1.How much will it cost to start your business?With bread being the second staple of the country after rice, one of thosecompanies that are sure to offer multiple returns with only a minimal investmentin the bakery industry. You, too, can start your own bakery business and probablymake good money from it by taking the time to learn the skills. According toFilipiknow (2020), Php 150,000 initial investment, which can be lower if you putthe bakery company in your place instead of paying as high as Php 30,000 in themonthly lease. The bulk of the capital is spent on buying baking equipment andutensils that can cost Php 60,000 or higher. Also, the overall capital depends onwhat kind/s of bread you want to sell. If you sell plain or Malunggay pandesalexclusively, the cost of setting up the company would be considerably lower as itsproducts are inexpensive and readily available.2.Where can you obtain funds to start my business? Loans obtained frombanks will involve repayment with interest. A new entrepreneur shouldinvestigate as many sources of funding as possible in order to securethe best terms and conditions for repayment. This means ‘shoppingaround’ for the most favorable interest rates.There is one common factor required for all companies to start-up: capital. It isimportant to collect enough funds to get a small company off the ground andpave the way for survival and potential success. According to Forbes, most start-up founders use their savings to finance their companies. That said, to raisefunds for your company, you do not need to drain your bank account.Entrepreneurs should set aside enough living expenses to last them for a year(for rent and food, for example). This is because, for months after launching,many businesses aren't profitable. Borrowing money from family and friends isanother way of financing your business. Put the terms of the personal loan in thedocument to prevent hurt feelings. Be transparent as to how much you need,what the interest rate is, and when it's going to be paid back. A small businessbank loan is, sadly, not guaranteed. Before they consider authorizing a smallbusiness loan, banks want airtight corporate plans and outstanding credit scores.They will also want you to spend your cash in the company to show that you arecommitted to making your business work. Since they would already be familiarwith your banking background, you can go with your bank. Or select a bankhistorically known for lending to small businesses. Venture capital and angelinvesting are ideally suited to high-growth enterprises or businesses with strongcash flow that are already profitable. Still, each investor has his or her expertisein terms of area, industry, and company age.
3.What banking services are available to you? How much would you pay?
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