EDITOR’S DESK
Bernie Cahiles-Magkilat
The pandemic has given rise to new businesses if not the strengthening of existing ones that are able to pivot and innovate with the use of digital technologies.
Some of these businesses are delivery/logistics, micro finance, financial technologies (fintech), neighborhood mini market, business solutions software, and personal care services.
Alegria “Bing” Limjoco, chairman of the Philippine Chamber of Commerce and Industry (PCCI), can enumerate a lot more but the above mentioned businesses are the standouts during the COVIC-19 and will continue post pandemic and most suitable for micro and small business startups.
Delivery services
Delivery services and logistics naturally flourished out of necessity during the pandemic because of the strict movement restrictions. Food ordered from restaurants, fast food chains, and individual sellers and all kinds of stuff that can be bought online need to be delivered by a third party.
It is not only the well known courier/delivery brands that are flying high during this crisis, but entrepreneurial and individual riders that offer their services to targeted communities like the elderlies or a particular village whose residents need runners for their medical and grocery needs. Some individual riders also banded together to provide their services to some individuals for a fee.
Digital solutions
As companies and even small establishments transition their operations to digital, they also need business software solutions providers. As such, young techie individuals with enough knowledge to provide simple and basic digital solutions suddenly were in demand.
Along with that is the rise of financial technology solutions providers because establishments prefer cashless transactions to minimize cash handling. Thus, the proliferation of new apps to facilitate cashless transactions.
Micro finance
Another notable new business that came to the fore in this time of crisis is the proliferation of micro finance firms that serve as conduits for government’s “ayuda”.
Aside from these remittance centers, several online micro finance firms, most of them still need to establish their credibility, are sprouting and offering loans to the impoverished Filipinos.
Because transportation is difficult, mini neighborhood markets found their way into strategic locations, easily a walking distance from villages and communities. These mini neighborhood markets offer basic daily needs, mostly food, vegetables and fruits.
Bakery and baker’s supply stores
As more households are encouraged to produce their own bread and pastries, we see the sprouting of bakery and bakers’ supply stores. These stores do not only provide baking ingredients and raw materials, but also equipment and tools necessary for the trade. As such, neighborhood bakeries are flourishing this time.
Personal care services
Personal care services, like salons, have to innovate to comply with the health and safety protocols. For instance, Limjoco cited the case of Reyes Haircutters, which have innovated by bringing their services to a garden setting.
Believe it or not, but one personal service that flourished is permanent makeup.
“Permanent makeup is not only for vanity. It is also for self esteem and convenience of patients who lost their eyesight or poor eyesight, have lost hair due to chemo, have neuro disorders (Parkinson’s) etc.” said Limjoco.
Other services include deep cleaning and carpentry as Filipinos with money during the pandemic are making themselves busy by doing home improvements like repainting and other house repairs.
How to register your business
Indeed, necessities force individuals to think of ways to earn a living. But before going into business, whether online or offline, the first thing to do is register your business. This is for your own protection and ensure growth.
If your business is a single proprietorship, which applies to micro and small businesses, think of a unique business name and register with the Department of Trade and Industry. If it is a corporation, you have to go to the Securities and Exchange Commission.
A business name is critical because it guarantees your legal and exclusive right for its use within a five year-period, renewable thereafter. No other can use it or register the same name depending on the scope of territory of the business.
The registration of business name has been available online since February 2019 and the process will take only a few minutes.
Here are the steps to register your business name online through the Business Name Registration System https://bnrs.dti.gov.ph.
Government agencies are also synchronizing all processes up to payment. For convenience, make your online payment immediately during your DTI business registration via e-wallet, mobile banking like LANDBANK Link.BizPortal, or any payment platform such as PayMaya or GCash.
Take note though that a business name is not a license to run a business. You’ll need to secure a business permit and other related documents for that purpose.
With your business name certificate, you may now proceed to your city or municipality to get your Mayor’s Permit, that is your license to open a business.
(Bernie Cahiles-Magkilat is the assistant editor of the business section)