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30 Innovative Business Ideas to Start in the Philippines in 2024

Do you want to start your own business in the Philippines but want to stand out from the crowd? Our list of 30 unique and profitable niche business ideas for 2024 might be just what you need. Explore emerging opportunities in niche markets ranging from sustainable and environmental products to cutting-edge services. Motivate yourself and take the first step toward realizing your entrepreneurial dreams!

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72 Best Small Business Ideas in the Philippines

Whether your enterprise fared well last year or not, remember that there will always be an opportunity for business. You can choose to switch enterprises or diversify to improve or change your value proposition.

The key is to have an open mind so you can find opportunities when they present themselves.

To guide you, I have made this updated list of the best small business ideas in the Philippines. There are quite a few additions that I feel present themselves as viable options for you.

Table of Contents

Best Small Business Ideas in the Philippines

1. virtual assistant business.

Virtual assistants, freelancers, telecommuters, or home-based workers . They all mean the same thing. Professionals who get paid to work from remote locations.

More and more people are getting into virtual assistance work because demand for these services continues to remain sky-high. Companies outsource work to virtual assistants to streamline costs while generating income. The Philippines is a hotspot for virtual assistance talent!

If you’re proficient with the computer, the Internet, spreadsheet, and word processing software and your level of English is good; you can have a good career as a Virtual Assistant.

Be ready to invest in a good desktop PC, headset and subscribe to a reliable Internet provider.

2. Blogging Business

Are you a good writer? Do you believe you have the chops to create compelling content? Then consider blogging as one of the best small business ideas for you!

There is high demand for blogging services because content marketing is fast becoming the preferred online marketing strategy of many companies. But businesses prefer to outsource content writing to save money.

Writing is one of the fastest-moving  jobs in online work platforms such as Upwork, Freelancer, and Guru.

Related: How I Earned 190,957 PHP (US$4,062.93) on a Single Blog

3. software development business.

Did you hear about the teenager who taught himself how to design apps and was paid $30 Million by Yahoo! for a news app he made for the company?

Maybe not everyone can be like Nick D’Aloisio , but the fact is, businesses are always looking for apps that can push their company ahead of their competitors.

If you have an idea of what kind of app can service the needs of the general population, then you could have a goldmine in your fingertips.

4. Tutoring Business

More parents are looking for tutors for their kids because they have less time to attend to their educational needs. Traffic, the high cost of commodities, spiraling gas prices are among the few reasons parents are working harder than ever to make a living.

If you enjoy teaching children, have a knack for giving instruction and academically qualified, you could have a windfall of clients as a tutor.

Most tutorial centers only focus on the fundamentals of Math and English. Parents want tutors who can guide their children in their homework and when preparing for exams.

5. Gym/Fitness Center Business

A 2014 study showed that budget gyms were beginning to account for most of the memberships in the fitness industry. If you look around your neighborhood, you may find a new gym or fitness center opening up.

These budget gyms only charge 50 Pesos per workout or 500 Pesos for a monthly membership. Many of them are packed during the early mornings and late afternoons.

The cost of setting up a budget gym is lower because treadmills and stationary bikes are becoming relics. Most people prefer to do functional training to get fit.

This means you can have a serviceable gym with barbells, dumbbells, kettlebells, medicine balls, yoga mats and a few pieces of jump rope.

Related:  Top 10 Home-Based Business Ideas and Opportunities for 2017

6. coin laundry business.

I saw the first coin laundry in 2015. Now they’re all over the metropolis. There’s even one that offers franchising packages.

For those who have traveled abroad, the coin laundry is a mainstay in motels and in the city. But the concept is very new in the Philippines. The coin laundry business has caught on because it is a cheap way to get laundry done and it appeals to those who put in long hours at work or school.

This can be quite capital extensive, but you can try to negotiate a lease program or a monthly cash payout with an equipment supplier.

7. Bakery Business

I’ve said it before: Filipinos love their carbs! It’s so hot in the Philippines that we just sweat out all the calories from carbs before they hit our waist!

A bakery has been a traditional small business idea in the Philippines because there is a steady market for it. Pan de sal, coco bread, Spanish bread and Pan de Luma are standard breakfast and merienda fare.

It also does not require much capital. All you need is a reliable oven and packaging materials. Spoilage and wastage are very minimal because bakers prepare only what they can sell for the day.

8. Photographer/Photography Business

If you have an eye for beauty, human interest stories, and still life, photography can be a lucrative career.

There are many types of work available for photographers: fashion, food, events, portraits and print ads just to name a few. But the required investment can be considerable.

Professional digital cameras can be expensive. In addition, you have to buy lighting equipment and photo-editing software. But if network hard and get into arrangements with event planners, publications and big companies you could have steady work for the year.

9. Convenience Store Business

Convenience stores are often referred to as a Sari Sari store in the Philippines. But the ones I’m referring to are different.

The stores are built out of concrete, they have more storage space, offer more products and services, and some have a built-in technology. But the prices are not much higher than Sari-Sari stores.

These are becoming more popular because they are cleaner and can sell merchandise in volume. They are also more profitable because they run more professionally. They do not honor credit and allow family and friends to take advantage of them.

10. Load Retailer Business

Load retailing will always have a steady, growing market in the Philippines. All you need is a cell phone. Once you register as a load retailer from any of the local carriers, you can start your business.

The margins in this type of business are not high. Expect to earn from 5% to 10% on every load you sell but then the costs are low. Don’t believe anyone who says you can be a millionaire selling a load.

But this can be a good side business to help you pay off some bills.

11. Real Estate Agent

All you need is to land 1 deal to get a large payout. That is the allure of getting into the real estate business. Agents can earn up to 3% of any property they sell. If you are able to sell a house for 20 Million, you will earn a commission of 600,000!

First, you need to take up 120 hours worth of classroom instruction from an accredited real estate training center. Then you need to pass your licensing exam from the Professional Regulation Commission or PRC.

A big part of the job is networking. You have to build your property and leads list.

12. Digital Marketer/Digital Marketing Business

Internet marketing has rendered traditional marketing obsolete. Businesses are looking for talent who can design and implement an effective digital marketing campaign for them.

If you have an understanding of web development, SEO, social media marketing, PPC Advertising, link building and content marketing, you could have a busy career as a digital marketer.

On average, digital marketers charge $500 to $1,500 for basic services. They net approximately half of that after they’ve paid off other team members. If you can land 10 clients, you could have a job that pays out 100,000 Pesos every month!

Related:  12 Legit Ways to Make Money Online in the Philippines

13. fruit stand vending business.

This is another fast rising small business idea in the Philippines. Fruits have always been popular with Filipinos but more so today perhaps because it is summer or we all just want to get healthier.

You don’t need a large space as a fruit vendor but you should have a reliable supplier of fine quality fruits. With good inventory controls and forecasting, you can limit your rate of wastage and spoilage.

14. Internet Shop Business

If there is an inflation-proof business, it would be the Internet shop. It doesn’t matter if your neighborhood has 5 internet shops in a row. They will have a good business.

Filipinos love video games and Facebook. For 40 Pesos an hour, it’s a good deal for consumers.

This is another capital intensive business but there are computer suppliers that offer a lease to own programs which make it easier to put up the Internet shop.

15. Rice Retailing Business

Filipinos cannot do without rice. It is a staple in our diets. That is why rice retailers have a guaranteed market.

You can enter into a distributorship program and start out with the popular brands to gain experience. These popular brands include Sinandomeng, Dinorado, and Thai Long Grain. Offer rice in a variety of sizes to attract to a wider range of customers.

16. Water Refilling Station Business

This remains one of the best small business ideas in the Philippines for two reasons: lack of potable water and the weather here is really getting hot.

You can find new water refilling stations opening a few blocks of one another, but they continue to rake in customers. Before deciding to start one, check the average price for a 5-gallon container. Prices can vary depending on the city.

17. Web Design Business

As consumers are growing more dependent on mobile devices to access the Internet, it becomes imperative for businesses to have a website. But surprisingly less than 50% of small businesses have websites.

If you are certified in web design and are proficient in various programs and Content Management Systems (CMS), you should find a growing market of business owners that would need your services.

18. Pet Sitting Business

The pet has become a part of the family. However, there are times when “Fido” and “Princess” have to stay at home. This is where the Pet Sitter comes in.

As a Pet Sitter, you must know how to take care of different kinds of pets not just dogs. You should know grooming, feeding and emergency medical aid. If you love animals, this could be a small business you could grow into a fun career.

19. Car Wash Business

More people are converting their garage into car wash services. In some of the places I’ve been to, many of these businesses are packed with long lines of cars. Business is good even on Sundays.

This is a labor-intensive business. You need good, hardworking and trustworthy people to wash these cars. The hours can be long. I’ve seen some remain open until 9 pm to finish the last car on the line.

20. Network Marketing Business

Network Marketing is a small business idea that has survived negative news and bad publicity . The term is often associated with scammers who divest people of everything they have.

Thankfully, there are a number of reputable network marketing companies in the Philippines. I’ve read posts about people who have become millionaires within two years of network marketing. I cannot confirm whether these stories are real or just bait.

If you’re thinking about getting into network marketing, do some sleuthing on the company and the agent who is offering the business to you.

21. E-Commerce Business

In the United States, many of its largest retailers are closing up shop . The reason is they are losing market share to e-commerce businesses like Amazon.

E-commerce is the wave of retail’s future. In the Philippines, it is still a growing market simply because our Internet services are expensive and not up to par with the rest of the world.

Related: How to Start Your Own E-Commerce Business in the Philippines

But horrible traffic conditions, unpredictable weather and rising prices of commodities are creating favorable conditions for Filipinos to start patronizing Internet-based services.

If you want to start an e-commerce business, be prepared to invest in a reliable, fast and mobile responsive website.

22. Accounting Business

Accounting is one of the most popularly outsourced tasks. Companies prefer to have third party service providers to handle their accounting so they can save up on benefits and other costs related to hiring full-time employees.

You don’t have to be Certified Public Accountant (CPA) to run an accounting business. A CPA is required for auditing work. Otherwise, you can offer other services such as payroll preparation, bookkeeping and inventory management.

23. Air Con Repair Services Business

With today’s blistering heat and soaring temperatures, having an air-conditioner is no longer a luxury. It is an absolute necessity.

If you have a background in mechanical work and know people who are familiar with air-conditioning repair, you won’t run low on customers looking for your service.

24. MMA Instructor

MMA or Mixed Martial Arts is not just a sport or a form of self-defense. It is also a great way to stay in shape.

If you are a well rounded martial artist; you are an expert fighter on your feet and on the ground, you can find steady clientele from all ages. You can teach from home, offer personalized instruction or be a resident instructor at any of the large gym and fitness chains.

25. Landscape Artist

One of the most effective ways to increase the resale value of a home is to have a manicured garden. It is not easy to take care of a garden. Thus if a home has one that is landscaped, it raises its appeal and market value.

It’s not just about having a green thumb. You should have the creative ability to turn the land into a work of art. As a landscape artist, you will need to invest in tools and hire people who have experience in gardening and landscaping work.

Some small-sized landscapers make 30,000 Pesos for four days worth of work.

26. Computer Repair Business

Despite mobile devices taking over the Internet, the desktop PC remains an integral part of business. The best thing about the PC is that you just need to upgrade its programs and let it undergo regular maintenance.

A computer repair business helps people save money by just having their existing PC’s fixed instead of buying a new one. You can open a home-based repair shop or accept at-home repair work orders.

27. Buy and Sell Business

Nothing can be as more basic an idea in commerce than a buy and sell business . If you have an eye for bargains, you could have a lucrative small business idea.

If you have relatives living in the United States, ask them to send you a balikbayan box filled with clothes purchased from outlet stores or garage sales. Brand name items are very affordable, and you can make a decent profit selling them in the Philippines.

Toiletries are also popular among Filipinos, and these can be purchased at bargain basement prices from wholesalers such as Costco.

28. Swimming Instructor

Swimming is not just a great, low-impact way to get fit and healthy. It is also a survival skill. The perfect time to learn swimming is just before the summer season starts. But generally, the Philippines provides good weather for swimming almost year-round.

To become a swimming instructor, you have to be certified as a trainer and in first aid. If you don’t have access to an Olympic pool, offer personalized services.

29. Cooking Teacher

Filipinos love to cook. It’s a great way to bring friends together in the kitchen, start a business and an important skill to learn.

The first step is to choose a cuisine you are familiar with. Next, you can offer cooking instruction three ways: In your kitchen, in someone’s kitchen or online. Make sure you are adept at basic cooking skills such as slicing, chopping, braising, grilling and preparing mixes.

Although being a chef would give you more credibility, in the end, the proof is in the eating. Rachel Ray, Giada de Laurentiis, and Nigella Lawson are not chefs but are doing extremely well!

30. Catering Business

If you already know how to cook or if you are a chef, why not start a catering business? The best thing about a catering business is that your operating costs are lower. But you need to network aggressively to get clients. Go to wedding conventions and promote your services heavily on social media.

The catering business can be competitive so be prepared to take a hit on your margins to land your first few clients. But once you get going, as long as your food is good, you should be busy for the rest of your year.

31. Food Delivery Business

Many Filipinos want to open a food business because they believe it is sure money. What they don’t know is that the cost of running a restaurant is very high. The main culprit is rent.

With a food delivery service, you no longer have to worry about rent. Or even if you factor in your home kitchen as an expense, it will not cost as high as the rent charged in malls.

Related: 20 Small Food Business Ideas with Small Capital in the Philippines

Come up with food that is affordable; 100 to 180 Pesos, good quality with generous portion sizes. Or charge higher for premium food such as healthy fare.

One of the more interesting concepts I came across was a service that promoted itself as “cook to order.” They advise customers to call 2 hours in advance to ensure food quality.

32. Graphic Design Business

Businesses are also looking for talented graphic designers who can develop original brand images, logos and marketing collaterals for them.

You can also find work with web designers who want to consult on the use of graphics. This is a popular job in freelancer sites.

33. Event Planning Business

Everyday events are happening all over Metro Manila. Weddings, birthday parties, anniversaries and company gatherings to name a few; and they all could use an event planner.

As an event planner, you must be patient, analytical, creative and have high-level organizational skills. You should have exceptional people skills. Clients can be overbearing at times.

This can be a very stressful job. But if you don’t mind the long hours and occasional travel, you could have a booked calendar for a full year.

34. Clothes Alteration Business

The combination of a strong US Dollar and high oil prices means one thing: It’s become more expensive to buy new clothes now.

More Filipinos are opting to have their old clothes particularly jeans altered to look good as new. You can set up a small alteration shop in your home and hire 1 good cutter/ tailor. If you want to rake in the business, have the clothes altered in 24 hours.

35. T-Shirt Printing Business

If there is one fashion article that never goes out of style, it’s the t-shirt. Filipinos love wearing t-shirts because they are comfortable. Customized printing makes the t-shirt more unique.

Offer custom services or allow customers to submit their own design. A novel approach would be to offer hand drawn t-shirts. That really makes each design unique!

36. Golf Instructor

If you have the skills of a golf professional, you can actually teach golf at home using a Golf Simulator. This is sold as a package and comes with the software, a safety net, projector and tarp-like material which serves as your target.

Based on your shot, the simulator will compute distance, direction and show you where your virtual ball landed on the fairway. You can play an entire round with the Golf Simulator.

This can be quite expensive; the cheapest one may cost you $2,500 and the higher end simulators can reach up to $20,000! But you know how Filipinos love golf. With a Golf Simulator, Filipinos can play golf even during typhoon!

37. Acting Coach

As a country that remains enamored with celebrity, thousands of Filipinos dream of becoming the next “Idol”. You see parents bringing their kids to countless auditions hoping the next one will open doors to tinsel town.

Some people end up being better coaches than actors. If you’re one of them, you might just find the next superstar.

First, you need to establish your credibility. You should be a trained professional; well-educated on the fine points of acting. Second, you should have the credentials to back up your claim. And third, you should enjoy working with people.

38. Transcribing Business

Transcription continues to be an in-demand skill in outsourcing. The Philippines is one of the premier destinations for transcription because of our high level of English proficiency and literacy rate.

To become a transcriber, you should take a 3-month course on transcription. You should also invest in a dependable PC with a reliable headset and a pedal to control the speed of audio.

Your income will depend on your speed and accuracy. Good transcribers or those with an accuracy of above 92% and can manage 1,000 lines per day can earn around 50,000 Pesos per month.

39. English Instructor

This is another in-demand outsourced skill in the Philippines. We are well-renowned for our ability to read, speak and write English. Students from South Korea, Taiwan, and Japan spend months learning English from Filipino teachers.

To become an English instructor, you must pass TOEFL or Test of English as First Language. Before you start your own business, it would be best to get some experience by working for a company. On average, English instructors are paid 30,000 Pesos per month.

40. Dance Teacher

Another activity that Filipinos love is dancing. If you have rhythm and the experience to teach different forms of dance, this could be a fun career for you.

You just need to dedicate a large enough area in your house with great acoustics and ventilation. Open up your school for kids, teens and even those in their golden years. You may have to hire 1-2 assistant instructors if your business picks up sooner than expected.

41. Singing Coach

Filipinos are great singers! We have produced world class talent that has won many competitions or starred in successful shows on Broadway.

As a singing coach, you can help others fulfill their dreams. Similar to an acting coach and dance teacher, you should have the credentials and the experience to share your knowledge with others.

You will need to dedicate a room in your house with great acoustics. If possible do a bit of sound proofing and invest in good quality recording equipment.

42. Music Teacher

If you are a gifted musician, you can make good money sharing your talent with others. People want to learn music for different reasons but it can be a daunting challenge to become proficient in an instrument.

You can set up a small studio in your home. It should have fantastic acoustics, a variety of instruments and recording equipment. In addition to teaching, you could also rent your studio to aspiring bands.

43. Yoga Instructor

Filipinos are slowly embracing more low impact forms of exercise such as Yoga. Definitely, you need certification as a Yoga instructor. Being a self-taught expert is not enough. You should go through the process of becoming a licensed instructor.

Filipinos love Yoga because it helps them relax and is a great way for toning the body. As a certified instructor, you can charge the big bucks! Those will less experience charge 700 Pesos per hour while the tenured ones will charge 1,500 Pesos and higher. Offer discounts for group classes.

44. General Cleaning Services Business

As busy as Filipinos are many homeowners don’t have time to clean their houses as often as they would like. Homes that are not kept clean on a regular basis will expose its residents to a variety of health risks.

General cleaning services are a godsend to these homeowners. They will usually have their homes cleaned thoroughly twice a month. A typical charge is 15 to 35 Pesos per square meter but it would depend on the location. For more affluent villages, some service providers charge up to 40 to 50 Pesos per square meter.

You should have a steady supply of industrial-strength cleaning solutions, equipment and a steam cleaner for carpets, mattresses and upholstery. You may also have to hire 3 to 4 assistants to help conduct the cleaning.

45. Barber Shop Business

I see more homeowners converting part of their house into a barber shop. People get a haircut once a month. A good barber is hard to come by. If yours constantly produce awesome results you could have a business that generates steady income every month.

Related: 15 Business Ideas to Earn Extra Cash at Home in the Philippines

Let’s do the math. If you have four barbers and your shop runs 8 hours a day with one customer per barber per hour, at 60 Pesos per haircut, you could potentially generate 57,600 Pesos per month.

Throw in additional services such as shampoo, hair dye, massage, ear cleaning and manicure, and you could bring in good money every month.

46. Home Massage Services Business

Mobile massage services are also becoming increasingly popular. All you need to do is to look at the newsletters being circulated in your village or supermarket. Almost 90% of the ads are in home massage services.

Depending on the type of service, rates can start out at 199 Pesos per hour. You should have good masseurs onboard who are certified and highly trained to provide massage services.

47. Coffee Shop Business

This is another popular side business of many homeowners. You can see them along the busy streets of your subdivision. The sala or lanai has been converted into a coffee shop .

Coffee is a low food cost item. Arabica coffee beans will cost around 200 Pesos per kilo from a direct supplier. A cup of coffee needs around 35 grams of ground Arabica beans or food cost of 7 Pesos. Factor in sugar, cream, and filtered water and the food cost of coffee will not even reach 10 Pesos. Yet, many sell theirs for 50 Pesos!

You will have to invest in a good espresso maker and contract a good consignor for pastries and cakes.

48. Pest Control Services Business

Pest Control is a service that is required by homes at least once a month. You can also offer your services to commercial establishments such as restaurants, hotels, motels and offices.

Before starting out in pest control, take certification courses and be ready to invest in industrial grade equipment and solutions. Your services should cover all types of pests: rats, roaches, mosquitoes, flies and other insects.

49. Carinderia Business

This is a popular small business in the Philippines. You can find them everywhere. But you don’t have to set it up in your house. You can bid to become the consignor in buildings, schools, and offices.

It’s not enough that you can whip up tasty dishes. Your menu should appeal to the average Filipino, and it must fit their budget. Most of all, you should always keep your place clean and free of pests.

Related: How to Start a Carinderia with Small Capital in the Philippines

50. digital print shop business.

Even in this age of online marketing, companies particularly those involved in real estate and consumer goods still have traditional marketing collaterals made. These collaterals include flyers, streamers, and posters.

The investment could be expensive especially if you are buying a high grade, high-resolution digital printing services. So you will have to network extensively to get clients.

51. Equities Trading Business

One of the best ways to create wealth is to invest it in equities. There are always opportunities in equities even in bear markets. The key is having a system that helps you identify buying and selling opportunities.

As a trader you must have the following qualifications:

• SEC licensed; you must take a test.
• Proficient in Fundamental Analysis; these are the news, indicators on the economy and financial statements.
• Proficient in Technical Analysis; this involves chart reading, knowledge on technical indicators such as Relative Strength Index (RSI), Stochastics and moving averages.

You can set up a consulting website where you can offer one-on-one financial advice and post your picks of the day. You can charge per hour, offer monthly consultation packages or profit sharing options.

52. Piggery Business

If you have a farm or an ideal backyard location that meets city government requirements, a piggery could be a money-making small business idea.

Be prepared to invest in a pig shelter, feeds and it would be a good idea to have an in-house vet to keep track of the animals’ health. It may take a while to earn as you have to wait for the pigs to be at the right size, but you can be assured of a steady market for your product.

53. Generator Rental Services Business

As the Philippines continues to experience a power supply deficit, expect constant demand for generator rental services. Businesses will lose money for every hour work is disrupted. Residences will be looking for ways to cope with the heat.

Start out with 2-3 generator sets that vary in capacity. Smaller generators which are ideal for home use should be able to power an air-conditioner, a few lights, and the refrigerator. If you have the means to offer larger generators, construction companies would be viable targets.

54. Uber Driver

Uber is getting more popular in the Philippines. With public transportation a hopeless cause, commuters are thankful that getting a taxi is as easy as downloading an app.

To become an Uber driver, you must pass the qualifications of the company. First and foremost is your car must not be more than three years old. Second, you must have a valid driver’s license, and third, you should own a smartphone.

If you don’t own a car, you can become a driver for an Uber partner. As an Uber driver, you are assured of having a steady clientele. Your ability to earn would depend on your “drive” to succeed. It is up to you to accept a request for transportation.

55. Dog Breeding Business

The first time I heard of dog breeding was in early 2000. I had a friend who was breeding pit bulls. He said it was a lucrative business but you have to invest in championship quality dogs.

Fast forward some 10 years later and I meet people who breed different types of dogs: Pugs, English Bulldogs, Shih Tzu’s are the popular varieties. They tell me it is better to buy pups from breeders because they are raised in wonderful and more humane conditions. An English bulldog can fetch a price of 30,000 Pesos.

56. House Flipping Business

Buying an old house offers you better profit margins than a new one. In addition to the value of the land, the structure is already set and the fixtures are usually of better quality than newer homes.

This is the allure of house flipping; the business of buying an old home, renovating it then selling it for profit.

House Flipping is a team effort. You will need a realtor, an interior designer or an architect and an engineer. If you don’t have capital, you would need a financier. But you can make incredible money from house flipping if you can find great value property and stay within the renovation budget.

For example, you can find old houses in Paranaque for 3 Million. The budget for renovation is usually 25% of the acquisition cost. But then, there are buyers willing to pay 5 to 6 Million for a renovated home in a good location.

The catch is, you have to sell the house within four months otherwise the perceived value starts to drop.

57. Party Supplies Business

This is a popular small business idea in the Philippines. Years ago I attended a children’s party at a fast-food restaurant. I had a chance to talk to the supplier of all the party supplies: hats, balloons and loot bags.

She said she used to buy in Chinatown, but as the business grew, she flew them in from China. The quality was much better, there was more variety, and it was much cheaper. Because her supplies were unique, many fast-food restaurants contracted her for their children’s parties.

Start out by buying from local suppliers just to get a feel for the business. You may have to bring down your prices to get more customers but your first priority is to develop a regular clientele. If you are regularly generating business, you can outsource supplies to improve margins.

58. Entertainment Booth Rental Business

Parties today are much different than they were 5 to 10 years ago. It used to be that the focus was on the food. It seems that more party hosts are dedicating more resources to creating the ultimate guest experience.

You can find karaoke booths, photo-me stands and gaming areas in birthday parties and wedding receptions. According to the event organizer, the hosts just rent these booths from local suppliers.

Entertainment booth rentals are regular income generators. You don’t need much manpower to oversee them. Start out with the popular ones then add new booths to keep the mix interesting.

59. Retailer of Indigenous Products

The Philippines is home to so many wonderful indigenous products which are inexplicably available only during trade shows.

I love attending these trade shows because I can get my fill of indigenous fruit wine, jam, peanut butter, turmeric tea and the smooth tasting Civet coffee. What I’ve learned is to indulge my craving for Vigan longanisa only from these trade shows. Nothing tastes better than the original!

There is a market for these products locally and in abroad. Civet coffee for one is in demand in North America. These products are organic and healthier than the ones you find in supermarkets.

If you become a retailer, you will offer highly differentiated products from your competitors.

60. Insurance Business

In my opinion, getting insurance is more important today than ever before. With worsening weather conditions and the threat of “The Big One,” you should always make sure your house is insured.

The same goes for cars. Traffic will only become worse. It is estimated there will be 500,000 cars plying the EDSA route in 2020. It becomes riskier to take your car out. Thus, make sure it is likewise covered by insurance.

You can become an insurance agent, and you may find it easier to get clients. To become an agent, you must be licensed. You can also offer educational and life plans.

61. Travel Agency Business

Despite the depreciation of the Peso, Filipinos continue to push through with their travel plans. If you want to put up a travel agency, you can still get bookings for people interested in visiting our islands.

It might be a good idea to be a member of IATA or the International Air Transport Association. As a member of IATA, you get to issue travel tickets. Non-IATA members have to function as middlemen and will not have the capacity to issue lower priced tickets.

62. Campaign Broker

The Philippines remains a global hotspot for outsourcing. Many people want to enter the industry but do not know how to get clients. If you have built a good-sized network of companies looking to do business in the Philippines or if you have great success in networking, a career as a campaign broker can be lucrative.

You can request for a Finder’s Fee which is equivalent to 3% of the first month revenues earned by the outsourcing company. You can also earn by adding a markup on the fees charged by the outsourcing company to the client.

But you should build a good reputation for your business as the industry is filled with campaign scammers.

63. Corporate Massage Business

I mentioned this as a growing trend in Australia. Companies are hiring corporate massage therapists to give their employees massages during breaks. It’s a great way to relieve stress, promote health and wellness in the office and show employees you care.

Years ago I saw a popular fast-food chain give customers massages. It didn’t seem like a good idea back then because how can you appreciate a massage when you’re busy eating fries?

But the concept should work in an office environment. Make sure you hire certified massage therapists and have good equipment on hand.

64. Jewelry Making Business

Filipinos are talented in creating fashionable accessories. That’s why jewelry making continues to be a popular small business idea in the Philippines.

You can run the business from home, and the cost of materials are not expensive. You are also assured of a market; Filipinos love buying jewelry. Sell them online through your website or participate in trade shows and flea markets.

65. Personal Shopper

Traffic will always be a part of life in the Philippines until such time that Filipinos finally elect a leader willing to prioritize traffic management in the country. It’s a huge inconvenience to daily life. But as they say, “When life throws you lemons make lemonade.”

Take advantage of the misery of millions of Filipinos by becoming a Personal Shopper. Every day some people want to go out so they can buy gifts for someone. It’s not just traffic they have to deal with but also parking issues and long lines at the payment counters.

As a Personal Shopper, you can help make shopping a convenience for countless Filipinos. Many will shell out big bucks to avoid shopping. Try to establish connections will merchandisers and retailers so you can get discounts for bringing them business.

66. Supplements Retailing Business

I see this becoming more frequent in my social media pages. More and more supplement retailers are coming up.

These retailers offer protein powders, mass gainers, fat burners, pre-workout drinks and other vitamins and minerals. The supplement industry generates billions of dollars every year as people are becoming more health conscious.

This is evident in the Philippines as more people are signing up for gym memberships. Start out as an online retailer, so you lower down costs and offer more competitive prices. Also, include delivery services for nearby villages.

67. Transportation Rental Services Business

How many good small business ideas have we come up so far that are a direct result of the Philippines’ horrible traffic situation? Uber, e-commerce, Personal Shopper and here’s another one: transportation rental services.

Similar to Uber, rental services is a proven way of extracting value from a depreciating asset like a car. The advantage of rental services is even if your car is more than three years old people will rent it as long as it is in good working condition.

I have seen rental services that charge 18,000 for 3 days use of the car. The fees would depend on the size of the car and the duration of use. There are some proprietors who charge a flat fee of 3,000 for an entire day’s use of the car.

68. Survival Kits Business

For the last few years, we’ve been hearing about “The Big One” or the earthquake that is supposed to cause damage of biblical proportions in Metro Manila. In addition to frequent earthquake drills, city governments are requesting people to have survival kits.

This is a small business idea that will also help Filipinos get ready for any calamity, not just The Big One. If you want to be successful, think out of the box and be more creative on what shall be included in your survival kit.

Perhaps offer a mobile phone that has a 30-day battery life. Include tablets that can convert tap water into potable water. Add generic medicines, first aid items, and powerful pocket flashlight.

People are willing to spend on survival kits that are unique and have items that can help them get through life threatening situations.

69. Caregiver Home Services Business

This is a small business idea that I saw in a documentary on the elderly in Canada. Caregivers regularly visit their patients every day and provide them their medications and companionship.

The advantage of this type of business in the Philippines is that Filipinos take care of their own elderly. Very few leave them at elderly homes unlike in North America.

Caregiver Home Services fills in the hours when the children have to be at work and cannot watch over their elderly parents. Some can even stay overnight and keep watch while the elderly sleep. It is during these hours that most accidents happen.

70. Business Liaison Business

Every day a Filipino moves closer to his dream of becoming an entrepreneur. One of the limiting factors in putting up a business is complying with the multitude of requirements. Fortunately, there are people who can make the process much easier.

Business Liaison Professionals are in demand and not just from local entrepreneurs but also from foreign companies that want to do business in the Philippines. If you have experience registering businesses at SEC or DTI, getting permits from local governments and the tax agency, you may find yourself business most of the year.

Business Liaison Professionals can charge anywhere from 30,000 to 75,000 Pesos for their services.

Related: 5 Essential Business Permits and Licenses in the Philippines

71. Money Changer Business

Moneychangers are a welcome sight for OFW’s and other outsourcing companies that get paid in foreign currencies. Their rates will always be much better than banks. You can even buy foreign currency with little restriction.

To become a money changer, you must be accredited by the Bangko Sentral ng Pilipinas or BSP, the Central Bank of the Philippines. This is a good small business idea because, given the uncertainty of foreign currencies, markets are more volatile. You can take advantage of the wide fluctuations in currency prices.

72. Lotto Outlet Business

Just when you think it has run its course, more lotto outlets continue to be set up. Filipinos love to play the game of chance and hope the numbers they select will finally give them a better life.

You still see long queues in many lotto outlets. The key is location. You need to put up your outlet in a location with high foot traffic because the margins in a lotto business are small. You earn 5% to 7% of every lotto ticket you sell.

Start your best small business idea in the Philippines

Despite being an expanded list, I may have overlooked other ideas which may interest you. The point is this: if you have a small business idea that you want to pursue in the Philippines, by all means, go for it!

In business, there is never such a thing as the “right time.” Opportunities abound everywhere; they are present every day, and if you don’t move forward, you may never see them.

Conduct research on its feasibility and keep an open mind. If the numbers are good, then set your plan into motion by legalizing your business entity. If the numbers aren’t good, pursue your next idea!

Entrepreneurship can be hit or miss. Every idea sounds and looks good until you’ve launched it. That’s where you have to deal with a myriad of factors that will influence your level of success.

But the worst thing you can do is not to pursue your entrepreneurial dream. We all can’t be winners. Entrepreneurs like Sir Richard Branson, Mark Zuckerberg, Bill Gates and Elon Musk all had gone through their share of failures before they struck it big.

Failure is a painful experience that we all dread. But you should not be afraid of failure because it makes the taste of victory even sweeter once you’ve accomplished your goal!

Roel Manarang is a seasoned entrepreneur who helps businesses succeed through design and digital marketing. With over 10 years of experience, he has assisted 170+ global companies. Roel is the founder of Workroom , a digital marketing company, and Tycoon Philippines , an acclaimed business and finance blog. Find him on LinkedIn .

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4 Most Profitable Business Ideas in the Philippines That You Can Try

Have you ever considered launching your own business in the Philippines? If so, you’re in the right place! The Philippines boasts a vibrant economy and a flourishing entrepreneurial culture, making it a perfect environment for new business ventures. 

The World Bank even endorsed this positive outlook, which has improved its forecast for the Philippine economy since December 2022 .

The country benefits from a youthful, tech-savvy population and a rapidly growing middle class , displaying a growing interest in innovation. But, as with any entrepreneurial endeavor, there are associated challenges and risks to consider. Competition can be fierce, navigating regulations can be complex, and securing funding can be convoluted.

Before you start your venture, you must have a well-informed plan. Here are some of the most profitable business ideas in the Philippines across various starting capital levels.

1. Online Selling

Online selling, often called e-commerce, has emerged as one of the Philippines’ most lucrative small business opportunities. The Department of Trade and Industry (DTI) has observed a remarkable surge in Filipino online retailers, soaring from around 2,000 to over 2 million in recent years. 

This substantial growth is attributed to the country’s increasing internet accessibility and the impact of pandemic-related restrictions.

The online consumer market has also witnessed a substantial and rapid expansion, giving entrepreneurs ample opportunities to capitalize on digital sales. With the right products and effective marketing strategies, selling goods online in the Philippines can be a low-cost business idea offering high profits.

Here’s a breakdown of what you can expect from an online selling business.

Practical Tips and Steps When Starting

Now that you know online selling is a high-profit business in the Philippines, here’s how to get started and succeed:

1. Select a niche 

Find something to sell that you’re passionate about, knowledgeable in, or in which you have a competitive advantage. This will drive your enthusiasm and help you stand out in a crowded market.

2. Conduct market research

Thorough research will help you identify your target market, competitors, pricing strategy, and customer demand. Informed decisions based on data can help you perform better on these platforms. 

3. Develop a comprehensive business plan 

A comprehensive business plan, including your goals, strategies, budget, and timeline, is the solid blueprint for your online selling venture. Do you need a business loan ? It ensures that your business operates smoothly from the outset and is a reliable reference point as it evolves and adjusts to changing circumstances. 

4. Choose an online platform

Your chosen place to sell should suit your business needs and preferences. You can create your own website or use an e-commerce platform like Lazada or Shopee. The one you choose should synergize with your brand tone and bring your listings to the right people.

5. Procure or create your products or services

You can buy from wholesalers or supplies, make your own products, or offer your skills and expertise as a service provider. Your suppliers define your product quality and uniqueness!

6. Promote your business online

Use all the marketing tools available, including social media, email marketing, SEO, content marketing, etc. Effective online promotion is a must to stand out and build brand recognition.

7. Provide excellent customer service

Customer service is another crucial aspect of managing an online shop. Prioritize responding to inquiries, feedback, reviews, and complaints promptly and professionally. You can also offer promotions to build solid relationships for long-term success.

2. Food Cart

Food carts are ubiquitous in the bustling streets and malls in the Philippines. Wherever people pass by, chances are high that there’s a food vendor around ready to feed the crowd. The humble food cart is a small, profitable business in the Philippines.

The quick, delicious, and affordable bites are perfect for students and rushing employees who can’t stop to eat a full meal. If you’re interested in running a food cart, here’s what to expect.

You can increase your chances of success in the food cart business by following these practical tips:

1. Decide between franchising or starting your brand

Your decision to franchise or establish an independent food cart will significantly impact your level of control and starting conditions. Independence offers creative freedom and sole decision-making authority but comes with increased responsibilities. Meanwhile, franchising gives a proven model to follow, albeit with some trade-offs in control.

2. Choose an appropriate food cart and menu items

Research market demand, preferences, and trends to select the best-performing food items. Alternatively, identify gaps your cart can fill and create an appealing selection for your target audience.

3. Pick a suitable location

The location of your food cart is crucial, so scout for areas with high foot traffic and visibility. Negotiate favorable contract terms with property owners and managers to minimize the chances of being forced to move on.

4. Set up and maintain your food cart

Ensure your stock matches the purchase volume of your best sellers. Additionally, it would be best to keep a clean and inviting food cart to attract and retain customers consistently.

5. Promote your food cart 

Utilize various marketing channels, including social media, word-of-mouth, and online platforms. It’s common practice for influencers and blogs to feature hidden gems, which could boost your business.

6. Provide quality food and customer service

Always prioritize using fresh, clean ingredients and friendly, efficient customer service to ensure customer satisfaction. Happy customers repeat their business and spread your brand.

Need to burn some calories from binging food cart snacks? You’re not alone— nearly 25% of Filipinos own a gym membership. Many Filipinos strongly desire health and fitness, leading to a high demand for fitness facilities post-COVID.

Gyms tap into this wellness wave. As one of the Philippines’ most profitable small businesses, they provide professional fitness guidance and a place to achieve health goals.

You can expect the following from owning a gym or fitness center business.

Gyms can be surprisingly tricky to manage, so here are a few ways to maximize your chances of success:

1. Decide whether to franchise 

When you franchise an existing fitness brand, you can use the industry’s highly competitive nature to work for you. Weigh the pros and cons against your budget, risk tolerance, and long-term goals. Remember that you sacrifice some creative control when you go down this route.

2. Identify your target audience and locate your gym strategically

Will your gym specialize in specific workouts, like weight training or calisthenics? Your target audience will determine the ideal location. Choose a spot with good visibility, accessibility, and proximity to your target demographic.

3. Invest in suitable, high-quality fitness equipment

The quality of your equipment directly impacts your gym’s effectiveness and customer satisfaction. Remember that equipment should align with your target audience’s needs and preferences. Additionally, regardless of your gym type, your layout should optimize space while maintaining convenience and accessibility to avoid overcrowding.

4. Hire certified trainers and support staff

Your team must be able to operate and oversee equipment, practice proper safety protocols, and provide expert guidance to your members. Ensure your team can also handle customer service to create good impressions on your customers.

5. Implement marketing and membership strategies

Effective marketing draws people to your gym, but your membership benefits keep them returning. To attract your target audience, use a well-rounded marketing strategy that utilizes online and offline channels. Additionally, entice potential members with attractive packages, promotions, and referral programs to foster long-term partnerships.

4. Vacation Rental

Property renting is still one of the most profitable businesses in the Philippines. The country’s diverse range of destinations makes it a magnet for both local and international travelers. Vacation rentals balance affordability and authenticity, being generally less expensive while offering a more accurate local experience.

This highlights what to know about becoming a landlord.

If you’re setting out to be the next successful vacation rental owner, here are a few tips that will help:

1. Research rental demand and tourist hotspots

When considering your budget constraints, you must choose a property in a prime location that aligns with your financial capabilities. Properties near popular attractions like beaches or mountains tend to get more tenants. These locations can still draw thrifty tourists even if you’re on a budget. 

If your budget falls short, consider obtaining a small business loan or checking out business loan banks to acquire your desired property.

2. Familiarize yourself with local zoning laws, permits, and regulations

Ensure your property complies with local safety and quality standards. Another critical consideration is liability insurance to protect your business from potential legal issues.

3. Furnish the property with essential amenities

Make your online listing more attractive to potential guests with all the necessities and appealing décor. It’s a vacation property, so it can help if you imagine what you expect and want from your vacations.

4. Set competitive pricing

Base your prices on updated market rates and your property’s features and location. Additionally, advertise where your target audience is. Social media and tourist sites are common platforms.

5. Establish clear communication channels

This business is not entirely passive. Your tenants may have inquiries and requests that you must deal with promptly to ensure they have a good experience. Good customer service leads to repeat business and loyal customers.

Make Waves in the Philippine Economy

The Philippines’ dynamic and rapidly growing economy offers a wealth of opportunities for entrepreneurs, like different franchise types . Its burgeoning population of digital-savvy consumers makes it ripe for the next innovative idea to make waves.

Today’s the day to make a splash in the country’s business landscape, and what better partner can you have for all things business loans than Zenith Capital?

Our financial support company gives expert financial advice and Philippine business loans . Contact us today to learn more, or apply now to begin the process!

Rizza Templonuevo is not just an accomplished finance professional and business leader, but also a loving wife and a dedicated mother of two. With a passion for helping businesses grow and thrive, she brings her extensive knowledge and expertise as Vice President of Zenith Capital Credit Group Corporation to help countless SMEs and corporations across the Philippines access the financing they need to succeed.

When she’s not busy with work, Rizza enjoys immersing herself in the worlds of fashion and social events, as well as traveling to new and exciting places.

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30 Best Small Business Ideas to Pursue in the Philippines this 2023

The perfect business idea pops into your mind within seconds.

And, the next thing you know: you are all over the place.

Indeed, the idea of starting a business is exciting but overwhelming too. There is so much to do than what you can think about now.

Let’s say you are good enough to have random business ideas coming into your head.

But how about the others? Brainstorming is never easy. So, we have this article for you!

Kickstart your dream into reality by discovering the best small business idea that fits your ideals, goals, and budget without going through the hassle.

Check out this comprehensive list of brilliant small business ideas that can help you start your entrepreneurial journey.

Moreover, learn the following topics exclusively in this article:

Table of Contents

Reason for doing business this 2023, how to future-proof your business, the entrepreneur’s checklist.

• 30 Small Business Ideas You Can Start Now

Doing Business and COVID-19

Alright! Let’s start reading!

You may ask yourself if it is wise to start a business in 2023.

The COVID-19 effects are still obvious, and though restrictions started to ease slowly, they still give everyone anxiety.

However, it is noteworthy that significant research and reports in 2022 showed a positive outlook in the business industry. Such a projection can be a stepping stone to kickstarting your dream business this year.

If you are wondering where all these are coming from, check this business forecasting for 2023 .

At times, your uncertainties can surely overpower you.

But, you can overcome this if you learn how to future-proof your business.

By future-proofing, you make sure that the business remains valuable in the long run.

There is no room for you to think it will go obsolete one day. So, how can you future-proof your business?

Here are four proven strategies.

Create room for innovation

Predicting the future is impossible, but we can get close to it.

You should not stop learning.

At one point in time, you need to innovate and look for another way to entice your customers.

In other words, you should step up the game and beat your competitors.

Follow the trends in developed countries

If there is one keyword that you should not forget; it is the word “trend.”

Stay updated with all the latest trends in most developed countries but do not imitate them entirely.

You have to tailor-fit it according to your business’ needs.

Predict future demands today

Customers cannot always tell you what they want.

As an entrepreneur, you have to anticipate it.

So, it requires not only innovation but also your imagination and experience in the industry.

For one, the main thing you need to do is to do market research and benchmarking continually.

You may not need the data this time, but one day, you’ll surely need those, so keep them while you can.

Rethink your past strategies

If your past strategies did not work, move on.

It is the right thing to do, but at one point in time, you will realize that the failure you had can be your driving force to do better.

So, instead of forgetting about it entirely, why don’t you use it as an inspiration to do better?

Improve those past techniques or modify them completely. It is up to you.

As entrepreneurs, you create your destiny.

You need to prepare and equip yourself with favorable qualities and traits to stay in the industry longer.

Here is an 8-point checklist to help you confirm that you are an entrepreneur.

• You are confident.
• You are competitive.
• You are workaholic.
• You are focused.
• You are independent and self-motivated.
• You are a leader.
• You innovate.
• You accept failures.

What do you think? Do you have all these qualities?

If yes, then that is great! You are ready to call yourself an entrepreneur.

30 Best Small Business Ideas in the Philippines (2023)

Now, let us talk about the business ideas you can try.

It is grouped based on the available industries in the market today with visible popularity and conversions, despite the recent unfavorable events.

Let’s begin with the general industries as picked by your editors in no particular order.

1. Street Food

Filipinos love food!

After all, who can beat our classic fish ball stands and refreshment stands, right?

That is why starting your street food business is a wise choice. With a small capital on hand, you can begin this excellent business without any doubt.

For a more appealing approach, why don’t you give it a small tweak by having crazy offers like street-food on your doorstep?

People will surely buy fantastic offers like this, especially now that the pandemic is not yet eradicated.

2. Digital Marketing Services

Almost everything today is going digital - from people to businesses.

However, not all entrepreneurs have what it takes to become a digital marketer.

This is where you step-in - someone who has working knowledge of the digital marketing sphere.

Share what you know with others by starting your digital marketing agency.

Moreover, highlight why it matters, especially to businesses.

As a provider, you can sell your expertise in search engine optimization (SEO), social media management, email, and content marketing to businesses or entrepreneurs.

Find clients to work with through freelancing sites such as Upwork, Onlinejobs.ph, and social media platforms such as Facebook and LinkedIn.

3. Vending Machine

If you’re looking for a business with minimal supervision, this one is the right choice.

All you need is to secure the capital, buy the machine, place it in an area that attracts customers, and voila! Your vending machine business is now ready.

You just have to ensure that you do the regular machines’ maintenance and that restocking is always done on time (especially for food vending machines).

4. 3D Printing Service

Business owners always look for ways to showcase their products.

Years ago, the idea of products on printed materials should suffice, but now, 3D printers have proved their worth in the industry, making it a viable business if you have the right product idea.

Hence, you can try offering this kind of service to produce souvenirs and other personalized items.

5. Home and Office Furniture Rental

Some businesses want to save costs.

Hence, instead of acquiring all types of furniture, they opt to rent.

This is now a viable niche market for those looking into leasing their products instead of selling them.

So, how do you do it? Mostly, it is contact-based, depending on the clients’ needs. 

Why rent furniture?

It is like renting apartment houses.

People who stay in the places they visit for a longer time tend to choose to rent furniture because it makes them feel more comfortable.

Simultaneously, it saves money and effort since there is no need to bring with them furniture should they decide to go someplace else.

The same concept applies to start-up companies, for example.

Instead of buying furniture for rented office space, renting furniture on a term basis is more budget-friendly.

It cut down start-up costs without worrying about having an empty office space.

6. Smart Home Services

Have you ever wondered how you can turn off your lights just by clapping your hands?

Well, that’s not magic as it seems like in movies.

It is actually possible because of the so-called “Internet of Things” or IoT.

The term refers to the network of connected devices equipped with unique identifiers so the individual device connected can communicate with each other.

IoT is also responsible for developing smart homes and is why it is now possible to turn on and off lights and other appliances or devices using either voice or gesture commands.

Hence, you should seriously consider an exciting business idea, especially if you know how IoT works and other principles related to it.

7. Modern Jeepney Franchise

Certainly, jeepneys always have a special place in Filipinos hearts.

Then, COVID happened.

With the new government regulations, the traditional jeepneys are likely to be not plying our roads anytime soon.

It is a sad reality but has lead to another business opportunity, which is franchising modern jeepneys.

This franchise business will allow you to operate a fleet of new jeepneys approved by the Department of Transportation (DOTr).

It is an enticing venture to try that can also help displaced drivers soon.

Retail Industry

8. buy and sell.

Doing buy and sell is another excellent business opportunity to consider.

As you know, it is a proven and tested business model that covers almost every possible item you can imagine.

From gadgets, clothes, food, real estate, and others, you can easily pull off this business if you learn the craft of how to buy at lower prices and selling it with a profit margin.

9. Cellphone Load Retail

Almost everyone has mobile phones.

Hence, starting a cellphone load retail business is a viable option to consider, especially if you are in an area with not many retailers.

It is feasible because you need only small capital, but you earn big.

10. Plant Selling Business

Do you have a garden? Well, it is time that you earn some cash out of your plants!

The pandemic has turned most of us into “plantitos” and “plantitas” and has become a booming business since then.

This business idea is feasible if you love planting and investing in some good quality plant species.

You do not need a massive amount of capital for this, and there is no losing - there are a bunch of plantitos and titas who need you.

11. Sari-Sari Store

It is an old-time classic.

A sari-sari store will always remain a great business idea.

The Filipino “convenience store” is always a go-to place to grab our emergency or daily needs.

Hence, starting this business tends to succeed wherever you are. We tend to buy things retail due to economic reasons and ease-of-access.

12. Collectibles Trading

Collectibles trading is more of like a hobby than a business.

However, it is not really a big deal, as long as you have a community that shares the same likes. 

Such a group of people is looking to swap, buy, or sell various items ranging from old paper bills and coins, bottles, and other things.

So, as a collector, you must have extensive knowledge of which items sell at higher prices.

13. Sell Homemade Products

Do you have a secret recipe that creates delicious food?

If yes, take it as an opportunity to start your homemade product business.

This business only requires a small capital investment and word-of-mouth marketing.

Create a buzz by letting your relatives and friends taste your food. The rest becomes history.

With this kind of business, you can express yourself better and create a personal branding you can use later to expand the business, perhaps through franchising and other means.

Food and Beverage

14. baking business.

Here’s another business idea that can start as your hobby.

If you love baking, then, folks, try a baking business.

Your local bakeshops may be there, but not all of them can cater to the increasing demand of customers looking for bakeshops that can make customized cakes and other baked goods.

Hence, make this an opportunity to use your skills. You are hitting two birds with one stone - doing what you love and earning money simultaneously.

15. Rice Retailing Business

Rice is a staple Filipino food.

Therefore, it only makes sense to start your “bigasan” business by buying sacks of rice and selling them by the kilo.

Again, we are retail fanatics, so there are always customers who will look for your business.

16. Water Refilling Station Business

Without clean and potable water, we can’t survive.

Hence, it only makes sense to start a water refilling station business in your area.

Do not worry about your competitors. The important thing is there will always be customers with this type of business.

It is just a matter of marketing and the quality of service you provide.

17. Food Cart and Palamig Business

Snacks and meriendas have also become part of the Filipino culture.

So, why not sell one?

Through food cart franchising , you now have plenty of options to start your food cart business.

This business also has a small capital investment needed, including terms with the franchisor that benefits you.

Furthermore, with this kind of business, you all have flexible options available - from the location and payment terms. You just need to discuss everything with the franchisor.

18. Food Delivery Business

Online food delivery services like Foodpanda and Grab make it easy for us to order food online.

If you can start a business that is in line with this one, it can be a great additional option for all the Filipinos who rely on delivery services.

Moreover, you can actually launch your food delivery service, especially if you are offering food products. It is always an innovative choice on your part as an entrepreneur.

Personal Business

19. computer repair services.

After the pandemic wreck havoc in the country, the demand for computer repair services increases.

It makes sense because everybody is shifting into work from setup and online classes.

Given this, not everyone can afford to get a brand new computer or laptop. Sometimes, they are looking for ways to turn old devices into a useful one.

That is why repair service businesses are needed.

Again, this is an opportunity that you should address, especially if you have the skills and knowledge on how to repair gadgets.

20. Personal Shopper

Now, this business idea seems to sound a little lucrative but is actually one of the most in-demand businesses these days.

With the pandemic’s mobility restrictions, some people opt to hire personal shoppers to do grocery shopping and other kinds of errands.

If you have the means like a car or a motorcycle, try offering this kind of service in your neighborhood.

21. House and Pet Sitting

Perhaps, this one is an odd business idea.

However, there is a demand for this kind of service.

If you live alone but need someone to look for your house and pets, the only feasible option is hiring a house and pet sitter.

You can start this kind of business by looking for people who want to do this job and then offering your services locally first before expanding to neighboring cities.

22. Car Wash Business

Dirty cars are never appealing.

Every car owner knows that keeping the car clean is essential. However, not everyone has the time to do this.

Hence, the car wash business. It is a viable business idea these days, especially if you offer home service options to customers.

23. Barbershop

For girls, it is normal to have long, straight hair. But for men? It is not always the case.

Starting a barbershop business is an excellent idea, to begin with, if your area has not many barbers available.

Despite the competition, it is still considered a great business opportunity. 

Online Business

24. online selling or reseller (dropshipping) .

Being an online seller means selling products through online platforms like your website, Facebook store, or personal Instagram.

On the other hand, being a reseller can mean two things:

Having an actual inventory of the products that you promote online through the use of online platforms You serve as a dropshipping salesperson or the middleman who sets up a virtual shop online. From here, customers can place and process orders and payments. Once the order is confirmed, you will forward the orders to the source and deliver them to the buyers.

The bottom line is it is like a consignment business. It is just you mainly handle marketing and promotion of the products plus running the website all at once.

25. Vlogging

Do you have the confidence to talk in front of the camera?

If yes, then vlogging can be your next business idea.

Vlogging used to be purely recreational.

But now, you can use it to make money online.

The process is simple: (1) set up your account either on YouTube, Facebook, and Instagram, (2) decide on your gear set up and shoot, then (3) edit and upload your video.

In the beginning, it is not easy to do because, of course, you need to grow your audience and followers so you can start monetizing your channel.

For example, YouTube requires a certain number of followers and viewership before you can monetize your account.

Moreover, your income always depends on the number of advertisers that place ads on your videos. So, it matters to have a considerable number of followers that genuinely consume your content.

At the same time, if you reach influencer status, you now have the authority to demand specific fees for other companies that want to work with you.

26. Cleaning Service

Estimated Capital: PHP 1M Estimated Income: PHP 250k-350k per month

Consider beginning a cleaning business if you are okay with performing the nasty work that others can't. The financial return can be enormous.

Starting a cleaning service is simple, and you can get started with little money. Sometimes all you need is a scrub and some cleaning detergent. 

That being stated, here are some simple cleaning businesses you can start: 

House cleaning services: Do you know any busy, single experts in your area? Why not approach them and offer to clean their homes in exchange for a small fee? You'd be shocked at how quickly this company can expand. 

Cleaning a vehicle: Some vehicle owners may need more time to clean their automobiles. Why not lend a hand to them? You may even go further by approaching businesses and offering to clean their private or public fleet of cars. 

Carpet cleaning: Do you have carpet cleaning equipment or know where to get it? Consider creating a commercial or residential carpet cleaning business. 

Graffiti removal: Do you know how to remove graffiti from walls? A graffiti removal service could be profitable.

27. Pet Grooming

If you enjoy having pets around and grooming them doesn’t seem like much work, consider starting a pet grooming business.

To stay flexible, consider offering home services. In this arrangement, you visit the homes of pet owners, groom their pets, and get paid for your assistance.

28. Property Management

If you have prior experience in the real estate industry or are skilled at developing real estate management software, you may find success as a property manager. 

The problem is that many property owners do not have the time to handle their properties all throughout the town. They need someone to rely on to collect rent, maintain broken items, and evict problematic renters. If you've previously worked in the real estate industry or are simply strong at management, you could find success as a property manager, especially with the right property management software. 

So, if you're up for the task, go for it.

29. Ice Cream Business

In the heat of summer, who doesn't enjoy a cold cup of ice cream? Or even anytime of the day! Why not use this business idea and start building it this year.

For one, you can choose to franchise an existing ice cream business or start your brand by making homemade ice cream of your choice.

30. Alcohol and Liquor Store

Alcohol is a fairly safe bet. It is in high demand all year, and sales do not fall during recessions. Online alcohol sales are also increasing, so you can expand your eCommerce business. 

However, opening a regular retail business is easier than operating a liquor store. Because you'll be designated a high-risk merchant, you won't be able to work with all payment processors, though you'll still need one—after all, customers enjoy their credit cards. You'll also need to ensure that you have processes to check IDs and report taxes properly. 

The pandemic is not yet over, but compared to the past two years, the half quarter of 2022 and the beginning of 2023 are better.

Everything is still part of the new normal , yet the best thing now is that businesses have started to open up and be back on track.

With more establishments open and restrictions easing up, realizing your business should be easy. 

So gear up now and start your business. Prepare your capital, the products or services to sell and offer, and manpower, or if you want to franchise , then now is the best time.  

Ultimate Guide to Franchising

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The franchise industry is booming, and entrepreneurs are wondering about how this sector works. This ebook aims to help aspiring franchisees achieve their business goals.

Disclaimer: Franchise Market Philippines strives to provide relevant and accurate information in all its articles. However, some information in our articles may differ or might be outdated from what you can see or read directly from the establishments' or businesses’ websites. Please get in touch with us directly for any discrepancies.

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50 Best Business ideas in Philippines You Can Start Today

By: Author Tony Martins Ajaero

Home » Asia

Are you interested in starting a business in Philippines ? If YES, here are 50 small business ideas and investment opportunities in Philippines that you can start . As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, services have come to dominate the economy.

Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations.

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Best Business ideas in Philippines

Online business.

With more than 3 billion people online every day, the Internet offers you a vast ocean of Online business opportunities. Setting up an online business does not require a large investment. All you need are a computer, good Internet connection, a website, a merchant account with a bank, and reputable suppliers.

Smartphone repair

Since 2014, 60% of online traffic has come from mobile devices, particularly smartphones. It is estimated that 4 out of 10 Filipinos will own a smartphone by the end of 2015 because of decreased prices and improved network systems.

With the Philippines crowned as the “Selfie Capital” of the world, these smartphones are expected to go through wear and tear! Smart phones start to bog down within 2 years. This small business idea can assure you a steady stream of clients who can’t last a day without their smartphones.

Computer home repair

Computers, laptops, and gadgets are expected to require considerable servicing, repair, and maintenance, as people have become increasingly dependent on technology. Having a home repair service gives you two advantages over the usual computer repair stores.

One, your rates will be cheap because you do not have to factor in rent. Second, by going to their homes instead of them going to your store, your service becomes convenient. Most of your small business investment will go to marketing and promoting your services.

Entertainment booths

People are looking for creative ways to make events fun and exciting. If you’ve been to a wedding and have seen a photo booth or a karaoke booth, you know what I’m talking about! These entertainment booths provide guests a round-the-clock fun, and they make events memorable.

Other popular booths include tattoo, face painting, caricature, and video gaming booths. You can either act as the marketing arm of a vendor for these booths or start out with one or two booths. The most popular booths are photo and caricature booths.

Photography

Nothing beats a professionally shot image even in the age of selfies. Professional photographers are constantly in demand for weddings, birthdays, and corporate events. In addition, professional photographers are contracted by graphic and website designers for customized images.

Keep in mind that photography is an expensive hobby! The price of a professional digital camera ranges from Php150,000 for the Sony Alpha A99 to Php2,000,000 for the Hasselblad H4D 200 MS.

Dog walking

Television shows such as Dog Whisperer have provided pet owners a significant understanding of their dogs. They have become aware that more than just food, water, and shelter, dogs need plenty of attention and exercise. Dog walkers have become a common sight in gated neighbourhoods whose owners are mostly out of the home for work or school.

Having a love for dogs is not enough to become a dog walker. Attend seminars, trainings, and certification programs to guarantee owners that their dogs are in good hands.

Personal fitness training

A 2011 survey by the Food and Nutrition Research Institute showed that 22.3% of Filipino adults are overweight, and 6.1% are obese. According to the Department of Health, heart disease has remained the number one killer in the Philippines since 1990

These data justify the need for Filipinos to start exercising. Personal fitness training services annihilate the “I don’t have time” excuse because you can conduct these services at their own home. Moreover, you don’t need expensive equipment.

To get a good, high-intensity workout, all you need are mats, strength bands, medicine ball, kettle bells, and a lot of dedication!

General cleaning

Only few Filipino households hire household help because of increased costs brought about by Kasambahay Law. A common household work is now distributed to family members with heavy tasks, such as laundry scheduled on a day during the week.

Despite best efforts, maintaining a cleaning schedule is difficult because family members are either at work or at school. The best solution is to contract general cleaning services that can conduct comprehensive cleaning once a month.

In this business, you need to invest in updated cleaning equipment and tools and a van. Your people can be contracted on a per project basis.

Selling gift boxes is a promising small business idea that slowly gains traction in the United States and Australia. Gift boxes are received with a monthly subscription service. Every month, subscribers receive specially designed gift boxes packed with goodies based on their likes and interests.

For example, parents can sign up for a monthly subscription for “Toys and Games” for their child. Every month the child gets different kinds of toys and games. Think of Christmas 12 months a year! The Business model is sustainable because boxes are recyclable, and materials can be sourced from local communities.

Real Estate Agent

The real estate market in the Philippines is booming. Property developers have been establishing new commercial and residential centres. Many foreign investments are coming in because of business process outsourcing or BPO. Now is a great time to be a real estate agent!

First, you must be licensed by the Professional Regulation Commission or PRC as a real estate broker. Then, you have to network extensively to build your lead list. The industry can be competitive. However, if right connections are established, one sale can make you financially stable!

Air-conditioner repair

We’ve read news reports that the Philippines is headed for another El Niño similar to the one that affected the country in 1997. To escape extreme heat and humidity, Filipinos tend to troop to the malls for its air-conditioning. However, it is actually more economical to just run your home air-conditioner than to spend a day at the mall.

Air-conditioning repair and maintenance services are valuable services during summer months. Make sure you can contract highly skilled technicians to do the job.

Generator rental business

In the past few years, news reports have highlighted the burgeoning power deficit in the Philippines. With the water levels at Angat Dam below comfort levels plus the threat of El Niño, Department of Energy has advised that the possibility of rotating blackouts may happen.

Small businesses, particularly those located at home, may have immediate need of backup power. This will create a demand for generators for retail or lease

Food delivery

Food business is a popular industry. However, with rental rates escalating and minimum wage increasing, focusing on delivery services is a good option. Check first with your village association if they will allow you to run the business from home.

If not, get a partner whose village allows home-based businesses or rent a small space with limited seating. If the small business is conducted inside a home, the food delivery kitchen must be separate from the family kitchen and must conform to restaurant standards.

Car restoration services

With traffic situation worsening, roads becoming saturated with vehicles, and massive floods occurring, cars become highly exposed to accidents and breakdowns. Car restoration services are cheaper and more convenient for car owners than going to a casa.

You can provide the option of doing either home service for minor works, such as repainting and dent removal, or store service for major body repair work.

In addition to dog walking, the pet industry has opened new branches for pet care. These include grooming, pet sitting , and healthcare. You need to contract licensed veterinarian, certified pet handlers, and experienced pet groomers. You will also have to invest in grooming kits and a mobile van.

Virtual Assistance Business

The demand for virtual assistance services has been increasing. Whether they are referred to as virtual assistants, freelancers, telecommuters, or home-based workers, these people are those who essentially work from their homes. According to Elance, one-eighth of their freelancers or one million individuals are from the Philippines.

Virtual assistance benefits businesses because it is a more affordable option than hiring full-time employees. Virtual assistant rates in the Philippines start out at $3 per hour. Assuming you work 8 hours a day for 22 days a month, your average income would be Php 25,000 per month.

Caregiver home service

Although the Philippines has a comparatively young population, 4.1% of its demographics comprises the elderly. Most families in the Philippines involve two working adults who do not have the time to take care of the elderly. Retirement homes are always an option, but the cost is high.

Moreover, traditionally, Filipinos want to take care of their own parents. Caregiver home service ensures having a licensed healthcare practitioner who can check up an elderly at specific hours of the day.

Filipinos love to eat! Eating on the go is a viable alternative to a sit-down restaurant. Food cart franchises can range from Php30,000 to Php250,000 depending on the product, equipment, and package. Franchises have the advantage of having the system, manpower, and brand.

However, it carries monthly royalty payments. If you do not want to pay monthly royalties, you may want to start a food cart of your own.

Personal Shopper

Think of the last Christmas and write down the names of people who have complained to you about the hassles of shopping. They are your potential clients as a personal shopper. As a personal shopper, you provide clients with convenience and a time for important matters, such as family and work.

Your peak season is not just Christmas. Everyday birthdays, anniversaries, and special occasions are celebrated. People do not want to go through traffic and to queue at the cashier.

Transcribing

Philippines is one of the premiere destinations for transcription services. Of the $12 billion medical transcription industry, approximately 5% is outsourced to Philippines. Transcription services are required by many industries. Among these are legal firms, movie and entertainment, schools, and sales companies.

If you have a good command of the English language and are well-versed in punctuation and sentence construction, transcription can be the business for you.

Laundry service

Other than general cleaning, Filipinos hardly have enough time for laundry. An innovative small business idea in the Philippines is a self-serve laundry centre. Start out with a two to three washing machines and a dryer. You only need two people to operate the location.

Therefore, it is not a labour-intensive operation. Because it is self-service, you can charge a rate lower than that of other laundry centres.

Event planning

Every day, there are birthdays, weddings, and special occasions that are celebrated. Not everyone has the creativity or capacity to plan these events. Event planners fill in this need and take care of all the nuances that go into event preparation.

Most of your small business investment will go into networking activities. You have to build a database of coordinators, photographers, entertainment providers, hotels, restaurants, florists, and print shops among others.

Campaign Broker

Many companies worldwide want to outsource to Philippines but do not know how to connect to local contact centres. Conversely, some local contact centres that need campaigns do not have the network to land clients. If you have connections to potential clients and prospective contact centres, being a campaign broker can be a lucrative career! The most important thing to remember as a campaign broker is to be honest!

Head Hunter / Recruitment Services

The BPO industry is growing at an annual rate of 20%. More and more companies are hiring contact centre agents, but keeping up with the demand of the industry while assuring quality is difficult. Recruitment services can fill up this demand.

You will spend most of your time networking and establishing connections with different organizations so you can assure your clients of a steady pool of talent.

Personal grooming home service

If there is an expense that is almost certainly guaranteed every month, it would be barber services. However, it sometimes becomes tedious to make the drive to a mall just to get a haircut. With personal grooming hair services, the barber or hairdresser goes to the client’s home!

Charges for home service may be more expensive than those for in-store service because of transportation expenses. However, clients will be more than willing to pay extra for the convenience.

Bread is a regular staple in every Filipino’s meal. It is perhaps the most popular carbohydrate after rice. It is also cheap and easy to make. If your village association will allow, you can set up a bakery in your own home and contract a delivery service provider.

You do not need many people to run a bakery. The rest of your investment will go to marketing and promotional expenses.

Our culture of being thrifty continues to thrive! Ukay-ukay or flea markets that sell used clothes are still a major industry in the Philippines. Filipinos look for value before they make purchases, and some ukay-ukay places are a source of treasure!

The key is to make sure that your second-hand merchandise is still of reasonably good quality. Some Filipinos ask their balikbayan friends or relatives to bring home discounted merchandise from the US usually bought at outlet stores. Another source for discounted merchandise is China.

Website designing

It is shocking to note that in this day and age of online businesses; only 53% of small-scale enterprises own a website. However, given that 60% of online traffic comes from smart phones, the demand for websites should progressively increase.

As a website designer, you will need to have on-board a web programmer, graphics artist , and perhaps an expert on search engine optimization (SEO).

Social media manager

Having accounts in Facebook, Twitter, LinkedIn, Google Plus, Pinterest, and Instagram does not make you a social media expert. You need to hire someone who has experience and expertise to maximize your social media efforts.

As a social media manager, you must have the ability to do research, plan campaign strategies, set up accounts, and have a working knowledge on writing, SEO, and website design. The only business investment you need is a website and a computer.

Candle-making business

With blackouts looming in the future because of the prevailing power deficit and El Niño, candles continue to remain in demand. Moreover, candles serve other purposes other than providing light during blackouts. There is also a market for scented candles and, of course, churches. Moreover, other places of worship always need a regular supply of candles.

Cellphone loading business

The Filipino’s love for cell phones always presents business opportunities in the Philippines market! Cell phone loading business has remained viable in the past decade because 96% of the mobile market uses prepaid subscriptions. Starting this type of business is easy.

Just visit the local distributor of Smart, Globe, and Sun in your area and buy your SIM retailer card. You will also have to stock up on your initial load inventory worth Php1,000.

Mixed martial arts (MMA) / self-defence training

With the increasing popularity of MMA primarily because of UFC, the number of Filipinos who want to learn Brazilian Jujitsu, Muay Thai, wrestling, and boxing is growing. These styles of combat not only are deadly and ideal for self-defence but also provide a great workout. If you are a certified instructor in your martial arts field, this can be a lucrative business opportunity for you.

Mobile mechanic services

With all the flooding that happens in Metro Manila, cars are highly exposed to engine breakdowns. A mobile mechanic will always come in handy if a car suffers engine trouble in an unlikely setting. You will need a vehicle, basic troubleshooting equipment, and arrangements with towing services to provide a comprehensive package.

Liaison Officer

Many entrepreneurs want to establish their small businesses as a corporation but have no idea how to go about it. Foreign companies also want to open offshore offices here but are not aware of the procedure. If you have an experience in setting up businesses, why don’t you try to be a liaison officer and extend your services to start-ups? Remember that 98% of all new businesses are small businesses, and most prefer to establish a corporation.

Interior Designer

If you are a licensed interior designer, you have many opportunities to showcase your talent, given that the real estate market is surging. Developers always look for interior designers who can give a fresh perspective on designs that can give them an advantage in the market.

The need for good design applies for commercial and residential properties. If you have an eye for innovative design, you can have a brilliant career as an interior designer.

Blogging/writing services

There is a single reason why blogging has become in demand: it works! Statistics show that businesses that blog generate 126% more leads. That is just one of the several fascinating figures that validate why blogging is a good business.

Becoming a good blogger requires consistency. The more you blog, the better you become. All you need are a computer, Internet service, and a work area that inspires creativity.

Party materials

This is another business that has survived the test of time because Filipinos love to party! Philippines is a young, growing population so you can expect parties to happen every day. Party materials, such as hats, loot bags, and balloons are cheap and available wholesale.

Maintain a network of wholesalers and suppliers of other amenities, such as tables, chairs, entertainment, and tent covers for outdoor parties. Moreover, remember to be creative at all times.

Money changing business

The US dollar has continued to appreciate in the last few years. The industry of business process outsourcing and the market for OFWs also continue to grow and increase. Thus, a money changing business is a great venture. Banks normally buy US dollars at a price lower than that in the grey market.

Thus, US dollar earners look to money changers first. To establish a money changing business, you must have a good, visible location. You also need to be registered with Securities and Exchange Commission (SEC) or with Department of Trade and Industry and of course Bangko Sentral ng Pilipinas.

Singing coach

The Philippines has always been a haven for world-class singing talents. It should not come to a surprise that singing contests have been greatly received and widely patronized.

If you have a singing prowess, experience, and disposition to develop untapped talent, then you can be on your way to finding the next Charisse or Sarah Geronimo! As a singing coach, you can offer home service or set up a small studio in your home.

Daycare centre

At present, most families have both parents working. Thus, they need a reliable day care centre, in which they can entrust their children while they are at work. If you plan to start a day care centre, you must register your business with SEC and apply for the necessary permits with the city government.

Advanced study tutorial services

In addition to day care services, there is also a market for tutorial services for children. In the past few years, we have seen several tutorial centres open up in the Philippines. Because of their schedule, parents do not have enough time to oversee the study of their children.

These tutorial centres offer top-notch instruction and services to ensure that the children can consistently progress in school.

Furniture making/repair business

Buying new furniture can be very expensive. Having furniture made can be cheaper than buying it from a store because you are only paying for the labour and cost of materials without the overhead of commercial establishments. Furniture restoration or repair is another viable option for consumers because it costs less than buying new ones.

Carpet cleaning and restoration

Are you aware that 100,000 dust mites can populate 1 square yard of carpet material? And that these dust mites are responsible for releasing allergens in the air? And that these allergens are made of excreted dead skin fragments and hair follicles? Unless carpets are cleaned regularly, a home can become hazardous to health.

Counselling services

Among the other interesting possibilities for an online business is counselling. In the last 21 years, depression rates in the Philippines have increased. Most of these depression-related incidents involved young people averaging 24 years of age.

Depression occurs when an individual has no outlet to release pent-up emotions, cannot find a resolution to ongoing issues, or do not have acceptance in his/her unfortunate state of affairs.

Business consultation services

If you’ve been working for the last few decades, have strung up a long list of accolades, achievements, and have built a strong, solid reputation for developing businesses, it may be time to share your expertise with others. Your largest market comprises small business owners who comprise 98% of all enterprises and whose success rates decline right after the first year.

Leadership training

The increasingly unpredictable and chaotic business environment results in the need for leaders to step up and navigate businesses through turbulence and turmoil. The focus on developing the behavioural component is greater than that on developing the technical and fundamental competencies because businesses want people who are willing to be accountable for their decisions and take action.

Landscaping business

What crowns your residence better than beautiful landscaping? Unless you have landscaping done, your garden is just grass and a few plants.

Landscaping gives your home character and life. If you have a green thumb and know other people that do, you can set up a home service business. You have to invest in equipment and build a network of suppliers for plants, ferns, and garden fixtures.

English instructor

Demand for English instructors in the Philippines continues to grow for three reasons. First, English is the second language in the country.

The proficiency rating is among the highest in the world. In 2012, the Philippines was ranked number one in the world for Business English, that is, beating out even the united states! Second, Philippines speak straight American English, which is in demand in global business.

Jewellery / Accessory Designer

Jewellery and accessory designing is a stable business in the Philippines. Filipinos love to accessorize and constantly search for unique and interesting jewellery designs. If you’re good at what you do, you can market your talent to other Asian countries. South Korea, Taiwan, and Japan are huge overseas markets for jewellery export.

Preserves Making

You can set up this business at home. It presents little risk because preserves last a long time. Of course, your products have to taste good!

Filipinos are also attracted to great packaging. You can offer your products at trade fairs, conventions, and flea markets. If your products get discovered by a foreign buyer, you may have an opportunity to export your preserves to other regions outside the Philippines.

Frequently Asked Questions

Where to apply for business loans in the philippines.

Here are some of the best places with low interest rates in the Philippines to apply for business loans;

• DBP Small Business Puhunan Loan Program (SBPLP)
• BDO SME Loan
• Blend PH Franchise Loan
• BPI Family Ka-Negosyo
• Security Bank SME Business Express Loan
• Esquire Financial Business Loan
• First Circle

What Are The Steps In Starting A Business In The Philippines?

To start a business in the Philippines, here are steps to take;

• Understand everything about doing business in the Philippines
• Seek expert help
• Put together a business plan
• Be transparent about funds source
• Finalize the trade name
• Get your business registered with the registrar

How Do You Register A Business In The Philippines?

To register a business in the Philippines, here are steps to take;

• Choose a Business Structure
• Register a Business Name
• Pay the Minimum Deposit
• Register with the Securities and Exchange Commission (SEC)
• Notarize the documents
• Obtain the Tax Identification Number (TIN)
• Register with BIR
• Get a Barangay Clearance
• Pay the Annual Community Tax
• Obtain the Business Permit
• Register with the Social Security System (SSS)

How to Find Dropshipping Suppliers in the Philippines?

Owing to the advancement in technology, the prevalence of the e-commerce industry has led to the massive growth of dropshipping. It has without a doubt become one of the profitable business models in the Philippines. Although it is explicitly clear that drop shippers function as the middlemen between the customers and the existing warehouses or suppliers, finding the dropshipping suppliers in the Philippines can be quite daunting and stressful. Here are top Dropshipping Suppliers in the Philippines;

How Much Money Makes You Rich In The Philippines?

In the Philippines, it takes a lot of money to be considered a high net worth individual. If you intend to achieve elite rich status, you will need around P5, 000,000 ($102,436) in annual pre-tax income to be in the 1% and about P1, 300,000 ($26,512) to be in the 10%.

What Can You Sell In 2023 Online in Philippines?

Here are things you can sell online in the Philippines;

• Video Games
• Fitness Apparel
• Home Improvement

What Business Can You Start With 10k In Philippines?

• Graphic Design Business.
• Real Estate Website Business.
• Tutoring Service Business.
• Blogging Business.
• Accounting and Bookkeeping Business.
• Cleaning Service Business.
• Computer Repair Business.
• Gift Basket Business.

What Business Can You Start With 200k In Philippines?

• Supplements Store
• Call Centre
• Travel Agency
• Food Cart Business

What Is The Best Business To Start In the Philippines?

• RTW Clothes Online
• Computer Services.
• Network Marketing.
• Healthy / Low-Calorie Meal Plan with Delivery
• Discounted Authentic Perfumes

What Business Can You Start With 50k In Philippines?

• Coffin Manufacturer
• Smoothie Kiosk
• Public Speaking Business
• Dancing Class Business
• Sari-Sari Store Business
• English Instructor
• Personal Trainer
• Accounting Business
• Affiliate Business
• Online Language School
• Insurance Comparison Website

What Is The Most Profitable Business In the Philippines?

• Bills Payment Business
• Tailoring Services
• Digital Marketing Agency
• Baking Business
• Online Tutoring
• Graphic Design Business

What Is A Good Salary In The Philippines?

The Philippines has a generally low cost of living. Statistics have it that you could comfortably live on $800 to $1200 a month, covering housing, utilities, food, healthcare, and taxes. Nonetheless, an individual working in the Philippines typically earns around 44,600 PHP ($885.18) per month. Salaries range from 11,300 PHP (lowest average) to 199,000 PHP (highest average, the actual maximum salary is higher). This is the average monthly salary including housing, transport, and other benefits.

Compelling Reasons Why You Should Invest In Gold Jewellery In The Philippines?

For centuries, Filipinos have been known to use gold as a form of currency or to represent something priceless, like jewelry. Currently, gold in the Philippines still holds its value well. Other compelling reasons to invest in gold jewelry in the Philippines include;

• Increasing demand.
• Supply constraints.
• Portfolio diversification.
• Positive historical trend.
• Geopolitical uncertainty.
• Weakness of the US currency.

How Much Does It Cost To Franchise Jollibee?

According to the company website, the initial investment depending on the final store size and facilities costs around USD $450,000 to $800,000.

Is 20000 Pesos A Lot In The Philippines?

Maybe! With 20000 Pesos, you can find an apartment, fit in food, utility, and other expenses. However, note there are some things you won’t be able to afford within this amount per month, like a car payment or even condominium payment.

What Is The Highest Paying Job In The Philippines?

Art Director – P69, 286

What Business Can You Start With 5000 Pesos?

• Web Developer & Programming
• Sell Perfumes and Colognes
• Selling Siopao
• Sell Polvoron
• Bookkeeping & Accounting
• Affiliate Marketing
• Personal Instructor
• Puto and Native Filipino Dishes
• Selling Banana Chips
• Content Creator

What Services Are In High Demand In The Philippines?

• Manufacturing
• Fast-Moving Consumer Goods
• Business Process Outsourcing
• IT-Enabled Services
• Engineering & Construction
• Banking & Finance

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17 Business Strategies to Grow & Scale your Business in the Philippines

Last Updated – Jan 22, 2024 @ 10:42 am

The goal of every business is to achieve lasting growth. Unfortunately, many entrepreneurs don’t realize the importance of business strategies to help them hit their targets. 

Business strategies are powerful tools that help you take on inevitable challenges. It also serves as your guide in making important organizational decisions.

However, creating a solid business strategy to set you up for growth and success is no easy feat. It takes time, effort, and critical thinking.

In this article, we will let you in on the most effective business strategies that will inspire you to take your company to new heights. 

What is a Business Strategy?

A business strategy covers the plan of action of your company to achieve your vision and objectives. It guides your decision-making processes and improves your stability in today’s hyper-competitive market. 

You should consider your business strategy as the roadmap of your business. Without it, you can’t achieve your goals, and you will end up getting lost in the crowd. 

Elements of a Good Business Strategy

Here are the important components of a business strategy. 

Vision, mission, and values

Your goal as a leader should be to enable everyone in your company to share a collective mission and vision. These documents come in the form of a short written statement.

But what do these focus on?

First, your vision must be future-oriented and geared towards your aspirations and purpose.

On the other hand, your mission is focused on your investors, customers, and employees. Meanwhile, your values may cover environmental awareness, mutual respect, and many more. 

With all these documents in place, you can create better instructions for what your staff and organization leaders need to do, and which person is responsible to cover each responsibility.  

SWOT Analysis

Any entrepreneur knows how crucial a SWOT analysis is. This stands for:

S – strength W – weaknesses O – opportunities T – threats

When you dedicate time and effort to perfecting your SWOT analysis, you can easily find organizational, marketing, and financial gaps to fill, among many others.

More than that, you can also take advantage of the data to stand out from your competition. 

Objective setting

When it comes to developing a business strategy, you need to come up with a series of objectives you need to hit. These objectives typically need to be achieved in a 3-5 year period. 

Strategic objectives cover the major goals of your company, and it also clearly details what your company should do to be able to achieve these goals.

As always, do not forget to communicate the goals to everyone so they are operating under the same assumption. 

Resource allocation

Another important element of a good business strategy is resource allocation. This does not only cover capital resources, but also human resources.

For this element, you need to carefully plan, manage, and assign resources to help reach your goals. To maximize your likelihood of success, you must learn to allocate these resources smartly.

You must understand the importance of articulating all the operational details of the work that needs to be done to ensure you amplify your efficiency.

For this element, assign people clear duties. In the end, this will save time and effort. 

Measurement

You can’t simply take a look back at your business strategy a couple of years from now and say you’ve achieved your goals.

You need data to back up your claim. Because of this, you must find a way to track your company’s outputs and evaluate your performance.

This will help you stay on track of your goals, deadlines, and budget. 

Importance of Business Strategies

To help you get a clearer picture of how crucial business strategies are, here’s a look at their importance.

It establishes direction

Business strategies set the direction your company has to take and enable you to create goals to work on.

With a clear direction in sight, you won’t be confused about actionable steps you need to take.

For instance, your goal may be to become the biggest athleisure brand in the Philippines, but your business strategy will lay out everything you need to do to make your dream come to life.

It will make you unique

When you don’t have a business strategy, one of the habits you may develop is looking at your competitors and copying their best practices.

However, this will only result in competitive convergence, and it will be hard for your customers to set you apart from other brands.

With a business strategy in place, you can follow a unique plan that will make it easier for you to stand out no matter how saturated the market is. 

It guides you in decision making

When you don’t have business strategies, you will not have a sense of direction and purpose for your company. This will make it hard to assess certain decisions.

For example, you may think investing in research for a new product makes sense to increase your sales , but it may only do you more harm than good because you don’t have enough manpower yet.

In a nutshell, a business strategy will help you set apart good and bad decisions.

It helps with job satisfaction

Your business strategy is not just important for your customers and company leaders, but all your staff.

This important document will enable your employees to stay more focused and increase their satisfaction because they understand their contribution to your company.  

It enables you to measure success

Without a clear business strategy, you will find it hard to assess whether or not you’ve achieved your targets.

A business strategy must include your process in measuring what you have achieved. This way, you can maintain focus, and ensure that you are moving forward.

17 Business Strategies to Grow & Scale your Business

Don’t know where to start when it comes to creating a business strategy for your business? Check out some examples below to inspire you. 

1. Cost leadership

For this type of business strategy, your goal is to ultimately project yourself as the most affordable provider of a product or commodity.

This is very effective in drawing in more customers, although you constantly need to work hard to reduce the cost of every single thing involved in your operations.

A lot of entrepreneurs falsely think that this business strategy is not good because the returns are low.

However, you can still maintain great returns after you keep internal efficiencies in check. This can be done by establishing rigid budget controls, and scaling your facilities to produce more items at a lower cost. 

2. Cross-selling

One of the most effective business strategies you can work on is to focus on selling more products to your customer. Cross-selling is a great strategy especially if you sell online .

By increasing the number of products you sell to a single customer, you can increase their spending. Even a single additional item can give you more profit without making an effort to acquire a new customer.

For example, if you sell notebooks, you can diversify your product list to cater to other office or school supplies. 

3. Technological advantage

This strategy will help you release better products, which will keep your customers happy and improve your sales.

Having a strategy that focuses on technological advantage means investing a significant amount of your capital in research and development .

This can also include acquiring software to gain access to an exclusive technology that you can leverage. 

4. Targeting a specific generation

If you have a niche product, you can target a specific generation. This is an awesome strategy used by some of the largest companies in the world.

For example, you can target the young market which includes Gen Z and millennials if you are selling Y2K-inspired clothes.

This can be done by tailoring your content and products to match their every need and desire.

Going back to the example, you can leverage videos on TikTok to market your products because the younger generation are mostly present in the said platform.

5. High prices

This is the opposite of the cost leadership strategy. You will be surprised at how much people are willing to pay to get the product they want.

By hiking up your price and positioning your brand this way, you can give aspirational value to your products. This will help you get more profit.

6. Offer innovative products

This business strategy is recommended for certain industries such as technology.

For this strategy, you need to distinguish your product or service by creating a cutting-edge or unique feature.

By making your product more unique, people will want it because it can give them something they cannot get from other brands. 

With this strategy, you can also charge a higher premium to offset the cost of your unique product. You can make yourself stand out through design, quality, or even your customer service.

7. Improve customer retention

By now, you may already know that retaining customers is more affordable than acquiring a new one. This is an awesome business strategy to follow if you want to increase your profitability by building lasting relationships.

Increasing customer retention can be done in a lot of ways such as offering innovative products, offering great customer support, providing personalized content, and rewarding loyal customers, among many others. 

8. Focus on customer service

This is an awesome business strategy if you want to stand out. Many companies are famous because they have built amazing customer service and support .

If you want to follow this strategy, you can focus on a more efficient call center, online support, or both.

By ensuring you offer an omnichannel approach to customer service, you can give your customers more flexibility.

9. Improve business sustainability

Your business strategy could focus on sustainability .

This can include reducing energy costs, implementing a recycling program, making sure you don’t ship out your products in plastic, and decreasing your overall carbon footprint .

You’ll be surprised at how much people are willing to rally behind brands that care for the environment. 

10. Creating a movement

Have you ever encountered a brand that has a cult-like following?

For example, take a look at Apple. You can pattern your business strategy on creating a movement.

This can be done by fostering an image that your products are not just aesthetically pleasing, but also life-changing.

Working hard to win over your customers is the trick to getting them excited about every product release. 

11. Establishing trust

Another business strategy that will help catapult you to the top is establishing trust.

Instead of shoving your products down your customer’s throats, you can take a different approach and educate your customers instead.

This will not only help you sell tons of products but also become a trusted figure in the industry. In turn, people will listen to what you are saying. 

13. Acquisition

For this strategy, your goal is to purchase or acquire another business. This is unique from other strategies mentioned on this list that simply focus on your company alone.

When you pursue acquisition, you can obtain highly skilled staff, and attract a bigger customer base.

This will also help you diversify your list of services and products , and lower your costs through shared budgets.

Keep in mind that this is a very complex strategy and you need financial and legal teams to ensure you don’t run into any issues. 

13. Selling a story

Think about Nike. While you may think the brand only sells shoes and sports apparel, it does more than that – it sells you a story.

After all, this is the ultimate way to communicate. For every pair of shoes, or every new technology they offer, they have a story that comes with it.

If you are creative enough, you can attach a compelling story to any kind of product.

Simply think about the most interesting things about your brand and what your audience finds appealing, and use this information to your advantage.

It doesn’t have to be tear-jerking, or goosebumps-raising, it just needs to be relatable. 

14. Digital marketing strategy

This type of business strategy is so popular that it doesn’t need an introduction.

This strategy covers everything about online marketing such as your lead generation on social media , SEO, content marketing, and many more.

When you ace this strategy, profit will immediately follow.

15. Public relations strategy

PR strategies are notoriously complex.

However, you need to get it right if you want to ensure your customers stay happy.

Acing your PR strategy will protect your brand image in the eyes of the media, your customers, employees, and stakeholders.

It will also make way for positive word-of-mouth advertising. 

16. Focus on an omnichannel approach

To keep up with today’s changing business landscape, you must prioritize having an omnichannel business strategy.

This includes your online store, social media profiles, email marketing, customer support…the list goes on. 

With this strategy, you can not only build brand awareness but also offer better and more flexible options for your target audience to purchase products and build a relationship with you.

Giving your customers access to your company in ways that are accessible and convenient for them is the best way to show them that they are valued.

17. Prioritize time efficiency

If you’re a small business owner, you are probably wearing too many hats.

But as you plan to grow your business through your business strategy, you also need to look at how tools and software can help you save time and effort, and minimize the risk of errors.

Related: Business Development 101

9 Tips on How to Develop a Business Strategy

Making your business strategy is a huge feat, and it’s easy to get overwhelmed. We’ve gathered some tips to keep in mind to make this undertaking easier.

1. Research thoroughly

Every business strategy should start with research.

• What are your competitors famous for?
• Are there services you need to implement soon?
• Are some of your products losing relevance?
• What areas of your business need to grow?
• What are your customers asking for?

Knowing all these things will give you insight into how to position your brand in the future. 

2. Go back to your mission

When you have a powerful mission statement, you are one step closer to creating an amazing business strategy.

Always remember that your business strategy should encapsulate what you do, what you want to achieve, and who you serve.

Use this information as a guide especially when you get overwhelmed.

3. Examine your competition

You can’t create a competitive business strategy if you don’t know about other brands in the market.

Be prepared to get to know these companies, and assess what sets you apart from them.

This tip doesn’t mean criticizing your competition, it just means knowing their strengths, and weaknesses.  

4. Know your audience

If you’re a huge company, you need to write several versions of your business plan depending on who the audience is – investors, venture capitalists, employees, or other stakeholders.

Keep the reader in mind when writing your business plan and marketing plan , then tailor them according to their relation to your company.

5. Be conservative in the data

Your business plan must contain projections and estimations.

If you are 100% sure that you will get a 60% market share in the next 2 years, it wouldn’t come off as realistic or credible, especially if you’re still starting and there are already big players in your industry.

Instead, make your projection more conservative.

6. Be realistic

It’s easy to get caught up with idealism when writing your business strategy.

However, being severely optimistic with your resources will only set you up for failure.

As much as you can, be realistic and assume that things will cost more, or take longer than anticipated. Through this, you can exceed your expectations. 

Related: Cost of Doing Business in the Philippines

7. Create an action plan

Creating and implementing your business strategy are not the same things. You need to create an action plan that will bring your business strategy to life.

This includes elements such as priority issues, metrics for measurement, roles and responsibilities involved, resources required, and many more. 

8. Adapt when needed

Your business strategy is not meant to be printed and then forgotten in a file cabinet.

It is a living document that is meant to change depending on the market condition and your unique situation.

Review your business strategy at least once every quarter and change as needed. 

Read Next: Essential Business Skills

9. Communicate it

Just because you and your managers know your business strategy does not mean every person in your team knows it, too.

Always communicate and repeat your business strategy. Do not assume that every staff member knows it by heart.

When every team member understands what you are working towards as a company, they can do their part better.

• 50+ Business Tips – From Start to Growth
• Financial Management: Practical Finance Tips for Business Owners

About MJ de Castro

MJ de Castro is the lead personal finance columnist at Grit PH.

MJ started her career as a writer for her local government’s City Information Office. Later on, she became a news anchor on PTV Davao del Norte.

Wanting to break free from the shackles of her 9-to-5 career to live by the beach, she pursued remote work. Over the years, she has developed a wide specialization on health, financial literacy, entrepreneurship, branding, and travel.

Now, she juggles writing professionally, her business centering on women’s menstrual health, and surfing.

Education: Ateneo de Davao University (AB Mass Communication) Focus: Personal Finance, Personal Development, Entrepreneurship, & Marketing

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Business Plan: What It Is and How to Write One in 9 Steps

Business plans aren’t just for entrepreneurs who need to secure funding—they can help you plan and evaluate new ideas or growth plans, too. Find out how to write a business plan and get the most out of the process in this comprehensive guide.

A great business plan can help you clarify your strategy, identify potential roadblocks, determine necessary resources, and evaluate the viability of your idea and growth plan before you start a business .

Not every successful business launches with a formal business plan, but many founders find value in the process. When you make a business plan, you get to take time to step back, research your idea and the market you’re looking to enter, and understand the scope and the strategy behind your tactics.

Learn how to write a business plan with this step-by-step guide, including tips for getting the most of your plan and real business plan examples to inspire you.

What is a business plan?

A business plan is a strategic document that outlines a company’s goals, strategies for achieving them, and the time frame for their achievement. It covers aspects like market analysis , financial projections, and organizational structure. Ultimately, a business plan serves as a roadmap for business growth and a tool to secure funding.

Often, financial institutions and investors need to see a business plan before funding any project. Even if you don’t plan to seek outside funding, a well-crafted plan becomes the guidance for your business as it scales.

The key components of a business plan

Putting together a business plan will highlight the parts of your company’s strategy and goals. It involves several key business plan components that work together to show the roadmap to your success.

Your business plan’s key components should include: 

• Executive summary: A brief overview of your entire plan.
• Company description: An explanation of what your business does and why it’s unique. 
• Market analysis: Research on your industry, target market, and competitors.
• Organization and management: Details about your business structure and the people running it.
• Products or services: A description of what you’re selling and how it benefits customers. 
• Customer segmentation: A breakdown of your target market into different groups.
• Marketing and sales plan: The strategy for promoting and selling your products and services.
• Logistics and operations: An overview of how your business will run its daily activities and manage resources.
• Financials: A complete look at projected income, expenses, and funding needs. 

How to write a business plan in 9 steps

• Draft an executive summary
• Write a company description
• Perform a market analysis
• Outline the management and organization
• List your products and services
• Perform customer segmentation
• Define a marketing plan
• Provide a logistics and operations plan
• Make a financial plan

Few things are more intimidating than a blank page. Starting your business plan with a structured outline and key elements for what you’ll include in each section is the best first step you can take.

Since an outline is such an important step in the process of writing a business plan, we’ve put together a high-level overview to get you started (and help you avoid the terror of facing a blank page).

Once you have your business plan template in place, it’s time to fill it in. We’ve broken it down by section to help you build your plan step by step.

1. Draft an executive summary

A good executive summary is one of the most crucial sections of your business plan—it’s also the last section you should write.

The executive summary distills everything that follows and gives time-crunched reviewers (e.g., potential investors and lenders) a high-level overview of your business that persuades them to read further.

Again, it’s a summary, so highlight the key points you’ve uncovered while writing your plan. If you’re writing for your own planning purposes, you can skip the summary altogether—although you might want to give it a try anyway, just for practice.

An executive summary shouldn’t exceed one page. Admittedly, that space constraint can make squeezing in all of the salient information a bit stressful—but it’s not impossible. 

Your business plan’s executive summary should include:

• Business concept. What does your business do?
• Business goals and vision. What does your business want to accomplish?
• Product description and differentiation. What do you sell, and why is it different?
• Target market. Who do you sell to?
• Marketing strategy. How do you plan on reaching your customers?
• Current financial state. What do you currently earn in revenue?
• Projected financial state. What do you foresee earning in revenue?
• The ask. How much money are you asking for?
• The team. Who’s involved in the business?

2. Write a company description

This section of your business plan should answer two fundamental questions: 

• Who are you?
• What do you plan to do? 

Answering these questions with a company description provides an introduction to why you’re in business, why you’re different, what you have going for you, and why you’re a good investment. 

For example, clean makeup brand Saie shares a letter from its founder on the company’s mission and why it exists.

Clarifying these details is still a useful exercise, even if you’re the only person who’s going to see them. It’s an opportunity to put to paper some of the more intangible facets of your business, like your principles, ideals, and cultural philosophies.

Here are some of the components you should include in your company description:

• Your business structure (Are you a sole proprietorship, general partnership, limited partnership, or incorporated company?)
• Your business model
• Your industry
• Your business’s vision, mission, and value proposition
• Background information on your business or its history
• Business objectives, both short and long term
• Your team, including key personnel and their salaries

Brand values and goals

To define your brand values , think about all the people your company is accountable to, including owners, employees, suppliers, customers, and investors. Now consider how you’d like to conduct business with each of them. As you make a list, your core values should start to emerge.

Your company description should also include both short- and long-term goals. Short-term goals, generally, should be achievable within the next year, while one to five years is a good window for long-term goals. Make sure your goal setting includes SMART goals : specific, measurable, attainable, realistic, and time-bound.

Vision and mission statements

Once you know your values, you can write a mission statement . Your statement should explain, in a convincing manner, why your business exists, and should be no longer than a single sentence.

Next, craft your vision statement : What impact do you envision your business having on the world once you’ve achieved your vision? Phrase this impact as an assertion—begin the statement with “We will” and you’ll be off to a great start. Your vision statement, unlike your mission statement, can be longer than a single sentence, but try to keep it to three at most. The best vision statements are concise.

3. Perform a market analysis

Market analysis is a key section of your business plan, whether or not you ever intend for anyone else to read it.

No matter what type of business you start, whether a home-based business or service-based, it’s no exaggeration to say your market can make or break it. Choose the right market for your products—one with plenty of customers who understand and need your product—and you’ll have a head start on success. 

If you choose the wrong market, or the right market at the wrong time, you may find yourself struggling for each sale. Your market analysis should include an overview of how big you estimate the market is for your products, an analysis of your business’s position in the market, and an overview of the competitive landscape. Thorough research supporting your conclusions is important both to persuade investors and to validate your own assumptions as you work through your plan.

How big is your potential market?

The potential market is an estimate of how many people need your product. While it’s exciting to imagine sky-high sales figures, you’ll want to use as much relevant independent data as possible to validate your estimated potential market.

Since this can be a daunting process, here are some general tips to help you begin your research:

• Understand your ideal customer profile. Look for government data about the size of your target market , learn where they live, what social channels they use, and their shopping habits.
• Research relevant industry trends and trajectory. Explore consumer trends and product trends in your industry by looking at Google Trends, trade publications, and influencers in the space.
• Make informed guesses. You’ll never have perfect, complete information about your total addressable market. Your goal is to base your estimates on as many verifiable data points as necessary.

Some sources to consult for market data include government statistics offices, industry associations, academic research, and respected news outlets covering your industry.

Read more: What is a Marketing Analysis? 3 Steps Every Business Should Follow

SWOT analysis

A SWOT analysis looks at your strengths, weaknesses, opportunities, and threats. 

That involves asking questions like: 

• What are the best things about your company? 
• What are you not so good at? 
• What market or industry shifts can you take advantage of and turn into opportunities? 
• Are there external factors threatening your ability to succeed?

SWOT is often depicted in a grid or otherwise visual way. With this visual presentation, your reader can quickly see the factors that may impact your business and determine your competitive advantage in the market.

Competitive analysis

There are three overarching factors you can use to differentiate your business in the face of competition:

• Cost leadership. You have the capacity to maximize profits by offering lower prices than the majority of your competitors. Examples include companies like Mejuri and Endy .
• Differentiation. Your product or service offers something distinct from the current cost leaders in your industry and banks on standing out based on your uniqueness. Think of companies like Knix and QALO .
• Segmentation. You focus on a very specific, or niche, target market, and aim to build traction with a smaller audience before moving on to a broader market. Companies like TomboyX and Heyday Footwear are great examples of this strategy.

To understand which is the best fit, you’ll need to understand your business as well as the competitive landscape.

You’ll always have competition in the market, even with an innovative product, so it’s important to include a competitive overview in your business plan. If you’re entering an established market, include a list of a few companies you consider direct competitors and explain how you plan to differentiate your products and business from theirs.

For example, if you’re selling jewelry , your competitive differentiation could be that, unlike many high-end competitors, you donate a percentage of your profits to a notable charity or pass savings on to your customers.

If you’re entering a market where you can’t easily identify direct competitors, consider your indirect competitors—companies offering products that are substitutes for yours. For example, if you’re selling an innovative new piece of kitchen equipment, it’s too easy to say that because your product is new, you have no competition. Consider what your potential customers are doing to solve the same problems.

4. Outline the management and organization

The management and organization section of your business plan should tell readers about who’s running your company. Detail the legal structure of your business. Communicate whether you’ll incorporate your business as an S corporation or create a limited partnership or sole proprietorship.

If you have a management team, use an organizational chart to show your company’s internal structure, including the roles, responsibilities, and relationships between people in your chart. Communicate how each person will contribute to the success of your startup.

5. List your products and services

Your products or services will feature prominently in most areas of your business plan, but it’s important to provide a section that outlines key details about them for interested readers.

If you sell many items, you can include more general information on each of your product lines. If you only sell a few, provide additional information on each. 

For example, bag shop BAGGU sells a large selection of different types of bags, in addition to home goods and other accessories. Its business plan would list out those categories and key details about the products within each category.

Describe new products you’ll launch in the near future and any intellectual property you own. Express how they’ll improve profitability. It’s also important to note where products are coming from—handmade crafts are sourced differently than trending products for a dropshipping business, for instance.

6. Perform customer segmentation

Your ideal customer, also known as your target market, is the foundation of your marketing plan , if not your business plan as a whole. 

You’ll want to keep this buyer persona in mind as you make strategic decisions, which is why an overview of who they are is important to understand and include in your business plan.

To give a holistic overview of your ideal customer, describe a number of general and specific demographic characteristics. Customer segmentation often includes:

• Where they live
• Their age range
• Their level of education
• Some common behavior patterns
• How they spend their free time
• Where they work
• What technology they use
• How much they earn
• Where they’re commonly employed
• Their values, beliefs, or opinions

This information will vary based on what you’re selling, but you should be specific enough that it’s unquestionably clear who you’re trying to reach—and more importantly, why you’ve made the choices you have based on who your customers are and what they value.

For example, a college student has different interests, shopping habits, and pricing sensitivity than a 50-year-old executive at a Fortune 500 company. Your business plan and decisions would look very different based on which one was your ideal customer.

Put your customer data to work with Shopify’s customer segmentation

Shopify’s built-in segmentation tools help you discover insights about your customers, build segments as targeted as your marketing plans with filters based on your customers’ demographic and behavioral data, and drive sales with timely and personalized emails.

7. Define a marketing plan

Your marketing efforts are directly informed by your ideal customer. That’s why, as you outline your current decisions and future strategy, your marketing plan should keep a sharp focus on how your business idea is a fit for that ideal customer.

If you’re planning to invest heavily in Instagram marketing or TikTok ads , for example, it makes sense to include whether Instagram and TikTok are leading platforms for your audience. If the answer is no, that might be a sign to rethink your marketing plan.

Market your business with Shopify’s customer marketing tools

Shopify has everything you need to capture more leads, send email campaigns, automate key marketing moments, segment your customers, and analyze your results. Plus, it’s all free for your first 10,000 emails sent per month.

Most marketing plans include information on four key subjects. How much detail you present on each will depend on both your business and your plan’s audience.

• Price: How much do your products cost, and why have you made that decision?
• Product: What are you selling and how do you differentiate it in the market?
• Promotion: How will you get your products in front of your ideal customer?
• Place: Where will you sell your products? On what channels and in which markets?

Promotion may be the bulk of your plan, since you can more readily dive into tactical details, but the other three areas should be covered at least briefly—each is an important strategic lever in your marketing mix.

8. Provide a logistics and operations plan

Logistics and operations are the workflows you’ll implement to make your business idea a reality. If you’re writing a business plan for your own planning purposes, this is still an important section to consider, even though you might not need to include the same level of detail as if you were seeking investment.

Cover all parts of your planned operations, including:

• Suppliers. Where do you get the raw materials you need for production, or where are your products produced?
• Production. Will you make, manufacture, wholesale , or dropship your products? How long does it take to produce your products and get them shipped to you? How will you handle a busy season or an unexpected spike in demand?
• Facilities. Where will you and any team members work? Do you plan to have a physical retail space? If yes, where?
• Equipment. What tools and technology do you require to be up and running? This includes everything from software to lightbulbs and everything in between.
• Shipping and fulfillment. Will you be handling all the fulfillment tasks in-house, or will you use a third-party fulfillment partner?
• Inventory. How much will you keep on hand, and where will it be stored? How will you ship it to partners if required, and how will you approach inventory management ?

This section should signal to your reader that you’ve got a solid understanding of your supply chain, with strong contingency plans in place to cover potential uncertainty. If your reader is you, it should give you a basis to make other important decisions, like how to price your products to cover your estimated costs, and at what point you anticipate breaking even on your initial spending.

9. Make a financial plan

No matter how great your idea is—and regardless of the effort, time, and money you invest—a business lives or dies based on its financial health. At the end of the day, people want to work with a business they expect to be viable for the foreseeable future.

The level of detail required in your financial plan will depend on your audience and goals, but typically you’ll want to include three major views of your financials: an income statement, a balance sheet, and a cash-flow statement. It also may be appropriate to include financial data and projections.

Here’s a spreadsheet template that includes everything you’ll need to create an income statement, balance sheet, and cash-flow statement, including some sample numbers. You can edit it to reflect projections if needed.

Let’s review the types of financial statements you’ll need.

Income statements

Your income statement is designed to give readers a look at your revenue sources and expenses over a given time period. With those two pieces of information, they can see the all-important bottom line or the profit or loss your business experienced during that time. If you haven’t launched your business yet, you can project future milestones of the same information.

Balance sheets

Your balance sheet offers a look at how much equity you have in your business. On one side, you list all your business assets (what you own), and on the other side, all your liabilities (what you owe). 

This provides a snapshot of your business’s shareholder equity, which is calculated as:

Assets - Liabilities = Equity

Cash flow statements

Your cash flow statement is similar to your income statement, with one important difference: it takes into account when revenues are collected and when expenses are paid.

When the cash you have coming in is greater than the cash you have going out, your cash flow is positive. When the opposite scenario is true, your cash flow is negative. Ideally, your cash flow statement will help you see when cash is low, when you might have a surplus, and where you might need to have a contingency plan to access funding to keep your business solvent .

It can be especially helpful to forecast your cash-flow statement to identify gaps or negative cash flow and adjust operations as required.

📚 Read more: Cash Flow Management: What It Is & How To Do It (+ Examples)

Why write a business plan?

Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans are commonly associated with getting a business loan. 

Business plans also help owners identify areas of weakness before launching, potentially avoiding costly mistakes down the road. “Laying out a business plan helped us identify the ’unknowns’ and made it easier to spot the gaps where we’d need help or, at the very least, to skill up ourselves,” says Jordan Barnett, owner of Kapow Meggings .

There are several other compelling reasons to consider writing a business plan, including:

• Strategic planning. Writing out your plan is an invaluable exercise for clarifying your ideas and can help you understand the scope of your business, as well as the amount of time, money, and resources you’ll need to get started.
• Evaluating ideas. If you’ve got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ones with the highest chance of success.
• Research. To write a business plan, you’ll need to research your ideal customer and your competitors—information that will help you make more strategic decisions.
• Recruiting. Your business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you’re in the early stages of growth.
• Partnerships. If you plan to collaborate with other brands , having a clear overview of your vision, your audience, and your business strategy will make it much easier for them to identify if your business is a good fit for theirs.
• Competitions. There are many business plan competitions offering prizes such as mentorships, grants, or investment capital. 

If you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, making a business plan is an excellent starting point.

Business plan types

Business plan types can span from one page to multiple pages, with detailed graphs and reports. There’s no one right way to create a business plan. The goal is to convey the most important information about your company for readers.

Common business plans we see include, but are not limited to, the following types:

Traditional business plans

These are the most common business plans. Traditional business plans take longer to write and can be dozens of pages long. Venture capitalist firms and lenders ask for this plan. Traditional business plans may not be necessary if you don’t plan to seek outside funding. That’s where a lean business plan comes in.

Lean business plans

A lean business plan is a shorter version of a traditional business plan. It follows the same format, but only includes the most important information. Businesses use lean business plans to onboard new hires or modify existing plans for a specific target market. If you want to write a business plan purely for your own planning purposes when starting a new small business, a lean business plan is typically the way to go. 

Nonprofit business plans

A nonprofit business plan is for any entity that operates for public or social benefit. It covers everything you’ll find in a traditional business plan, plus a section describing the impact the company plans to make. For example, a speaker and headphone brand would communicate that they aim to help people with hearing disabilities. Donors often request this type of business plan.

📚 Read more: 7 Business Plan Examples to Inspire Your Own (2024)

7 tips for creating a small business plan

There are a few best practices when it comes to writing a business plan. While your plan will be unique to your business and goals, keep these tips in mind as you write.

1. Know your audience

When you know who will be reading your plan—even if you’re just writing it for yourself to clarify your ideas—you can tailor the language and level of detail to them. This can also help you make sure you’re including the most relevant information and figure out when to omit sections that aren’t as impactful.

2. Have a clear goal

When creating a business plan, you’ll need to put in more work and deliver a more thorough plan if your goal is to secure funding for your business, versus working through a plan for yourself or your team.

3. Invest time in research

Sections of your business plan will primarily be informed by your ideas and vision, but some of the most crucial information you’ll need requires research from independent sources. This is where you can invest time in understanding who you’re selling to, whether there’s demand for your products, and who else is selling similar products or services.

4. Keep it short and to the point

No matter who you’re writing for, your business plan should be short and readable—generally no longer than 15 to 20 pages. If you do have additional documents you think may be valuable to your audience and your goals, consider adding them as appendices.

5. Keep the tone, style, and voice consistent

This is best managed by having a single person write the plan or by allowing time for the plan to be properly edited before distributing it.

6. Use a business plan template

You can also use a free business plan template to provide a skeleton for writing a plan. These templates often guide you through each section—from financial projects to market research to mission statement—ensuring you don’t miss a step.

7. Try business plan software

Writing a business plan isn’t the easiest task for business owners. But it’s important for anyone starting or expanding a business. 

Fortunately, there are tools to help with everything from planning, drafting, creating graphics, syncing financial data, and more. Business plan software also has business plan templates and tutorials to help you finish a comprehensive plan in hours, rather than days.

A few curated picks include:

• LivePlan : the most affordable option with samples and templates
• Bizplan : tailored for startups seeking investment
• Go Small Biz : budget-friendly option with industry-specific templates

📚 Read more:  6 Best Business Plan Software Platforms (2024)

Common mistakes when writing a business plan

Other articles on business plans would never tell you what we’re about to tell you: Your business plan can fail. 

The last thing you want is for time and effort to go down the drain, so avoid these common mistakes:

• Bad business idea. Sometimes your idea may be too risky for potential investors or too expensive to run, or there’s no market. Aim for small business ideas that require low startup costs.
• No exit strategy. If you don’t show an exit strategy, or a plan for investors to leave the business with maximum profits, you’ll have little luck securing capital.
• Unbalanced teams. A great product is the cost of entry to starting a business. But an incredible team will take it to the top. Unfortunately, many business owners overlook a balanced team. They focus on potential profits, without worrying about how it will be done operationally. 
• Missing financial projections. Don’t forget your balance sheet, cash flow statements, P&L statements, and income statements. Include your break-even analysis and return-on-investment calculations in your financial projections to create a successful business plan.
• Spelling and grammar errors. All the best organizations have an editor review their documents. If someone spots typos while reading your business plan, sloppy errors like those can evoke a larger sense of distrust in your capabilities to run a successful company. It may seem minor, but legibility and error-free writing helps make a good impression on your business plan’s audience. 

Updating and revising a business plan

Business plans aren’t static documents. The business world moves fast and your plan will need to keep up. You don’t want it to get stale. 

Here’s a good rule of thumb for business plan revisions:

• Monthly: Update KPIs like sales, website traffic, and customer acquisition costs. Review your cash flow. Is your money situation as expected? Make the necessary changes.
• Quarterly : Are you hitting your targets? Be sure to update your financial performance, successful marketing campaigns, and any other recent milestones achieved.
• Yearly : Think of this as a big overhaul. Compare projections to actuals and update your forecasts. 

When updating your plan, don’t just go with your gut. Use data like surveys and website analytics to inform each update. Using outdated information will only lead to confusion and missed opportunities.

Remember not to just update one part of your plan—it’s all connected. Fortunately, with business plan software you can easily give your plan attention and help your business thrive. 

How to present a business plan

Here are some tips for presenting your business plan to stakeholders.

Understand your audience

Start by doing homework on who you’ll be presenting to. Are they investors, potential partners, or a bank? Each group will have different interests and expectations. 

Consider the following about your presentation audience:

• Background: What’s their professional experience?
• Knowledge level: How familiar are they with your industry?
• Interests: What aspects of your plan will excite them most?
• Concerns: What might make them hesitant about your idea?

Depending on who you’re presenting to, you can tweak your presentation accordingly. For example, if you’re presenting to a group of investors, you’d probably want to highlight financial projections and market analysis. 

Structure your presentation

Once you know your audience, you can organize your presentation. Think of this as the story you’ll tell listeners. A well-structured presentation helps listeners follow along and remember key points. 

Your opening should grab attention and give a snapshot of what’s to come. It’s kind of like an elevator pitch that gives an overview of your business idea. 

From there, break your presentation into clear sections:

• Problem: What issue are you solving?
• Solution: How does your business address this problem?
• Market: Who are your potential customers?
• Competition: Who else is in this space, and how are you different?
• Business model: How will you make money?
• Financial projections: What are your expected costs and revenues?
• Team: Who’s involved, and what makes them qualified?

Use visual aids to support your points. Graphs, charts, and even simple illustrations can make your information more digestible. Remember to practice your timing, too. A good presentation flows smoothly, giving each section the right amount of attention for its intended audience. 

Handle objections and questions

Facing objections or questions can be nerve-wracking, but it’s actually a great opportunity. It shows your listeners are engaged and thinking critically about your idea. The key is to be prepared and stay calm. 

Try to anticipate potential questions. Put yourself in the listener’s shoes: What would you want to know if you were them? Come up with clear answers to these questions ahead of time.

When handling questions:

• Listen carefully: Make sure you fully understand the question before answering.
• Stay positive: Even if the question seems critical, respond with enthusiasm.
• Be honest: If you don’t know something, it’s OK. Offer to find out and follow up. 

Use questions as a way to highlight the strengths of your business plan. If a question needs more thought or refresh, it’s perfectly fine to say, “That’s a great question. I’d love to look further into it and get back to you with a detailed answer.”

Handling questions well shows that you’re knowledgeable, thoughtful, and open to feedback—all things that will impress listeners and make them feel confident in your business plan. 

Prepare your business plan today

A business plan can help you identify clear, deliberate next steps for your business, even if you never plan to pitch investors—and it can help you see gaps in your plan before they become issues. 

Whether you’re working on starting a new online business idea , building a retail storefront, growing your established business, or purchasing an existing business , you now understand how to write a business plan that suits your business’s goals and needs.

Feature illustration by Rachel Tunstall

Business plan FAQ

How do i write a business plan.

Learning how to write a business plan is simple if you use a business plan template or business plan software. Typically, a traditional business plan for every new business should have the following components:

• Executive summary
• Company description, including value proposition
• Market analysis and competitive analysis
• Management and organization
• Products and services
• Customer segmentation
• Marketing plan
• Logistics and operations
• Financial plan and financial projections

What is a good business plan?

A good business plan clearly communicates your company’s purpose, goals, and growth strategies. It starts with a strong executive summary, then adequately outlines idea feasibility, target market insights, and the competitive landscape. 

A business plan template can help businesses be sure to follow the typical format of traditional business plans, which also include financial projections, details about the management team, and other key elements that venture capital firms and potential investors want to see.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are: 

• To clarify your plans for growth
• To understand your financial needs
• To attract funding from investors or secure a business loan

What are the different types of business plans?

The types of business plans include startup, refocusing, internal, annual, strategic, feasibility, operations, growth, and scenario-based. Each type of business plan has a different purpose. Business plan formats include traditional, lean, and nonprofit. Find a business plan template for the type of plan you want to write.

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How to create the perfect business plan in 10 steps

Every business needs a plan. But how do you write one? Here are 10 steps to help you get it right.

What is a business plan?

A business plan is the roadmap for a business and shows the overall strategy, goals and vision for success. It shows how a business operates and how it will make money.

It’s different from a business proposal which is a pitch to sell a product or service to a prospective customer.

Why do you need a business plan?

You may be wondering why you need a plan in the first place. After all, you have a clear idea in your mind about what you want to achieve. You know the market, you have the necessary skills. So why do you need a plan?

There are many good reasons. Here are just a few of them:

• To clarify your ideas: Writing something down gives it structure and substance. Your ideas will be clearer on paper than in your head.
• To discover and solve problems: The business idea you have in mind may have some holes – you might not have covered everything. This will become much more apparent when your words are on the page.
• To get feedback from others: A properly written business plan can be shared with trusted people to get their advice.
• As a formal document: Banks, investors, accountants and lawyers will want proof that you’re serious about your business. A written plan will provide that proof.
• To guide you as your business grows: A good business plan will keep you on track and focused, even as day-to-day work becomes a distraction.

If you’ve never written a business plan before, it can be a daunting prospect. But these 10 steps will help you create the perfect business plan.

1. The executive summary

This is where you describe your company and the product or service that it will sell. This must be brief, to catch and hold people’s attention.

Try to describe the goal and mission of your business in just a couple of sentences. Work hard at this and try to make it memorable.

Treat this section as an elevator pitch document – it should be succinct and easy to remember.

You can read more about how to create the executive summary in our guide What is an Executive Summary in a Business Plan?

2. Who are your customers?

Do you have a clear idea of the type of people (or businesses) who will buy your product or service? If not, think carefully until you do.

This is one of the first questions any investor will ask you about your business plan. Have your answers ready.

• Know whether your customers will be consumers or businesses. If they are businesses, who will you target within those companies? Maybe it’s the salesperson, or perhaps it’s the CEO?
• Determine whether you'll have regular clients or one-off buyers.
• Make sure you’ve actually spoken to some of your potential customers.

3. Evaluate the target audience

There’s no room for guessing here. You need to identify the people or businesses who will buy from you. Think about the following:

• Demographics – such as age, gender and social status
• Firmographics – includes size of the company, revenue of the company and services or products of the company
• Location – perhaps a specific area, town, or even country
• Profession – maybe you’re targeting accountants, police or lawyers, for example
• Groups – such as people with shared interests or habits

The better you evaluate your target audience, the more comprehensive your business plan will be.

4. What are your opportunities?

Successful businesses think big. You might be starting small, but you don’t have to stay that way. So write down the possible opportunities for your business as it grows.

For example, perhaps you’re planning to start by selling over the internet. That’s great, but how will you get traffic to your site? How will people find you online? Will you need salespeople? If not, how will you convince people to buy from you?

As the business grows, is there scope for a bricks-and-mortar retail outlet? What other opportunities will you have if your business grows as planned?

5. Understand the competition

Every business has competition. If you don’t mention yours, investors will think you’re unprofessional – or just plain naive. Be thorough, and list all your existing and potential competitors:

• Who are your direct competitors – those selling the same products as you?
• Who are your indirect competitors – those whose market overlaps yours?
• What will prevent other companies competing with you – what are the barriers to entry?
• What is your USP (unique selling proposition)? In other words, what’s your point of difference that makes you different from your competitors?

That last point is important. You need to explain how your business will differentiate itself from all the others. That might be based on price, service, quality, range or value. Make sure you spell it out.

6. Build a simple financial plan

All business plans should contain some financial information. This should include the overall costs of setting up your business. For example:

• Cost to make or buy products
• Costs for labour and manufacture, including raw materials
• Employee costs, especially for service businesses
• Distribution and marketing costs
• Fixed and variable overheads

Good accounting software will help you create a draft financial model. We’ll look into this in more detail in a future guide. For now, talk to your accountant or bookkeeper for help and advice.

7. Include an outline marketing plan

For this section of your business plan, you need to think about the five ‘Ps’:

• Pricing – how will you price the end product?
• Positioning – how does your product or service fit into the market?
• Promotion – what channels will you use to attract and communicate with customers?
• Profit – how much do you expect to make per item sold?
• Place – what are your sales outlets?

8. Plan your operations

Put your vision to one side for a moment. What are the daily tasks that need to be done when running the business? Include all business processes such as manufacturing and packaging. Try to cover all departments too, including sales and customer service.

9. Get the right people

This is one of the most important factors. Think about who you want to hire . How will you find people whose skills complement yours? And how will you convince them to work for you?

Also think about who you want as your business advisors. You'll need people you can trust, to guide and mentor you at times when you need it.

10. Simplicity is the key

Keep it simple. Complex and long documents won’t be read – either by you or by potential investors. A business plan should be brief, relevant and focused (you can use our free business plan template ).

If you find yourself getting carried away while writing, stop and take a break. Then go back and edit what you’ve written. Shorter is better. The core of a good business plan should be just a few pages long.

Plan your business around your strengths

As you write your business plan , keep in mind your strengths – and also any areas for improvement. This will help you construct a plan that makes the most of your abilities, while still being realistic. That's more likely to convince investors that you're serious.

Your business plan is a roadmap for your business – but it's not set in stone. Review it at least once a year and make changes if necessary.

Above all, keep getting feedback from your advisors – official and unofficial ones. With their help, you'll create the perfect business plan that takes you where you want to go.

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

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Bigasan Business 2024: How To Start, Capital, Profit (Plus, Tips To Succeed)

Rice has been a staple of the Filipino diet since time immemorial . Therefore, opening a bigasan business or a rice retail business in the Philippines can be a profitable venture for you if the conditions are right.

As with any other food business, there are two ways to make this happen. Either start your own rice retailing business or franchise an already-established brand .

Each has pros and cons, so you should weigh your options carefully before venturing into this type of business.

Let this short article be your guide.

Table of Contents

What is a bigasan or rice retail business.

A bigasan is a retail store that sells a variety of rice. In the Philippines, this is typically done through a simple storefront where bags of rice are opened as a display for customers. The name of the variety of rice and the corresponding price are shown on each bag.

Customers need only tell the store’s staff what variety and how much rice they buy. The staff will then put the requested amount in a bag and weigh it before the customer. After the customer pays for it, then the transaction is complete.

There are specialized rice businesses that sell only rice, but there are also retail outlets, such as sari-sari stores , that carry rice as part of their selection of products.

Bigasan Business at a Glance

How much capital you need to start a bigasan business depends on your business model. Capital investment may start from ₱50,000 (retailer) to ₱300,000 (franchise).

2. Customers

Residences, restaurants, hotels, and other establishments that sell rice meals.

3. Competitors

Usually, just other rice businesses. The supermarkets have a different client base since rice from supermarkets is usually at least 50% more expensive.

4. Who Is It For?

People who prefer to run a simple retail store with an already established market.

5. Pros & Cons

• Steady demand since Filipinos eat rice every day
• It requires minimal marketing because consumers are already familiar with the product
• Straightforward business with the potential to make a living out of it
• Rice is vulnerable to pest attacks, especially if stored improperly
• The quality of rice deteriorates after three months; it spoils easily
• Challenging to be different from competitors aside from the price

How Does a Bigasan or Rice Business Make Money?

Rice businesses typically buy their rice bags from a wholesaler. They then add a markup or “patong” to the cost of the rice. After that, they decide the price per kilogram to sell the rice to their customers. Whatever they earn from selling the rice becomes the income from the rice business.

Note that having a sizable margin is challenging unless you buy in bulk. That’s why it’s typical for a rice business to have a high capital requirement.

Where Can I Find a Rice Supplier?

If you are not getting a franchise, you must find a rice supplier yourself. This could be a wholesaler, a rice mill, or a farmer. You are more likely to know the best places to get rice if you search your area. However, here’s a quick list of well-known rice suppliers in the Philippines:

• DanJethro Grains by A&V Rice Mill – an independent rice mill in Mapandan, Pangasinan, operating since 1993.
• Wil-Lys Cereal Trading Corporation – located in Solana, Cagayan. They sell many varieties, including export-quality rice.
• JDL Nueva Ecija Rice Dealer – also known as Jorem Palay Buying Station, this supplier has been selling farm-fresh rice from Lupao, Nueva Ecija, for 30+ years.
• Primavera Rice Mills – selling quality rice for 46+ years now; among the top rice suppliers for restaurants and fast-food chains in Metro Manila. They are located in Guiguinto, Bulacan .
• RMR Rice Mill – is a popular wholesaler among rice retailers. They are located at Wakas Intercity, an agricultural bagsakan , in Bocaue, Bulacan.

If there is no viable rice supplier in your area, you may want to look for a franchise instead. Here’s a quick list of rice retail franchises you can contact:

• GRAINSMART – has more than 800 franchise branches nationwide. Aside from rice, they also have gas and water refilling business franchise packages. Their head office is located in Quezon City, Metro Manila.

Update: Bigasanko.com has been removed from the list due to an inactive social media page.

How To Start a Bigasan Business in the Philippines: 9 Steps

1. research your market and competitors.

You can’t expect to start a bigasan or rice retail business and succeed right away. You first need to know about your area’s potential customers and competitors.

Find out the typical kinds of rice people in your area buy. How much do they pay for it? If you do start a rice business, then can you also sell it at the same or a cheaper price?

Next, you need to learn any information you can about your competitors. How many are there, and where are they located? If there are too many rice retailers, you may want to rethink starting one yourself.

2. Choose a Location Frequented by Your Target Market

Find a location where it’s convenient for your customers to buy from you. Examples would be groceries or wet markets ( “palengkes” ) where people are already conditioned to buy rice.

You also have to ensure enough space to store and display the sacks of rice in your chosen location. It’s also ideal that you can keep the rice there safely so the product will be protected from heat, pests, and even floods.

3. Choose the Right Rice Supplier

With your research in hand, you now have to find a supplier for the rice typically bought in your area.

You have the option to:

• Find a wholesaler or rice mill that can deliver to your area
• Become a rice business franchisee

List all available suppliers and cultivate a long-term relationship with them. This way, you can avail of discounts when buying in bulk and provide your customers with a wide variety of rice.

Your goal is to get a price to remain competitive in your area. If you can find an excellent supplier, starting a rice retail business will be much cheaper than becoming a franchisee.

However, becoming a rice business franchisee has benefits that justify the additional cost. They already have an established way of getting a rice supply, so getting started’s much easier. You can also learn how to run a successful bigasan from them.

4. Secure a License From the National Food Authority (NFA)

Once confident that you can successfully run a rice retail business in your chosen area, you must start with government compliance .

The law states that the National Food Authority (NFA) must approve every corn or rice business in the Philippines, whether commercial or NFA rice/corn.

If you plan to open numerous outlets, you need one license for your primary/principal store. All other outlets will be considered as branches.

To get the license, go to the NFA office that has jurisdiction over where you plan to establish the rice business in the Philippines.

Get the application form from the licensing officer (LO).

Submit the accomplished form and pay the application fee of ₱100. The license fee varies depending on your capital.

5. Ensure That You Have the Required Equipment and Facility To Start the Rice Business

An NFA personnel will personally visit your store to check for the following:

• Calibrated weighing scale
• Price tags (the price of the rice per kilogram)
• White-painted rice boxes
• Signboard (45 cm wide and 75 in long) showing your business name, NFA control number, and the words “Licensed Grains Retailer” or “Wholesaler”
• Classification, variety, and grade of the rice grains you’re going to sell

Once approved, the NFA inspector will issue you a notice of inspection. Bring this with the official receipt and proof of compliance with deficiencies (if any) to the NFA office to get the license.

For franchisees of Grainsmart , you don’t need to file for a license because it’s already included in their packages. The downside is that you need to shell out higher capital to start the franchise business –a minimum of ₱298,000 for Grainsmart.

6. Register Your Business

Register the bigasan business with the Department of Trade and Industry (DTI) if you’ll operate it as a sole proprietorship or the  Securities and Exchange Commissions (SEC) for rice businesses run by a partnership or corporation.

You must also register with the BIR and get a business permit from your municipal or city hall. After that, your business registration is complete. Just note that you must file monthly, quarterly, and annual taxes . You also have to pay fees to your LGU quarterly or annually.

7. Set Up Your Bigasan & Store Your Rice Properly

Taking care of your rice starts from the supplier and ends only when your customers buy it. When transporting rice, separate it from other goods and make sure they’re all appropriately covered. 

Otherwise, prolonged sun exposure will cause the rice to lose moisture and shrink by up to 3%. The insufficient covering may also expose it to flying weevils ( bukbok ), especially if the transport vehicle passes by rice fields.

Once it arrives at your store, handle it with care. Don’t throw the rice bags, or the grains might break.

Keep the storage space clean and sanitized to prevent infestation of rats, molds, weevils ( bukbok ), and other pests.

Use the “first-in, first-out” inventory method to ensure that every sack of rice sold is high-quality and doesn’t exceed its shelf life. Remember, rice quality decreases significantly after three months. Any rice that spoils will dramatically impact the profitability of your rice business.

8. Promote Your Bigasan

You should know what’s essential for your customers when choosing a bigasan. Communicate that you can deliver that critical benefit.

You can be as creative as possible when promoting your bigasan locally and online. Talk to your neighbors—partner with other businesses. Join chat groups for the local community. 

There are many ways to promote a bigasan business. As long as your target customers are there, you should also promote there.

9. Be Strict With Your Inventory & Records

A common reason why a rice retail business might fail is because of poor inventory and record management. A few kilograms of lost or damaged rice can wipe out more than a day’s worth of your income.

So make sure to be very strict in taking care of your inventory. You should also record everything that goes in and out of your store. 

If you don’t know how to do your records correctly, you can use the template for the sari-sari store inventory and sales record provided here . It’s the same concept, but you only have to list down your rice’s different varieties, brands, and weights.

Tips & Warnings

• Set aside a regular budget for the rice supply. Some dealers won’t deliver rice to retailers unless they order a minimum amount of rice from them.
• Try to avoid selling any rice on credit, especially for residential clients. It might be unavoidable for business clients; however, deal only with reputable businesses. Bad debts can severely impact your operations.

Go back to the main article: Best Small Business Ideas in the Philippines with High Profit 

Written by Rod Michael Perez

in Business and Finance , Juander How

Last Updated May 3, 2024 11:34 AM

Rod Michael Perez

Rod Michael Perez is a freelance writer with over 7 years of experience in writing long-form articles, ad copy, and SEO content for local and foreign clients. He is also an aspiring startup founder and believes that the Philippines could be the next hub for startup culture. He takes care of his dog, a poodle-Shih Tzu hybrid, in his spare time.

Browse all articles written by Rod Michael Perez

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The 20 Most Profitable Small Businesses you can Start in the Philippines

Key takeaways:.

• The Philippine economy is projected to grow by 5.3% by the end of 2023. As the Philippines returns to a sense of normalcy, a favorable environment for business is emerging.
• You may begin some small businesses with a capital of ₱0 to a few thousand pesos by leveraging the resources you already have.
• Researching your market, developing a solid business plan and registering your business are some of the things you need to do to ensure your small business success.

Table of Contents

List of 20 Small Businesses with a Small Capital in the Philippines

The Philippine economy, while still recovering from the pandemic’s impact, has shown an impressive growth by 7.6% in 2022 and is projected to continue to grow by 5.3% by the end of 2023 [ 1 ]. As life regains its pace in the Philippines, a favorable environment for business is emerging.

This sets the stage for budding entrepreneurs to step in. Starting a business in the Philippines, even with a small capital, allows you to ride the momentum of recovery and contribute to the growing opportunities.

Beginning a business venture, no matter how small, can be a significant turning point in your life. It offers you the chance to shape your financial future from scratch. If you’re among those considering entrepreneurship but unsure where to begin, or if you’re looking to supplement your current earnings, we’ve curated a list of small businesses in the Philippines requiring a small capital.

These ideas span various skills and interests, helping you discover your entrepreneurial path. Among these ideas, you’ll find both established and proven concepts, as well as innovative options that align with the evolving post-pandemic landscape of the Philippines.

With determination and a smart approach, these small business ideas can lead you toward your entrepreneurial goals. Now let’s find out what the best small business in the Philippines will be.

Small Business ideas in Retail and Trade

1. sari-sari store.

• Capital Needed: ₱10,000 – ₱50,000
• Tools and Resources Needed: Shelving, initial inventory of basic goods (canned goods, snacks, toiletries), cash register or ledger, store signage.
• Skills Needed: Basic inventory management, customer service

At the heart of Filipino neighborhoods, the sari-sari store stands as a cornerstone, providing an assortment of everyday necessities. Ranging from colorful stacks of snacks to toiletries and school supplies, they cater to their community’s needs, mainly locals and neighbors. It’s one of the most common small businesses in the Philippines

In a 2022 study by Kantar, following the spending patterns of 5,000 local households, 41 percent of fast-moving consumer goods (FMCG) were procured from local sari-sari stores [ 2 ]. This marked a 6% rise compared to the 2020 data. These figures firmly establish the enduring demand and their significance for years to come for Filipino communities.

To start a sari-sari store business, gather an inventory of products for sale with a capital that may range from ₱10,000 to ₱50,000. Consider sourcing from wholesale supermarkets or Divisoria, both reputable options for stocking up. Your expenses will depend on the range of items you plan to offer.

With the community being your clientele, nurture loyalty through personal connections and attentive service. Keep your prices competitive and embrace digital payments to cater to evolving habits.

• Get up to PHP 25,000 in just 5 minutes
• Only one government ID is required
• Simple application process
• Instant fund transfer

2. Cellphone Loading

• Capital Needed: ₱2,000 – ₱10,000 (initial load credits)
• Tools and Resources Needed: Mobile phone, prepaid load credits, retailer SIM card
• Skills Needed: Basic math skills, familiarity with mobile networks

Filipinos heavily rely on mobile phones, creating a demand for prepaid load. In 2022, the number of mobile subscribers in the Philippines amounted to about 153 million [ 3 ].

An e-loading business is straightforward – you sell this load to customers, making a profit. It’s an entry-level opportunity accessible to most. You can start this small business in the Philippines with a 4k capital or even less. While it’s not the most profitable business out there, it demands simpler operations (without the physical inventory and store), for as low as ₱2,000 to start with.

Start your e-loading business by buying prepaid cellphone load from providers like Globe, Smart, or third-party distributors such as Coins.ph and Load Central. You may also opt to purchase another phone to use for load transactions. Once you start operating, offer various load denominations to cater to different customers and advertise your loading station through visible signage.

3. Ukay Ukay

• Capital Needed: ₱10,000 – ₱50,000 (initial inventory)
• Tools and Resources Needed: Secondhand clothing inventory, display racks, location with foot traffic
• Skills Needed: Fashion sense, bargaining skills, customer interaction

Ukay-ukay , which translates to “thrift shop,” draws from a range of sources – including excess donations from wealthier nations and overruns from overseas retailers. While it doesn’t entirely solve the fast fashion issue, it’s gaining traction among eco-conscious Filipinos seeking sustainable alternatives. The diverse inventory and budget-friendly fashion choices are gradually making it a more appealing option for a growing number of Filipinos looking for stylish clothing for less, making it a great small business to start in the Philippines .

There are many places where you can find second-hand clothes. You can buy them from ukay ukay bales and wholesale sellers online and get an initial inventory for ₱10,000 to ₱50,000. Once you find a supplier, negotiate a comfortable price for both of you. Once you set up shop, regularly update your inventory to keep up with trends. Offer discounts and promotions to encourage repeat customers. You may also create themed displays to make shopping an engaging experience.

4. Rice Retailing

• Capital Needed: ₱50,000 – ₱100,000
• Tools and Resources Needed: Rice inventory, weighing scale, storage containers, signage
• Skills Needed: Basic accounting, inventory management, customer service

The rice retailing business holds significant value in the Philippines, where rice stands as a staple commodity. It’s an essential element of our meals, an indispensable presence on our tables, and a constant item on people’s shopping lists. 

Setting up a rice retailing venture requires a relatively modest initial investment but if you’re thinking about profitability, consider that there are a lot of restaurants and eateries that buy rice in bulk for their daily operations.

You may procure rice directly from rice mills or wholesalers to secure favorable pricing. Select a supplier located near your place of business for easier order placement. Many rice wholesalers offer delivery to your area upon meeting their minimum order criteria. Another important thing to know is to be able to start a rice dealership, you must secure a certificate from the National Food Authority (NFA).

5. Junk Shop/Scrap Business

• Tools and Resources Needed: Weighing scale, collection vehicle, sorting area, contact with recycling centers
• Skills Needed: Knowledge of recyclable materials, negotiation skills, basic business management

A junk shop business is more than a trade; it’s a way to turn discarded items into opportunities. As the awareness of the environmental impact of waste grows, starting a junk shop business will not only be profitable to you as a business owner but also to garbage collectors and for people who practice recycling.

To begin this venture, you first need to find a space to set up shop. Make sure that the space is spacious to contain all the junk and scrap that you’re trading and this is where the bulk of your cost will go. It is crucial to build good relationships with your suppliers and your clients. Your suppliers will be the businesses with leftover materials you can sell and the scavengers who you can provide push carts or karitons to make their work easier. Your clients will be recycling centers who need the items you gathered to be sorted and separated properly.

6. Homemade Skincare/Beauty Products

• Capital Needed: ₱5,000 – ₱20,000
• Tools and Resources Needed: Ingredients for beauty products, packaging materials, labeling, marketing channels
• Skills Needed: Knowledge of natural ingredients, product formulation, creativity in packaging

Homemade beauty products are soaring in demand in the Philippines – may it be soap, make-up or beauty creams. The appeal stems from the personal touch. Be it tackling humidity-triggered breakouts, managing sun-induced uneven skin tone, or combatting the toll of pollution on the skin, homemade beauty products crafted by people who encountered the same challenges hold a unique edge.

Starting your homemade beauty business means grasping common Filipino skincare issues and crafting natural solutions that cater to local needs. Invest time in meticulously formulating and testing your products, utilizing your network’s insights to improve effectiveness. Capitalize on your personal story and passion for your products to connect with potential customers. Above all, prioritize the safety and health regulations compliance of your offerings. Initial capital might vary between ₱5,000 to ₱20,000, with a constant requirement to secure raw materials. Yet, fueled by your passion and solid marketing, this endeavor can evolve into an additional income stream worth exploring.

Small Business in Food and Beverage Production in the Philippines

1. Carinderia/Home-Cooked Meals

• Capital Needed: ₱5,000 – ₱15,000
• Tools and Resources Needed: Kitchen appliances, cooking utensils, ingredients, food packaging, delivery mode (motorcycle or bicycle).
• Skills Needed: Cooking skills, menu planning, basic food safety and hygiene.

Offering affordable Filipino cuisine, carinderias are a sought-after dining option for the masses. A carinderia is one of the 20 most common small businesses in the Philippines. Launching one requires minimal capital, especially if you set it up at your own premises. While fast food has its place, the appeal of carinderias lies in their authenticity and cost-effectiveness. Patrons flock to these eateries for budget-friendly, home-cooked meals that remain unmatched by larger establishments.

Gather your initial capital, typically around ₱5,000 to ₱15,000, to cover ingredients, utensils, cooking equipment, business permits, and rental space. However, if you’re setting up this small business at home in the Philippines, a substantial capital may not be necessary. Develop a simple menu featuring popular Filipino home-cooked dishes including options with vegetables, fish, chicken, pork, and beef. Aim for variety by rotating your menu daily. Keep prices affordable to maintain customer loyalty and attract new patrons, balancing profitability with accessibility for the masses.

2. Pastry Business

• Capital Needed: ₱20,000 – ₱50,000
• Tools and Resources Needed: Baking equipment, ingredients, packaging materials, display cases, social media platforms.
• Skills Needed: Baking skills, creativity in pastry design, basic business management.

In the wake of the COVID-19 pandemic, countless food establishments faced closures, prompting the rise of online selling, particularly within the realm of baking. Most of these stores continue to flourish until today. Post-pandemic, baking is still a small business example in the Philippines that holds a lot of promise.

From timeless Filipino classics like “ensaymada” to modern interpretations, you can start showcasing your baking talents or heirloom recipes with an initial investment of ₱20,000 – ₱50,000 for ingredients and equipment. Experiment with unique flavors and designs to stand out. Stay updated with the latest baking trends and make the most of social media to display your creations and secure orders. But remember, taste is still king! Ensure your pastries are consistently delicious by choosing quality ingredients and refine your recipes to keep your customers coming back for more!

Do you need funds to start your small business?

With Digido, you only need a working phone and one government-issued ID. Calculate your pre-approved loan amount:

* Interest payments are approximate. The final loan amount and interest rate must be confirmed in your loan agreement after loan approval.

3. Coffee Shop

• Capital Needed: ₱5,000 – ₱100,000
• Tools and Resources Needed: Commercial espresso machine, coffee grinder, brewing equipment, ingredients, seating furniture
• Skills Needed: Barista skills, customer service, basic business management

The pandemic spurred a surge in people exploring home brewing, with increased coffee machine and home brew supplies purchases. Interest in coffee and consumption in the Philippines is growing year by year and it offers a unique opportunity for you to pursue this venture, even from the comfort of your home and with a modest budget.

Launching a coffee shop is one example of small businesses in the Philippines that you can start even from the comfort of your home, and it doesn’t have to be pricey. Beginning small and expanding over time is a feasible strategy. Consider the story of a 25-year-old who initiated a coffee business during the pandemic, starting with just ₱6,000 at home and now boasting 15 branches [ 4 ]. Assess the resources you already have for a home setup. While quality espresso machines, drip coffee makers, or coffee grinders could be larger investments, you can explore budget-friendly coffee machines available online, ranging from ₱8,000 to ₱20,000. You may set up a kiosk right outside your home, making your coffee venture a cozy local hotspot.

4. Milk Tea Shop

• Capital Needed: ₱30,000 – ₱300,000
• Tools and Other Resources Needed: Milk tea ingredients (tea leaves, tapioca pearls, syrups, milk), commercial-grade blenders, brewing equipment, glassware, sealing machines, display cabinets, point-of-sale system.
• Skills Needed: Basic culinary skills, creativity in recipe development, customer service, basic financial management.

Milk tea has undeniably won over the hearts of Filipinos, especially the younger crowd, and it’s often associated with social hangouts and get-togethers. Aside from the perceived health benefits, its flexible customization caters to a diverse range of tastes. Milk tea is consistently also among the top 3 go-to beverages for a refreshing pick-me-up during lunch and merienda[ 5 ], proving that the milk tea hype doesn’t die down.

If you’re eyeing a budget-friendly milk tea shop venture, you start small with a kiosk or a shop with a few chairs and tables. Your initial investment, covering ingredients, equipment, packaging, and location, could fall anywhere from ₱30,000 to ₱300,000. Daily earnings could land between ₱2,000 to ₱10,000, depending on the scale of your operation and the spot you choose. Oh, and don’t forget, a catchy and creative shop name goes a long way in making you stand out in the milk tea scene in the Philippines.

Small Service Businesses in the Philippines

1. printing business.

• Capital Needed: ₱20,000 – ₱50,000 (for printing equipment)
• Tools and Resources Needed: Printer, printing materials (paper, ink), computer, design software
• Skills Needed: Basic graphic design, printing techniques, customer service

In a post-pandemic Philippines, there is a surge in demand for printing services, fueled by new businesses embracing printed materials as promotional tools. These businesses seek a variety of printed materials like brochures, flyers, business cards and various giveaways to effectively market their products and services.

A printing machine costs range from ₱10,000 to ₱200,000, depending on your daily print volume. If that sounds expensive, you may begin with a smaller machine and upgrade as your capacity grows. A basic computer is enough for printing software. You may opt to specialize on printing surfaces like t-shirts, vinyl signs, business cards and various marketing materials. Additionally, you may offer customization options. It’s also crucial to maintain a well-stocked inventory of paper/printing surfaces so make sure to source from a reliable supplier offering consistent quality across quantities.

2. Photo Booth Rental

• Capital Needed: ₱70,000 – ₱100,000
• Tools and Resources Needed: Photobooth setup (camera, backdrop, props), printer, laptop, photo paper, ink, photo booth software
• Skills Needed: Basic photography skills, customer service

Filipinos never run out of things to celebrate – weddings, christenings, weekend outings, family reunions, corporate gatherings… the list goes on. Capturing cherished memories has become second nature. Interestingly, the popularity of smartphone selfies hasn’t diminished the desire for photo booth pictures and the demand for photo opportunities is stronger than ever.

Photo booth rentals is one of the fast rising small enterprise examples in the Philippines. Setting up a photo booth business requires an initial investment of approximately ₱70,000 to ₱100,000, covering essentials like a camera, a laptop, lighting, a commercial printer and props. To stand out, you can make your props and backdrops creative and trendy. While bookings start around P5,000, building a good reputation and effective marketing can lead to a growing client base each month, eventually offsetting your costs significantly.

3. Bills Payment

• Capital Needed: ₱45,000 – ₱100,000
• Tools and Resources Needed: Computer, stable internet connection, bills payment system/software, signage
• Skills Needed: Basic computer skills, customer service, financial management

Amid the pandemic, online payments gained immense popularity; however, the presence of physical bills payment centers remains an in-demand service due to limited access to digital payments. The 2021 Financial Inclusion Survey by the Bangko Sentral ng Pilipinas revealed that 45% of adults in urban areas and 44% in the rural areas lack formal bank accounts[ 6 ]. These all-in-one centers benefit unbanked Filipinos, providing a time-saving solution for bill settlement.

Starting this business offers two pathways: consider franchising an established payment center starting at ₱100,000, or partner up with non-traditional digital payment platforms for as low as ₱45,000. Generate revenue through service fees for each transaction and strategically position your venture in high-traffic areas with adaptable operating hours to maximize foot traffic and customer convenience.

4. Piso Wi-Fi

• Capital Needed: ₱20,000 – ₱50,000 (for setup and initial internet credits)
• Tools and Resources Needed: Piso Wifi vending machine, stable internet connection, pricing details on signage
• Skills Needed: Basic networking knowledge, maintenance

Piso Wifi stands out as one of the top small businesses in the Philippines in terms of passive income generation. These vending machines offer coin-operated Wi-Fi access, positioned in locations where people need internet connection but may lack the means to afford it. These compact devices are popular in the cities and are steadily gaining ground in provincial areas.

A reliable and secure internet connection is important, given that you’ll be selling online access. You may opt to get higher mbps or just enough to cover the required speed. The cost for a vending machine ranges between ₱8,000 and ₱30,000, depending on model and additional features. Payment terms can be customized to your preference, like 10 pesos per hour or 1 peso for 5 minutes and you can earn ₱500 to ₱3000 pesos a day depending on your location.

5. Laundry Shop

• Capital Needed: ₱50,000 – ₱200,000
• Tools and Resources Needed: Washing machines, drying machines, ironing equipment, laundry supplies, location with proper ventilation
• Skills Needed: Basic laundry techniques, customer service, management

The quest for earning a livelihood in the country has driven many to live incredibly hectic lives. As a result, most Filipinos find it challenging to address even their minor chores. Among these, laundry stands out as one of the most laborious tasks and people will be more than willing to spend money for convenience and the ability to save time and energy.

Starting your laundry business requires a modest investment as you need machines, laborers and laundry supplies to operate. Franchise fees for established wash-dry-fold or self-service laundromats range from ₱100,000 to ₱200,000 but setting up costs will be much more than that depending on your business space. You can also start small by using your own and buying more machines and supplies. A heavy-duty washing machine ranges from ₱15,000 to ₱60,000. You can add more equipment and offer new services like ironing or dry cleaning once you are able to expand.

6. Online Tutoring

• Capital Needed: ₱0 – ₱5,000 (depending on tools)
• Tools and Resources Needed: Computer, stable internet connection, educational materials, online platform
• Skills Needed: Expertise in chosen subject, teaching skills, effective communication

Before the pandemic, most students participated in face-to-face private tutorial sessions, either at their homes, their tutor’s homes, or in tutorial centers. With the shift to online learning, both tutors and students have come to recognize that virtual sessions can offer comparable advantages. Because of the convenience of this set-up, the demand still endures and is a perfect example of a small business from home in the Philippines that you can start.

Begin by focusing on the subjects that align with your expertise. If you’re targeting international clients, teaching English as a second language (ESL) is a popular choice. The startup cost for this business is relatively low, as you will mainly rely on your knowledge and teaching methods. If you already possess a laptop, consider investing in a website, class scheduling software, online meeting platform subscriptions, or a suitable teaching space. Establishing a solid reputation is essential for attracting more clients. You may also consider supplementing your efforts by blogging, sharing content relevant to your subject proficiency.

7. Car Wash

• Capital Needed: ₱100,000 to ₱200,000
• Tools and Resources Needed: Car wash equipment (pressure washer, cleaning supplies), water source, location with drainage
• Skills Needed: Attention to detail, car cleaning techniques, customer service

The Philippines’ thriving automotive market makes a car wash business a promising venture. With around 89,000 new car registrations in 2022[ 7 ], not counting other types and existing vehicles and new registrations this year, there’s a consistent demand for this service. Similar to a laundry shop, people often turn to car wash professionals to maintain their vehicles, especially when they’re busy and want to save time and energy.

To begin, you’ll need a starting investment of at least ₱150,000 to ₱200,000, which covers initial costs. Be prepared for ongoing expenses, including equipment, location expenses, labor, utilities, and more. Your monthly earnings could range from ₱30,000 to ₱50,000, depending on your operations. As you expand, you could diversify services, like repair, car waxing, detailing, and drying.

Learn about Profitable Service Business Examples in the Philippines

Creative and Artistic Services

1. commissioned art.

• Capital Needed: ₱0 – ₱5,000 (depends on art supplies and their quality)
• Tools and Resources Needed: Art supplies (paints, brushes, canvas), portfolio, social media for promotion
• Skills Needed: Artistic talent, creativity, customer interaction

Taking advantage of social media to showcase their art, a lot of traditional and digital Filipino artists started earning money through commissioned pieces. People are willing to spend money on beautiful and personalized artwork that holds meaning to them, whether it’s a portrait of a loved one, a pet, an anime character, or a landscape. These can serve as a heartfelt gift, cherished memory, or even an investment. A commissioned art can also be customized in specific sizes and colors perfect for the client’s interior design.

For artists venturing into commissions, you can pursue thisbusiness idea with a small capital in the Philippines. Start by determining the medium, the type of artwork you want to create, establishing your style, then build an art portfolio. Depending on your medium, other costs would cover materials like drawing tablet and software, paints, canvas and other art supplies. Pricing your services will depend on factors like project complexity, size, and timeframe and remember to not undersell your talents. Listening to your clients’ desires and needs is crucial, enabling you to integrate their story and perfectly capture their requirements.

2. Web/Graphic Design Services

• Capital Needed: ₱20,000 – ₱55,000 (for software and tools)
• Tools and Resources Needed: Computer, design software (Adobe Creative Suite, Canva), portfolio website
• Skills Needed: Graphic design skills, creativity, communication

The digital landscape relies heavily on captivating visuals. As businesses and influencers in the Philippines seek to establish their identity, boost their online presence and engage with audiences with their content, web/graphic design and video editing opportunities started to grow.

To pursue this small online business idea in the Philippines , first acquire the necessary skills and a heavy-duty laptop or PC with ample storage capacity. This is crucial as you’ll be handling sizable image files and design elements, along with lengthy high-resolution videos. A suitable laptop for video editing and graphic design can be priced starting at ₱50,000. Subscription costs for editing software can range between ₱400 to ₱3500 per month. Improve your skills by taking online courses to keep up with the trends and continuously network to expand your clients. Editing videos and graphic design are very labor-intensive, but with the right amount of effort, you can earn a lot of money with this business.

3. Vlogging/Content Creation

• Capital Needed: ₱2,000 – ₱10,000 (for equipment)
• Tools and Resources Needed: Camera or smartphone with good video quality, video editing software, YouTube or social media platform
• Skills Needed: Storytelling, video editing, content creation

Speaking of content, a ccording to the 2023 Global Digital Report from Meltwater, 55% of internet users in the Philippines (aged 16 to 64) watch vlogs, while 64% engage with how-to, tutorial, or educational videos on a weekly basis [ 8 ]. Vlogging has democratized fame, offering you a platform where you can share their life, passions, and expertise, while connecting with a global audience on a personal level. Also, in case you missed it , there is so much potential to generate income making content for social media platforms.

Here are the requirements to monetize content and turn it into a small business in the Philippines:

On average, content creators may earn from ₱100 to ₱250 for a thousand views while established content creators may earn from hundreds of thousands of pesos to millions. Producing quality content that people watch, share, and react with truly pays off.

To start getting into the business of content creation, you must determine first what your content will be all about and leverage your expertise. Initial investment may range from ₱2,000 to ₱10,000 for your equipment and logistics for your chosen content. Equipment doesn’t need to be fancy; you just need to be able to produce clear audio and video. Tap on your creative skills to add interesting elements to your content and don’t forget to engage consistently with your audience and fellow vloggers. 

Tips for Starting a Small Business in the Philippines

• Research your market It’s crucial to deeply comprehend the needs and preferences of your potential customers. Additionally, identify any unaddressed gaps in the market where your business can provide valuable solutions, allowing you to cater effectively to demand and stand out in a competitive landscape.
• Develop a solid business plan Creating a clear and detailed business plan is like plotting your adventure on a treasure map. It’s your step-by-step guide that outlines your goals, strategies, and financial projections. With this plan in hand, you’ll have a roadmap to follow, helping you stay on track and steer your business toward success.
• Choose location wisely When launching your small business, where you set up shop can make a big difference. Choose a location that sees a steady flow of people passing by, is conveniently accessible, and isn’t crowded with similar businesses nearby. This will give your venture a better chance to catch the attention of potential customers and stand out in the crowd
• Legitimize your Business Getting your business on the right track means registering it with the proper government agencies, obtaining the needed permits, and sticking to local regulations. This ensures your business runs smoothly.
• To legitimize your business, you need to register your business name at the Department of Trade and Industry (DTI) and get a certificate of registration from your Barangay, your LGU’s Mayor’s Office and with the Bureau of Internal Revenue (BIR). Some types of small businesses in the Philippines need additional certificates from other government agencies so make sure to include that on your checklist.
• Boost your online presence Set up a polished website and social media accounts. Being active online enables you to engage with a wider audience and showcase your offerings effectively.
• Delight your customers Always prioritize your customers. Offer excellent service and make sure to promptly address any concerns or problems they might have. Happy customers are the backbone of your business, so treat them well and create a positive experience that keeps them coming back.
• Network Building relationships with fellow entrepreneurs and businesses in your industry is a smart move. Attend events, network, and explore partnerships to expand your circle and gain new insights. Collaborating with others can bring fresh ideas to the table and help your small business thrive.
• Mind Your finances Keep a close eye on your spending and earnings. Create a realistic budget and stick to it to ensure your business stays financially healthy.
• Stay fresh Keep an eye on what’s trending in your field and be ready to change things up to match what people want. It keeps your business relevant and exciting.

Learn How to Renew Your Business Permits in the Philippines 2023

Where to get help to Start a Small Business in the Philippines

• Department of Trade and Industry Programs [ 12 ] : A continuous learning initiative aimed at enhancing the competitiveness of micro, small, and medium enterprises (MSMEs) in both domestic and international markets.
• Negosyo Center: These government-operated centers are strategically placed in all provinces, cities, and municipalities to promote business-friendly processes, ease of doing business, and provide accessible services for MSMEs.
• Tatak: Matatag na Negosyo (TMN): This program enhances micro-stores’ capacities, improving operations, facilitating access to formal financial channels, and establishing strong market linkages for optimal supply chain management.
• Go Lokal!: Designed to support MSMEs, this program helps them enter the mainstream market by providing merchandise development assistance and market access through retail partners like malls.

Philippine Center for Entrepreneurship – Go Negosyo Programs [ 13 ]

• 3M On Wheels (3MOW): This nationwide mentorship program offers entrepreneurs quick-stop onsite mentorship encounters across the Philippines, fostering capacity-building and development.
• Kapatid Mentor For Me Project (KMME): A joint initiative by the DTI and the Philippine Center for Entrepreneurship (PCE), KMME supports MSEs through three components: Mentor ME, involving coaching from large corporations on various business aspects; Adopt-an-SSF, which grants access to Shared Service Facilities (SSFs); and the Inclusive Business model, connecting MSEs with larger companies’ value chains.

To get the funding you need to start a small business in the Philippines, you can seek help from trusted and reputable lending companies, as well.

Digido is a SEC-licensed online lender in the Philippines holding both SEC Registration and an official Certificate of Authority. The company offers cutting-edge financial solutions through a fully automated online portal, for utmost convenience. With an efficient lending system, Digido assesses each application and disburses funds within hours or even minutes! This user-friendly loan app provides attractive interest rates, including promotional offers, and extends non-collateral loans of up to ₱25,000.

• Applying is easy, and funds will come immediately

Final Thoughts

As the country bounces back from the pandemic’s effects, starting a small business in the Philippines holds great potential. Whether you go with a familiar idea or something new, or pursue a business aligned to your skills and interest, remember that success comes from working hard and your ability to adapt to change. By exploring these ideas and getting the right support, you could even be a trailblazer in the evolving business scene. Your small business today might inspire others and show the Filipino spirit of entrepreneurship.

Good luck, and may your small business journey in the Philippines be a successful and fulfilling one!

Learn Everything You Need to Know on Getting Business Loans Philippines

• What are the small businesses in the Philippines that I can start with a 4k capital? You can start a small business in the Philippines with an initial investment of ₱4,000. Cellphone loading demands simpler operations and is one business you can start for as low as ₱2,000. If you already have existing tools and resources, you may also begin marketing your art and start an online tutoring service.
• How do I make my business legit? Register your business name at DTI, obtain a certificate of registration from your Barangay and LGU's Mayor's Office, and register with the BIR. Depending on the type of small business you plan to start, additional certificates from other Philippine government agencies might be needed.
• What government programs can I take advantage of as I start my small business? When you're starting a small business in the Philippines, there are government programs that can provide valuable help. The Department of Trade and Industry has initiatives like the Small and Medium Enterprise Roving Academy (SMERA) and Negosyo Center, which focus on making your business more competitive and simplifying processes. The Tatak: Matatag na Negosyo (TMN) program aims to help businesses like sari-sari stores and small bakeries, while Go Lokal! assists in marketing your business. The Philippine Center for Entrepreneurship offers programs like 3M On Wheels and Kapatid Mentor For Me Project, which provide mentorship and support for growth.
• Is vlogging a small business? Yes, vlogging can certainly be considered a small business opportunity. Monetization options on platforms like YouTube, TikTok, and Facebook further support the idea of vlogging as a viable small business, making it a lucrative endeavor with costs depending on the quality of equipment you want to use and the requirements of your chosen content.

Disclaimer: This article was written based on information available to the writer at the time of publication and the article was published for instructional, research, reference, and educational purposes only. The information and data used and disclosed in this article are publicly available and the writer or the Company does not claim any exclusive ownership or proprietary right over the information, data, literature or article sourced or obtained from publicly available sources. Some of the information, data, and/or materials cited in this article which were obtained from publicly available sources belong to the owner of the information or data, and the use thereof in this article are covered by fair use under applicable intellectual property laws.

Nothing in the articles published in the website is intended to constitute legal or financial advice and users are advised to seek counsel from legal and financial professionals. Likewise, rates or offers published in the website are promotional marketing offers only and do not constitute any binding contract between the Company and the users. While the writers and publishers of the articles in the website wrote the articles using credible information available to them at the time of publication, any changes or updates to the information presented in this article may not be reflected here. Users are enjoined to exercise appropriate diligence in using the data and information published in the website, and they are urged to study and compare it with other credible sources. Users understand that the writers, publisher, website owner and the Company are not liable for any damage or injury they sustained for their wrongful or erroneous use of the data or information written in the article and published in the website.

Furthermore, the use of trademarks, marks, brands, business names, and/or trade names in this article is for instructional, research, and reference purposes, which are governed by the fair use principle under applicable intellectual property laws. The writer, publisher, website owner and the Company disclaims ownership, use for commercial purposes, and/or appropriation of the trademarks, marks, brands, business names, and/or trade names belonging to another.

Note: The information presented in the tables is subject to change and users are advised to contact their chosen bank/ financial entity directly for the updated information.

Articles sources

• 1. The Philippines’ economy in 2023 | McKinsey
• 2. Filipinos buying more from ‘sari-sari’ stores | Inquirer Business
• 3. Philippine: mobile subscribers count 2022 | Statista
• 4. This Filipino Entrepreneur Started a Cafe Franchise With a Capital of Only P6,000 (esquiremag.ph)
• 5. Philippines Food and Grocery Trends 2022 | Grab PH
• 6. 2021FISToplineReport.pdf (bsp.gov.ph)
• 7. Philippines: new car registrations 2022 | Statista
• 8. 2023 Global Digital Report (meltwater.com)
• 9. YouTube Partner Program overview & eligibility - Computer - YouTube Help (google.com)
• 10. Monetize on TikTok | TikTok Help Center
• 11. Earn money | Meta for Creators (facebook.com)
• 12. Negosyo | Department of Trade and Industry Philippines (dti.gov.ph)
• 13. Go Negosyo - Enabling Competitive Filipino Entrepreneurs

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Learn more about Business Plan in Philippines

Using a business plan in the Philippines is crucial for several reasons. Firstly, a business plan serves as a roadmap that outlines the goals, strategies, and financial projections for a business venture. It helps to clarify the direction and vision of the business, ensuring that all stakeholders are aligned. Additionally, a well-developed business plan is often required when seeking financing from banks, investors, or government institutions. It demonstrates the feasibility and potential profitability of the business, increasing the chances of obtaining funding. Themis Partner helps you draft the best business plan for your company while being fully compliant with Philippines Laws.

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Table of contents, what is a business plan, when do you use business plan for your business, why is a business plan important for success, what does a business plan include in the philippines, how to make a business plan for the philippine market, what are the tips for writing a business plan for startups, how important is market research in developing a business plan, how to incorporate financial projections into my business plan.

A business plan is a comprehensive document that outlines the goals, strategies, and financial projections of a business. It serves as a roadmap for entrepreneurs, providing a clear vision of their business idea and how they plan to achieve success. A well-crafted business strategy roadmap includes sections such as an executive summary, company description, market analysis, marketing strategies, organizational structure, financial projections, and more. It helps entrepreneurs articulate their business concept, understand their target market, identify potential challenges, and plan for growth and sustainability.

Business plans are typically used in various scenarios throughout the lifecycle of a business. They are essential when starting a new venture as they provide a blueprint for success, helping entrepreneurs secure funding from investors or financial institutions. A business plan is also beneficial when seeking partners or collaborators, as it outlines the business’s potential and growth prospects. Moreover, established businesses can use these strategic roadmaps to strategize for expansion, diversification, or entering new markets. Additionally, a strategic roadmap can be periodically reviewed and updated to assess progress, make necessary adjustments, and attract new investors or stakeholders.

A comprehensive business plan is vital for success in the Philippines due to several reasons. Firstly, it helps entrepreneurs gain a deep understanding of the local market dynamics, consumer behavior, and competition. The Philippine market is diverse and rapidly evolving, making market knowledge crucial for business sustainability. A well-researched business strategic roadmap allows entrepreneurs to identify and capitalize on market opportunities, mitigate risks, and make informed decisions. The business strategic roadmap is essential for attracting investors in the Philippines. Investors often require a thorough strategic roadmap to assess the viability and potential of a venture. A comprehensive plan demonstrates professionalism, preparedness, and a strategic approach to business development. It provides investors with the necessary information to evaluate the financial projections, growth prospects, and return on investment. A strategic roadmap serves as a roadmap for entrepreneurs, outlining their goals, strategies, and milestones. It helps in aligning the efforts of the entire organization and provides a basis for decision-making. A well-structured plan enhances operational efficiency, resource allocation, and risk management, ultimately contributing to the overall success of the business in the dynamic Philippine market.

By incorporating these key elements into your business plan, you can create a comprehensive and tailored document that addresses the specific needs of ventures in the Philippines. This ensures that your document aligns with the local market dynamics, consumer preferences, and regulatory environment, increasing the chances of success.

1. Executive Summary: This section provides a concise overview of the business, its mission, vision, unique selling proposition, and key highlights.

2. Company Description: Describe the nature of the business, its legal structure, products or services offered, and the target market in the Philippines.

3. Market Analysis: Conduct a thorough analysis of the Philippine market, including market size, growth trends, customer demographics, and competitive landscape.

4. Marketing and Sales Strategies: Outline your marketing and sales approach, including pricing strategies, distribution channels, promotional activities, and customer acquisition plans.

5. Organizational Structure: Define the organizational structure of your business, including key management personnel, their roles, and responsibilities.

6. Product or Service Offering: Provide detailed information about your products or services, including their unique features, benefits, and competitive advantages in the Philippine market.

7. Financial Projections: Include financial statements, such as income statements, balance sheets, and cash flow projections, to showcase the financial feasibility and profitability of the venture.

8. Risk Assessment and Mitigation: Identify potential risks and challenges that may impact your business in the Philippine market and outline strategies to mitigate them.

9. Implementation Plan: Outline the steps and timelines for executing your document, including key milestones and resource requirements.

Step 1. Executive Summary

Provide an overview of your business idea, including your goals, target market, and unique value proposition for the Philippine market.

Step 2. Market Analysis

Conduct comprehensive research on the Philippine market, including customer demographics, buying behaviors, cultural nuances, and trends. Identify market gaps, competition, and potential opportunities specific to the Philippines.

Step 3. Business Concept and Value Proposition

Clearly articulate your business concept and how it addresses the needs of the Philippine market. Highlight your unique value proposition and how it differentiates you from competitors.

Step 4. Marketing and Sales Strategy

Outline your marketing and sales strategies tailored to the Philippine market. Define your target customers, pricing strategy, distribution channels, and promotional activities. Consider leveraging digital marketing platforms, local partnerships, and culturally relevant marketing approaches.

Step 5. Operational Plan

Detail the operational aspects of your business, including location, facilities, equipment, and production processes. Consider local regulations, permits, and licensing requirements that Philippines Laws may apply.

Step 6. Organization and Management

This document may indicate stability for your firm by demonstrating that you have planned ahead of time so that any issue can be resolved easily and quickly. This is very crucial for banks and other creditors who may be interested in investing in your firm.

Step 7. Product or Service Offering

Provide a comprehensive description of your products or services and how they meet the needs of the Philippine market. Highlight any customization or localization efforts specific to the local preferences and cultural context.

Step 8. Financial Projections

Develop realistic financial projections, including sales forecasts, expense estimates, and projected profitability. Consider local market conditions, pricing dynamics, and costs specific to the Philippine market.

Step 9. Risk Assessment and Mitigation

Identify potential risks and challenges that your business may face in the Philippine market. Develop strategies to mitigate these risks, such as contingency plans, partnerships, or diversification strategies.

Step 10. Implementation Plan

Create a step-by-step action plan outlining the tasks, timelines, and responsibilities for launching and operating your business in the Philippine market. Include milestones and measurable goals to track your progress.

ℹ️ Themis Partners legal experts also help you in your company registration so it helps you select the right type of company and ensure a full compliance to the Philippine Laws.

Writing an effective business plan for startups in the Philippines requires a focused and strategic approach. Begin by clearly articulating your business concept, value proposition, and target market, emphasizing what sets you apart from local competitors. Conduct thorough market research to understand customer needs and preferences, and tailor your products or services accordingly. Outline your marketing and sales strategies, incorporating digital marketing techniques and innovative promotional campaigns to reach and attract your target customers. Showcase your understanding of the local competitive landscape and explain how your startup will gain a competitive edge. Present a comprehensive financial plan with realistic revenue projections, expense forecasts, and a clear path to profitability. Highlight the qualifications and experience of your team, demonstrating their commitment to the success of the startup. By following these tips, you can create a compelling strategic roadmap that resonates with potential investors and stakeholders in the Philippines.

Market research and analysis play a critical role in developing a business plan for the Philippine market. It provides valuable insights into customer preferences, market trends, competition, and industry dynamics. Here’s why market research is important:

By incorporating comprehensive market research and analysis into your business plan, you demonstrate a thorough understanding of the Philippine market. This increases the credibility of your plan, enhances its strategic relevance, and positions your business for success in the dynamic and competitive Philippine market.

Financial projections and forecasting play a vital role in a business plan for ventures in the Philippines, providing a clear understanding of the financial feasibility and profitability of your business. To incorporate financial projections into your plan, develop realistic revenue projections based on market research and sales estimates. Estimate expenses comprehensively, considering operational costs, marketing expenses, and other relevant expenditures. Create a cash flow projection to track cash inflows and outflows, and conduct a break-even analysis to determine the point of profitability. Determine your financing needs and outline plans for raising capital, while considering sensitivity analysis to assess potential market fluctuations. By including comprehensive financial projections in your strategic roadmap, you demonstrate financial acumen, attract potential investors, and provide a strong foundation for decision-making and resource allocation in the Philippines.

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How Much Is A Business Plan Philippines

How much is a business plan in the Philippines? – it may be surprising to hear, but a business plan can be purchased for free. Filipino Wealth has a free downloadable PDF business plan for the Philippines / Word document that can be used to help build your new business. This guide is a template that has been designed for Filipino businesses, including some of the basics of business.

If you are looking for a more advanced business plan in the Philippines, companies such as Bplans and Ultius can be used. Prices range from a few thousand pesos up to 10s of thousands of pesos. Alternatively, to purchase a business plan in the Philippines, you can head over to freelancing platforms such as Fiverr to get a customized business plan.

The last option is writing your business plan. In today’s article, we will be going through what you need to include when writing a business plan in the Philippines and have some additional tips and tricks along the way.

Table of Contents

How To Write A Business Plan Philippines

The basics of business.

The first section of writing a business plan for the Philippines is the basics of business. This includes what the business is, what you will sell, how you will be selling, and how your business will be making money.

The basics of business are always fairly relaxed as this is the initial idea stage. It is likely that you already have some ideas or you have passed this stage, so if you already know the answers, then you can move on to the next section, but if you haven’t, then it’s a good idea to write down your thoughts, and then you could start to look at how you can turn these ideas into a reality.

I would recommend that as a new Filipino business owner, you take a considerable amount of time looking over each of these sections as starting a new business can be exciting. Still, there may be something that is overlooked. But spending time on each section, especially the financial side, often saves much time and money.

Your Customers

As we know, customers are an essential part of any business. So in this section, when writing a business plan for the Philippines, you need to get very familiar with your customers. This is often an overlooked part of any business plan, but you can make important decisions about your business when you know your customers thoroughly.

…. because of this information that you have found out from a business plan in the Philippines or from your YouTube analytics, you decide to also talk about monetization on YouTube and earning money online. You find that your YouTube channel grows because you could tap into your viewers, discover more about them, and tailor your business to their needs. Win-Win.

Market Research

When looking at how much is a business plan in the Philippines, we found that prices range, and even though I wouldn’t pay a lot of money for a business plan in the Philippines for a small business…I would be influenced if that plan included market research, which is a critical part of any business.

You will also find more information about consumers’ potential buying triggers and behaviors if you are selling products for your business.

Market research, in general, requires a lot of digging and investigating, and it is often a task that can be pretty time-consuming. However, the great thing about writing a business plan in the Philippines is that specific tasks can be outsourced! My personal favorite is Fiverr to find experts offering their services in a relevant field, but there are many other platforms to find professionals offering their services.

Equipment’s, Location, And Tools

It may be surprising to some, but it can damage your business if you purchase the wrong equipment, especially if your business is new and you are on a budget. For example, if you are opening up a traditional business such as a cafe or coffee shop, it will most likely be more appropriate to rent a small coffee machine if you do not have the funds available.

When writing this section of your business plan for the Philippines, take a moment to write down all the equipment you think you will need. Next, put these items in relevant categories, including essential, non-essential but desirable, and finally unessential. You may find that some things can be purchased at a later date.

Profits, Costs And Financial Statements

Making a business plan for the Philippines can be a simple process, but it can become complex, especially when we look into the financial statements of a business.

In your business, you need to find out how much everything will cost you, how much the maintenance costs are, how much electricity and utilities will cost. Then cross-examine these with your prices. Finally, take away any expenses, and you are left with your final profit. Are you profitable?

This can also be an exciting time if you are an optimist like me. When creating your business plan for your business, you may find that you save money or make more profit selling items together or cross-selling certain products and services.

You may be surprised, but some YouTube videos have 4 – 5 different income streams all on one video! It’s also important to have a balance, of course, but it does show that whatever business you are deciding to do, there are always options to reduce time, increase sales, and earn more profit.

The last stage when writing a business plan in the Philippines is creating an exit plan. An exit plan is not permanently closing a business down. Sometimes an exit plan can be exiting from your current business and remodeling into a newer company.

In my previous businesses, when things were not going my way, I always try to change the business model before closing the business. This is very rare that I get to this stage, but I found that if I did, it was because the business plan was rushed and many parts were overlooked.

Tips On Starting A Small Business In The Philippines

When looking at how much a business plan is in the Philippines, you may decide to create your own or hire a professional to help you with your business. Whatever option you choose, some essential tips and tricks can be helpful for small Filipino business owners.

There are quite a few simple but highly effective business tips applied to small businesses in the Philippines. However, I often mention something even though it’s not something that everybody wants to hear….. This is….  with traditional companies, it can sometimes take a long time before it becomes profitable.

Online businesses in the Philippines are slightly different as there are very few initial costs on most occasions. But with traditional businesses, there is often startup capital that will be needed. On average, it can take anywhere from one to three years for a company to become profitable.

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More From Forbes

Succession planning: protect your business and improve your cash flow.

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According to the Conway Center for Family Business, family businesses account for 64% of the U.S. Gross Domestic Product (GDP), yet 57% of family businesses have no formal succession plan. 1 While the number may shock you, it is not surprising that many small business owners are consumed by the myriad responsibilities of running their businesses.

Nevertheless, owners ignore succession preparations at their peril and possibly at the peril of their heirs.

There are a number of reasons for business owners to consider a business succession structure sooner rather than later. Let's take a look at two of them.

The first reason is taxes. Upon the owner’s death, estate taxes may be due, and a proactive strategy may help to better manage them.² Failure to properly prepare can also lead to a loss of control over the final disposition of the company.

Second, the absence of a succession structure may result in a decline in the value of the business in the event of the owner’s death or an unexpected disability.

The process of business succession is comprised of three basic steps:

1. Identify your goals: When you know your objectives, it becomes easier to develop a plan to pursue them. For instance, do you want future income from the business for you and your spouse? What level of involvement do you want in the business? Do you want to create a legacy for your family or a charity? What are the values that you want to ensure, perhaps as they relate to your employees or community?

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2. Determine steps to pursue your objectives: There are a number of tools to help you follow the goals you’ve identified. They may include buy/sell agreements, gifting shares, establishing a variety of trusts, or even creating an employee stock ownership plan if your desire is that employees have an ownership stake in the future.

3. Implement the strategy: The execution step converts ideas into action. Once it's implemented, you should revisit the strategy regularly to make sure it remains relevant in the face of changing circumstances, such as divorce, changes in business profitability, or the death of a stakeholder.

Keep in mind that a fundamental prerequisite to business succession is valuing your business.

As you might imagine, business succession is a complicated exercise that involves a complex set of tax rules and regulations. Before moving forward with a succession, consider working with legal and tax professionals who are familiar with the process.

Insurance Options for Business Succession Planning

Business owners, with the desire to see their businesses continue after they are no longer involved, need to plan quite carefully. When an owner (or owners as it may be) is planning for succession in a retirement or buyout scenario there are many things to consider.

When the succession planning being addressed involves the death of the owner, the topic of life insurance comes to the forefront.

With business succession planning, as in other estate planning 3 situations, life insurance can provide an immediate lump sum of money. That sum, the death benefit, can be used by the beneficiary to buy out the deceased owner’s share of the business.

One of the most common business succession planning strategies is the “buy-sell agreement”. A buy-sell agreement is when one party (or parties as it may be) agrees to buy the deceased owner’s share of the business at a predetermined price from the deceased owner’s estate or heirs. Having such an agreement in place can help to ensure the smooth transition of ownership while also minimizing the potential disruption of day-to-day operations; operations that may already be impacted because of the deceased owner’s absence.

The life insurance policy can provide the funding necessary to buy out the deceased owner’s share of the business. A business’s continuation can be jeopardized when there is no agreement and/or insurance policy in place. Without these two components the remaining owner(s) could be forced to liquidate if the heirs are not interested in keeping the business, forcing the remaining owner(s) to try and raise the capital needed to buy out the heirs. Failure to do so could mean the end of the business.

One of the main types of life insurance used to fund a buy-sell agreement is Whole Life Insurance. It can be kept in-force for the life of the insured so long as the required premiums are paid. Whole life insurance offers guarantees regarding the premiums, the cash value and the death benefit. 4 Most whole life policies guarantee a level premium at the outset. Assuming the premiums are paid in full and on time, the cash value of a whole life policy will grow at a guaranteed pace as stated in the contract. 5 The death benefit is also guaranteed so long as premiums are paid as scheduled.

And some whole life policies also pay dividends 6 (when issued by a mutual insurance company) and are considered participating policies. When the insurance company pays dividends to its whole life policies, the cash value and the death benefit both have the potential to increase. Consult with your insurance professional to go over what may be right for you.

Business Succession Planning Is Not Just Tax and Legal Mumbo Jumbo

As a small business owner, you understand that running a business is tough. You’re not only concerned with running the business today. You’re also concerned with how your business will continue on in the future, including after you’re no longer around. There is a lot that goes into putting together a comprehensive business succession plan. You may have already discussed some of the tax, legal, and insurance issues, but you should consider and vet some important business principles. Even with great legal and tax strategies, and great buy- sell agreements, what is the point of all that planning if the business will evaporate anyway?

Succession planning is a long journey that should be carried on during all phases of the business life cycle, and the plan should evolve as the business evolves. Below are some of the issues that may arise; however, these issues are in no particular order of importance, and this isn’t a complete list of all possible issues.

Start Planning Early

Just as you probably started saving for your children’s college education shortly after they were born, you should start planning for the sale or succession of your business after it is “born.” It’s hard to put an effective succession plan in place when you’re 65 years old and ready to retire. This type of last-minute planning is often not going to be effective.

Like learning to ride a bicycle, succession planning takes time, determination, and motivation. You must take the time to understand and define your business, family, and individual goals in order to develop an effective plan to achieve those goals. Your goals may change over time so be sure to review them and your succession plan periodically.

Don’t Get Lost in the Maze

While you may know your end goal, without guidance you may get lost along the way, which may delay or hinder the process. Business owners should seek tax and legal advice from estate planners, investment advisors, and insurance professionals – and all of the financial professionals should work together and understand your goals.

Don’t Only Think About It as Retirement Planning

Succession planning is not just about retirement. You may think that succession planning equates to retirement and, therefore, you may believe that you don’t need to do succession planning now. But, if you think about succession planning as the evolution of your business, your success in passing on the business may increase – business owners should understand that it is about building a successful business that can be passed on to the next generation or sold to a third-party.

As you can see, there are many factors and issues to think about when putting a solid business succession plan in place. Be sure to work with professionals to assist you in coming up with an overall plan that will help your business succeed for a long time.

What Do Football Coaches and Business Succession Planning Have in Common?

Why might most football coaches be sound business succession planners? They understand that sketching out a solid game plan is important and needs to be revisited from time to time.

As a business owner, you may believe that you have your short-term and long-term business planning pretty well in hand. You may think you don’t need additional help — particularly relative to the succession of your business and how you plan to exit it. I’m not talking about whether or not you’ve identified a “back up” person or a business buyer.

I’m talking about succession planning in broader terms to mean — have you thought about “how to” accomplish a smooth transition and “how to” secure an appropriate sales price.

Here are a few X’s and O’s questions to mull over:

Do You Have a Business Succession Plan?

Start planning for transitioning the business early. Five years in advance is good; ten is better. Here’s a scenario – If you’re away for an extended period of time, would your employees and key executives know what to do as it relates to carrying on with business activities?

Is the Plan Written Down?

Let’s revise the scenario a bit – If you’re away for an extended period of time, is there a road map which states what should happen with the business? It’s important to have your plan documented so there is little misunderstanding regarding next steps. This is similar to why wills are established. If your business succession plan isn’t written down, there’s no way to ensure your business continues without interruption.

Has the Plan Been Reviewed Lately?

Time can change many things. In order for your succession plan to be effective, it must also be reviewed regularly and updated to reflect any company changes, industry or market developments, changes in tax laws, changes in valuation, etc.

Family owned businesses have a poor record making it to the next generation. Why? Maybe the business was sold to generate enough funds to pay estate taxes. Maybe key employees left when the founder died or left the business. Perhaps surviving family members had contrasting desires regarding what to do in the future; whether to continue the business or cash out and walk away. Whatever your situation may be, it’s important to update and adjust your business plan to take into consideration the current value of the business, family dynamics and to help minimize taxes.

Business succession planning can be funded with life and disability buyout insurance. This is one area where the fluctuation of stocks and/or bonds may not be desirable. In this instance, insurance can provide some degree of certainty.

Hut, Hut, Hike! Formulate Your Game Plan

No matter how adept you are at running your business — at formulating your game plan — it might make sense to huddle up with second or third opinions. A financial professional can provide guidance and clarity helping you move the chains toward improved financial confidence.

Registered Representative of Park Avenue Securities LLC (PAS). OSJ: 5040 Roswell Road, Atlanta GA, 30342, 404-2601600. Securities products offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Peachtree Planning is not an affiliate or subsidiary of PAS or Guardian. Peachtree Planning is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. 2024-178679 Exp 7.2026

1. Conway Center for Family Business, 2019

2. Typically, estate taxes are due nine months after the date of death. And estate taxes are paid in cash. In addition to estate taxes, there may be a variety of other costs, including probate, final expenses, and administration fees.

3 Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

4 All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

5 Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.

6 Dividends are not guaranteed. They are declared annually by Guardian’s Board of Directors.

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Supreme Court rebuffs Biden administration plea to restore multibillion-dollar student debt plan

FILE - The Supreme Court is seen at sundown in Washington, Nov. 6, 2020. (AP Photo/J. Scott Applewhite, File)

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WASHINGTON (AP) — The Supreme Court on Wednesday kept on hold the latest multibillion-dollar plan from the Biden administration that would have lowered payments for millions of borrowers, while lawsuits make their way through lower courts.

The justices rejected an administration request to put most of it back into effect. It was blocked by the 8th U.S. Circuit Court of Appeals.

In an unsigned order, the court said it expects the appeals court to issue a fuller decision on the plan “with appropriate dispatch.”

The Education Department is seeking to provide a faster path to loan cancellation, and reduce monthly income-based repayments from 10% to 5% of a borrower’s discretionary income. The plan also wouldn’t require borrowers to make payments if they earn less than 225% of the federal poverty line — $32,800 a year for a single person.

Last year, the Supreme Court’s conservative majority rejected an earlier plan that would have wiped away more than $400 billion in student loan debt.

Cost estimates of the new SAVE plan vary. The Republican-led states challenging the plan peg the cost at $475 billion over 10 years. The administration cites a Congressional Budget Office estimate of $276 billion.

Two separate legal challenges to the SAVE plan have been making their way through federal courts. In June, judges in Kansas and Missouri issued separate rulings that blocked much of the administration’s plan. Debt that already had been forgiven under the plan was unaffected.

The 10th U.S. Circuit Court of Appeals issued a ruling that allowed the department to proceed with a provision allowing for lower monthly payments. Republican-led states had asked the high court to undo that ruling.

But after the 8th Circuit blocked the entire plan, the states had no need for the Supreme Court to intervene, the justices noted in a separate order issued Wednesday.

The Justice Department had suggested the Supreme Court could take up the legal fight over the new plan now, as it did with the earlier debt forgiveness plan. But the justices declined to do so.

“This is a recipe for chaos across the student loan system,” said Mike Pierce, executive director of the Student Borrower Protection Center, an advocacy group.

“No court has decided on the merits here, but despite all of that borrowers are left in this limbo state where their rights don’t exist for them,” Pierce said.

Eight million people were already enrolled in the SAVE program when it was paused by the lower court, and more than 10 million more people are looking for ways to afford monthly payments, he said.

Sheng Li, litigation counsel with the New Civil Liberties Alliance, a legal group funded by conservative donors, applauded the order. “There was no basis to lift the injunction because the Department of Education’s newest loan-cancellation program is just as unlawful as the one the Court struck down a year ago,” he said in a statement.

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What We Know About Kamala Harris’s $5 Trillion Tax Plan So Far

The vice president supports the tax increases proposed by the Biden White House, according to her campaign.

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By Andrew Duehren

Reporting from Washington

In a campaign otherwise light on policy specifics, Vice President Kamala Harris this week quietly rolled out her most detailed, far-ranging proposal yet: nearly $5 trillion in tax increases over a decade.

That’s how much more revenue the federal government would raise if it adopted a number of tax increases that President Biden proposed in the spring . Ms. Harris’s campaign said this week that she supported those tax hikes, which were thoroughly laid out in the most recent federal budget plan prepared by the Biden administration.

No one making less than $400,000 a year would see their taxes go up under the plan. Instead, Ms. Harris is seeking to significantly raise taxes on the wealthiest Americans and large corporations. Congress has previously rejected many of these tax ideas, even when Democrats controlled both chambers.

While tax policy is right now a subplot in a turbulent presidential campaign, it will be a primary policy issue in Washington next year. The next president will have to work with Congress to address the tax cuts Donald J. Trump signed into law in 2017. Many of those tax cuts expire after 2025, meaning millions of Americans will see their taxes go up if lawmakers don’t reach a deal next year.

Here’s an overview of what we now know — and still don’t know — about the Democratic nominee’s views on taxes.

Higher taxes on corporations

The most recent White House budget includes several proposals that would raise taxes on large corporations . Chief among them is raising the corporate tax rate to 28 percent from 21 percent, a step that the Treasury Department estimated could bring in $1.3 trillion in revenue over the next 10 years.

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