The lockdown due to the Covid-19 pandemic has affected the source of income of the majority of Filipinos. People lost their jobs and businesses are either closing or slowing down. That is why a lot of people are setting up their own business being their only viable option. You can see it in the number of new FB pages for online businesses, personally I receive around 5 FB page invites per day. But operating a business is not just creating your product and and an FB page, some business owners does not even realize that they have to sell their product. As a sole proprietor, you have to do as a function the divisions you see in Large Corporations (Finance, Marketing, Sales, HR, Operations, Administration, etc.). You also have to consider the requirements of government, Intellectual Property, Data Privacy, etc..
Do you know that based on statistics, less than 0.7% of businesses survive beyond 5 years. I think this is much less than 0.7% in 2020 due the Covid-19 Pandemic. Furthermore, do you also know that It is harder to close than to register a new business. So, before you register your business, focus on developing and improving your product or brand.
To support the National Employment Recovery Strategy (NERS 2021-2022) of the Government as an employment recovery plan anchored in the Philippine Development Plan of 2017-2000, SMEpinoy will achieve this by Talent Upskilling, Job Creation and creating a Business Friendly Environment through the ICT Council of each city.