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Cheapest Shipping - US to Phils/ Cheapest Money Transfer - Phils to US

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Davaoeno
17 hours ago, yee said:

Take orders.

 

Yup, i get your doubts about the market. Don't worry about the market and competition, I got that covered.

 

 

That's an amazing thing to say - that you have " the market and competition covered" . That pretty much means ( to me anyway!) that you have nothing to worry about and that your success is guaranteed!

I have started many businesses but have never felt I " had things covered".

Hopefully you are correct in your assumptions 😊

Edited by Davaoeno
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jtmwatchbiz
1 hour ago, Davaoeno said:

" the market and competition covered"

kinda makes the purpose of this thread a mystery but of course we all wish the best of luck in this venture.   

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yee
18 hours ago, Davaoeno said:

That's an amazing thing to say - that you have " the market and competition covered" . That pretty much means ( to me anyway!) that you have nothing to worry about and that your success is guaranteed!

I have started many businesses but have never felt I " had things covered".

Hopefully you are correct in your assumptions 😊

Don't worry about the market and competition, I got that covered. - I got the worrying covered. :)) LOL

No, seriously, market and competition-wise, we're good. We're planning on stocking on the basic stuff but majority is based on bag and shoe orders; e.g. Jordans not available here.

So much of the concern is on shipping fees and money transfer costs.

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Jawny

Has the need for a business license been considered?  

I had a business license for a bakery and it required a lot of bureaucratic hoops to be jumped through.  Of course, I’m referring to a brick and mortar business so places like the fire protection service had to be checked.  

After the license was obtained, taxes get paid.....or so it would appear.  I had an audit which cost me ₽70,000 to resolve.  This is largely the result of a bookeeper who didn’t really know the business and just tried to save us money.  The BIR is not easily fooled, hence the penalties.

I should add, the BIR did the audit as a result of a complaint from a "concerned citizen". Read that as "crab mentality" at its worst.

As well, the competition has been mentioned and it can become damaging to your bottom line.  We dealt with that by having reliable delivery guys and paying them a fair wage and never late with wages/compensation  Competitors may cut corners to beat out your prices and have a temporary success.  Your long term commitment is vital.  

 

 

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yee
1 minute ago, Jawny said:

Has the need for a business license been considered?  

I had a business license for a bakery and it required a lot of bureaucratic hoops to be jumped through.  Of course, I’m referring to a brick and mortar business so places like the fire protection service had to be checked.  

After the license was obtained, taxes get paid.....or so it would appear.  I had an audit which cost me ₽70,000 to resolve.  This is largely the result of a bookeeper who didn’t really know the business and just tried to save us money.  The BIR is not easily fooled, hence the penalties.

I should add, the BIR did the audit as a result of a complaint from a "concerned citizen". Read that as "crab mentality" at its worst.

As well, the competition has been mentioned and it can become damaging to your bottom line.  We dealt with that by having reliable delivery guys and paying them a fair wage and never late with wages/compensation  Competitors may cut corners to beat out your prices and have a temporary success.  Your long term commitment is vital. 

Yeah, that's a thing for the big guys. Commercial spots, big business, big income.

Let's say we're just being a Morgan Freeman in Shawshank Redemption.

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Jawny

I have no clue what the reference to Morgan freeman has to do with advice on operating a business.  My comments are intended to be useful and based upon real world experience.

Taxes paid the BIR and not exclusive to "big boys". Our businesses are certainly not big, at least in my estimate.  However, the ₽70000 BIR penalty was not even called that.  It was referred to as a compromise or some similar term.  In effect, it could have been much higher if we had NOT had a business license.  Then, the taxes would be due, as well as significant penalties and potential criminal charges.

Good luck. 

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yee
6 minutes ago, Jawny said:

I have no clue what the reference to Morgan freeman has to do with advice on operating a business.  My comments are intended to be useful and based upon real world experience.

Taxes paid the BIR and not exclusive to "big boys". Our businesses are certainly not big, at least in my estimate.  However, the ₽70000 BIR penalty was not even called that.  It was referred to as a compromise or some similar term.  In effect, it could have been much higher if we had NOT had a business license.  Then, the taxes would be due, as well as significant penalties and potential criminal charges.

Good luck. 

Morgan Freeman in Shawshank Redemption smuggles goods from outside of prison. It might be a bad analogy. Or a good one. Depends on how you appreciate it.

Anyhoo. Similar to your local sari-sari store, it's a small operation and there's no business permit involved. No taxes either.

Edited by yee

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Jawny

Haven’t had a sari sari store since 2007. For that store, we did have a business permit.  

In our community, small sari sari stores are allowed to operate with a mayors permit.  We opted to get the business permit, since the smaller stores using a mayors permit are only allowed for extremely low profits  

The BIR expects taxes to be paid on any business.  This includes online businesses. 

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yee
3 minutes ago, Jawny said:

The BIR expects taxes to be paid on any business.  This includes online businesses. 

True.

Have you done shipping from US to Phils before?

 

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yee

For money transfer, do you know of any better option than a Western Union transfer? Seems bank to bank can get quite expensive.

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