even unnecessary.
You might ask – is the extra cost and effort of gathering requirements, applying for permits, and getting all the legal side of the business done worth it?
YES, it is. If you are not convinced yet of the importance of legalizing your business, read on,
When your business is registered, it tells your customers and potential clients that you are committed to your work, have a clear plan, and are ready to take on any challenges that come your way.
You exhibit diligence and professionalism that shows that you really mean business.
Especially these days when scams and frauds are prevalent, customers seek to transact with legitimate businesses.
You are deemed trustworthy and credible when you are a registered business. And so, more customers will prefer to purchase or avail of your service over the others.
Also, you can get the opportunity to work with big companies and enter into contracts when you are a registered business. Truth be told, established brands and companies choose to collaborate and deal with businesses that can issue receipts.
It is easier to source funds to finance expansion and improve your operations when your business is legal and registered. You have the option to get a loan or onboard new investors.
When you ensure that your business is documented and you conduct your business legally, you can protect your business from those who may want to steal or copy your brand.
Did you know that it is illegal to start a business without registering it first? In fact, entrepreneurs who fail to register can be fined from P5,000 to P20,000 and can be imprisoned from 6 months to 2 years.
Also, failure to issue official receipts can be subject to a P20,000 to P50,000 penalty.
The penalties, imprisonment charges, and disruption to the business are a big source of headache you can easily avoid if you register your business legally.
I am sure those five reasons have convinced you to register your business. But, if you don't know where to start or how to move forward, Mamacademy PH's Mama Development Program's Entrepreneurship Session #2: Business Registration & Legalization can guide you in the right direction.
Join the session on September 10, 2022, at 3 PM over at a private ZOOM session. Limited slots are available, so ensure to register now.
Here is what a participant says about the Business Registration & Legalization session.
Louise Castrillo wrote this blog; She's a mom blogger, design show junkie, and a hands-on mom to a first-grader. She loves twinning with her daughter, making short videos, and tinkering with embroidery.