Obtaining financial stability in a developing country like the Philippines can be very challenging, especially if you’re relying only on your work salary to tide over daily expenses. You’ll need to look for alternative means of income to provide you with the money you need to set up a secure future for your family. Thankfully, recent improvements in the Philippine economy have opened up various small business opportunities you can take advantage of. Here are some great ideas you can consider:
Filipinos love food and they love to eat. Wherever you travel in the country, you’ll be able to find a variety of restaurants and eateries offering several dishes and delicacies. You can notice these places are almost always packed during meal times, which is a good sign. It means business is going well even if there are lots of competitors. Cash in on this Filipino love for eating by setting up your own food business. Whether you’ll offer viands, beverages, desserts, or a mix of the three would depend on your interests as well as the need in your local community. Recently, Filipinos seem to have a craving for cupcakes, pastries and pasta dishes. But the traditional favourites barbecue, pancit, and lechon would also be great options. Here’s a more comprehensive list of Filipino foods you can include in your menu.
Meat Shop Business
Meat stalls are staples of local wet markets. This type of business would be ideal if you have a farm or have contacts to suppliers of pork, beef, and chicken meat. You can set up your stall in the wet market if you wish to take advantage of the existing client base. However, this means you’ll have to deal with tough competition. If you wish to avoid that, consider setting up your meat shop a distance away from the market but somewhere that still gets a lot of foot traffic from potential customers.
Personalised T-shirt Printing
Small t-shirt printing shops are popping up all over the Philippines and it’s no surprise. Shirts, especially those made of cotton, are the preferred item of clothing by locals because of the extremely humid climate in the country. Of course, it doesn’t hurt that Filipinos like wearing clothes that are unique and that feature a personal touch. If you have a knack for making cool and one-of-a-kind prints, a personalised t-shirt printing business is just the thing for you.
What do Filipinos love more than food and teleseryes? Bargains! Ukay-ukay stalls are always customer magnets because they offer good quality clothes at only a fraction of the original price. If your city or neighbourhood still doesn’t have an ukay-ukay store, then grab the opportunity to set up one yourself. You’ll certainly be raking in profits in no time!
Rice is a necessity in every Filipino’s diet. Because of this, selling rice is among the most lucrative business ideas in the country. Setting up your own rice retailing store doesn’t require a large starting capital. A minimum amount of Php 30, 000 is enough for most small retailers, while others use a capital of up to Php 60, 000 to get their store going. You’ll also need to apply for a business permit and a licence to sell rice from DTI and NFA.
Since these businesses require minimal investment and are relatively easy to set up, they’re perfect if you’re looking to earn extra cash while still keeping your day job. Make your entrepreneurial career easier by choosing a business that matches your skills and interest. Take time to research and learn the basics of your chosen trade. It’s also a good idea to research business requirements and permits you’ll need to submit. This will help prepare you for smooth and successful operations.
About the Author
Regus Philippines specialises in providing flexible workspaces for both small and large businesses across a variety of industries. Some of the company’s products include serviced offices, virtual offices, meeting rooms, video conferencing suites, and business lounges.