Why is starting a business this year a good idea?
The Philippines is currently enjoying significant economic growth, making now an excellent moment to ride the wave.
The Asian Development Bank (ADB) anticipates growth of 6.8% in 2018 and 6.9% in 2019. Kelly Bird, the ADB’s country director, refers to this growth trajectory for our nation as “a golden age of growth” because it is predominantly driven by strong domestic demand.
The moment is unquestionably right to begin investing in your own business.
Types of Business
A business that operates in the service sector produces something that is not physically present or palpable.
Since their “product” takes the form of some kind of service or action, some examples include banks, accounting firms, legal firms (and other types of consulting businesses), review centers, training facilities, gyms, barbershops, salons, kids’ play areas, and arcades.
It’s a company that follows the “Buy and Sell” philosophy.
Typically, they will purchase their goods or products from wholesalers at lesser costs before marking them up and selling them for a profit. A business that engages in merchandising doesn’t alter its products or supplies. They merely serve as a portal for those wishing to buy goods.
Examples include supermarkets, shopping centers, resellers, and suking tindahans.
A business or organization that manufactures products is said to be in the manufacturing industry.
To create a product they can sell, they purchase raw materials. For instance, in order to produce its ice cream, an ice cream company needs raw materials like milk and sugar.
The same is true for businesses that make processed meals or furniture companies that need raw wood to make beds and chairs.
Business Organizational Structures
The following terms refer to how a business is founded or managed, whereas service, merchandising, and manufacturing refer to how an organization or firm conducts business.
A sole proprietorship refers to a business that is owned solely by one individual. Although this sort of business is the simplest to start, it also carries the greatest risk because the owner is subject to unlimited liabilities.
If the owner incurs debt and is unable to pay it back, he must turn over personal property to creditors.
It is exactly what you anticipate. but not only limited to just two owners. A partnership can be made up of two or more individuals who pool their resources to start and run the company.
Except in cases when the owners deliberately set up a limited-partnership (LP) form of firm, a partnership can have unlimited liability (like a sole proprietorship).
Think again if you believe that a corporation is a sizable business, institution, or factory that generates goods or services.
Few people comprehend that a corporation merely refers to a company that is managed by a separate legal entity from its owners (who could be represented by shareholders). It has most of the rights and obligations that a typical person does, including the ability to execute contracts, borrow money, and sue (or be sued).
If you’ve ever visited the province, you may have noticed that some kind of electric or water cooperative provides the province’s water and electricity. These are excellent illustrations of this kind of business.
In a nutshell, a cooperative is a company in which owners and members gain from the management of the company. A cooperative sells its shares to members as opposed to a company offering stocks to shareholders.
These members can influence the way the firm is run in some way by expressing their opinions.
List of Philippines’ Dream Businesses
This is an excellent option if you’re seeking for a business with little oversight. Your major responsibilities here will be routine upkeep and replenishment; daily operations hardly ever require staff.
The fish ball stand is a classic. Is there anything more?
The traditional Filipino dishes, such as fish balls, kikiam, squid balls, isaw, barbecue, tenga, betamax, balut, and others, have been a staple of daily life for many years.
Services for Renting Storage
Nowadays, living space is such a valuable commodity that has a designated spot to securely store your valuables or sentimental items is crucial.
Storage services are well-liked abroad, and websites like Kahon.PH and StorageSpace.PH provides the same service to our fellow Filipinos here in the Philippines. Renting a modest industrial area or warehouse allows you to establish a number of storage units that you can then rent out as you get started.
Installation of CCTV
More and more individuals are purchasing a CCTV system for their home’s protection as the cost has decreased and it has become economically feasible for usage outside of business and commercial applications.
You can benefit from this expanding customer base by receiving training to become a licensed installer and providing these people with your services. Other pertinent products like car dashcams and other home security systems are also upsellable.
Junk stores make money by buying and selling. They buy trash sold to them by scavengers by the kilogram. The store will then sell it to affiliated recycling companies, who will recycle the waste.
Moving Company (lipat-bahay)
The best way to move from one location to another is through a lipat-bahay service. Personally, I advise against moving things by yourself because it will save you numerous trips and guard against possible property damage.
There will also always be prospective customers for this kind of business because young families are moving around a lot to be closer to their places of employment. With the help of applications and markets like Mober, LalaMove, and Transportify, starting one has also been simpler.
Renting Home and Office Furniture
For those considering leasing their items rather than selling them, this is a niche market. Online advertisements that offer both short- and long-term “contracts” depending on the client’s demands have caught my eye.
Filipinos enjoy writing about their lives. From a child’s baptism to its first birthday, graduation, a person’s first public appearance, a marriage, a reunion, and pretty much anything else.
If you have the necessary talents and a talented team supporting you, offering videography services can be a successful business. In addition to family gatherings, there are other endeavors you can pursue that would pay far more, such as reporting on conferences and conventions, creating internet video advertisements, and filming live performances of concerts and festivals.
IT and Network Consulting
The constant maintenance and management required by modern enterprises that depend on computer systems makes the company idea lucrative because the majority of clients will pay on a retainer basis.
Offices run on a network of computers, including servers, grocery stores have a PoS system that is always active, and your friendly neighborhood coffee shop needs to have WiFi available for its patrons.
All of them call for knowledge of networks and IT. Some even provide training services to businesses, independent contractors, and enthusiasts in order to increase their income.
Please read: DEALING WITH BUSINESS UNCERTAINTY
Choose a firm that fits your skills and financial resources to lower the chance of it failing in the long run. Remember to choose a line of work that you truly enjoy or a desire that you might really love to try right now.
If you’re still reading, keep going and never give up on your dream, provided you accomplish it the proper way. Don’t forget to insure your ideal company as well to ensure financial security in the event of unforeseen issues.