Accomplish Your Dream of Owning a Business With These Small Business Ideas in the Philippines
Suck at money? Congrats. You’re part of the 99 percent of people in their 20s floundering when it comes to finance. Adulting is hard, and money is harder—especially when it’s your own and not your parents. My Two Cents is here to break down everything you need to know about finance, business, and entrepreneurship. We’ll tackle all the basics, from how to get a business permit to how to invest in stocks, to educate the fledgling adults on how to not go broke.
Welcome to the idiot’s guide to money. Lesson No. 20: Small business ideas in the Philippines for 2020.
There’s nothing better than being your own boss. For a lot of us, the nine-to-five day job is just a means to an end. Owning your own business is the real endgame. But this is easier said than done. Being a business owner, even of a small enterprise, can be a tiring task considering all the things you have to consider before starting a business. You can’t go from zero to owning a company as big as Jollibee in one jump. That’s why every business owner starts with a small business that they gradually grow over time.
Here’s where being multitalented is an advantage. Nowadays, workers are realizing it pays to have more than one passion. The more skillsets you have, the more opportunities open up to you.
Here are six small business ideas in the Philippines that will help you get the ball rolling on your business owner dreams.
1| Party planning business
If you happen to be ultra-organized and have plenty of connections, party or event planning might be the route for you. Consider monetizing all the skills you gained from planning family birthdays, friends’ bachelor parties, or even house parties. You’ll need the right connections to caterers, light and sound guys, hosts, and venues. Filipinos love to celebrate, so this is a niche career that will stay in style for quite a while.
2| Catering business
Ever been complimented on your cooking? Take it to another level by starting up a small catering business. Caterers are needed everywhere, from parties to company offices. And there’s no better place to start than in your community with people who are already familiar with your cooking. Catering requires help though, and this could be a way to support family members having a hard time landing a job.
3| Water refilling station
If you live in the province or away from the city, a profitable long-term business to set up is a water refilling station. In areas where the water refilling stations are few or far between, you can definitely capitalize on providing people with clean and affordable drinking water. Water is a necessity, so you’re unlikely to go out of business.
4| Digital marketing company
Another idea for aspiring business owners who live outside Metro Manila, particularly in tourist locations, is a small digital marketing company that could cater to your immediate community. Every business needs to market itself well to survive, and you could occupy that space in your community by providing businesses with graphic artists, content writers, content managers, and SEO specialists to improve a brand’s image.
5| Tutorial business
If you’re good at something, pay it forward. Share your knowledge with elementary, high school, or college students looking to learn, whether that’s science, math, English, or another language. Zero in on your immediate community, from your family’s inner circle to the people in your village. And if you’re really that good or knowledgeable about something, consider setting up a social media account or a YouTube channel. Make yourself the brand and monetize off of your own knowledge.
6| Coaching business
In the same vein as a tutorial business, a coaching business can range from training someone’s dog to teaching someone how to dive. You could coach kids and adults in anything sports-related, becoming a yoga instructor or gym teacher. Basically, look at yourself and the practical skills you possess that others would pay to learn.
If nothing on this list pops out at you, the best person to help you find the right small business idea for you is yourself. Ask yourself what you can bring to the table and analyze whether your skills/knowledge can address a pain point in someone else’s life. Businesses are all about monetizing off of problem-solving, so being an observant consumer is your first step to being a business owner and finding the right small business ideas in the Philippines for you.