Are you tired of your 8-5 job? Do you want to be your own boss? Here are the best small business ideas for 2019.
Having a business is everyone’s dream because you are the boss and no one tells you what to do. You have total control over the business, how much to invest and how much you earn. The good news is, setting up a small business is easier and faster, thanks to the latest trends in technology.
As recently as 2015, the number of small and medium-sized enterprises soared from 896,839 to a staggering 911,768. Are you interested in making your own mark in this space? The first step is deciding what business idea to bank on. With that in mind, we’ve broken down some of the best for 2019.
Though they’re not new, the continued growth of online stores is a great indicator of viability. If you get it right, these ventures are letting sellers earn twice or three times their previous salaries.
Do you know that there are currently 37.75 million eCommerce users in the Philippines, with an expected 18.02 million more projected to be shopping online by 2022? That’s quite a huge number, and that is why setting up an online shop is a good business to start with.
Clearly, you need to start by determining what to sell and to whom you’re selling. With that much growth projected in online retailers, there is bound to be a hefty amount of competition. Therefore it’s important to first, determine what products or services to sell and create a business plan. Make sure the products are in demand and that the competition is at a level where you can confidently compete.
If you’re not selling your own product or service, you’ll need a supplier where you can get the products at a lower price. From here you can estimate your profitability.
Next, you’ll need to decide where to sell online. There are many online shopping platforms to sell your goods – Lazada, Shopee, OLX, and eBay Philippines, among others. You can also check out Facebook’s marketplace or pages, where you can sell your products.
By using an existing online platform you can minimize your capital investment and your risk – starting with just 10,000. However, if you want your own website, you may need to invest more, about 50,000 to 100,000 PHP.
In the Philippines, vending machines aren’t new anymore, but they’re still in high demand. A vending machine business is a good way to earn money and it has many advantages, including being an all-cash business where your sales transactions are immediately paid in cash.
Moreover, the business requires minimal maintenance, you don’t need many employees even if the business is open 24 hours a day and there are minimal overhead costs. This means you can sell your products at competitive prices.
The most important thing to do is to determine the business’ primary location. Choosing the right location of the vending machine will mean optimum profits. The location should always have high foot-traffic. Ideal locations are transportation hubs, malls, hospitals, workplaces like call centers, streets, and schools.
If you want to set up a vending machine, there are many types – coffee vending machines, hygiene vending machines, and vending machines for snacks and beverages. You may choose franchise companies since they can let you lease the machines. Mostly, if you want your own machine, a snack or beverage vending machine costs about 324,000 PHP to 475,000 PHP, but a coffee vending machine can cost as low as 7,000 PHP. You may also need to pay for the rent of the space allotted for your machine in your chosen location.
Digital Marketing Services
Businesses today are looking for digital marketers who can manage their online marketing strategy. Effective online marketing can often be more sustainable, affordable, and can reach a wider customer population compared to offline.
The capital is low, you just need the skills and talent of a digital marketer. You may need about 1,000 to 5,000 PHP in terms of working capital, but the profit ranges between 25,000 to 78,000 PHP a month. Obviously, this is an avenue that it best suited for professionals who already operate in the field, but who have yet to take the leap and start a consulting outfit of their own. There are several aspects to digital marketing, thus if you’re aiming to sell holistic digital marketing services, you may want to enroll in some courses to broaden your knowledge base. These could include content marketing, social media marketing, SEM, SEO, and graphic design.
The Philippines is home to millions of smartphone users. By 2021, smartphone ownership is estimated to reach 32% of the population.
One of the most popular small business ideas is an e-loading business. Since millions are using smartphones, they are likely to buy load from various retailers. You can find E-loading businesses in the country almost everywhere.
Hence, it’s a good business with only a low investment cost. For instance, you can start your E-loading business with just a smartphone and capital of 500 to 1,000 PHP in the comfort of your own home. If you already have a sari-sari store or mini-mart, you can incorporate this business for a slight increase in your profit.
If you’re a fitness buff (pun intended), starting a gym could be just for you. There are some key things you need to consider – namely finding an appropriate space or venue. You not only need to consider how much space you need but the location itself. Being in an area where there is low competition but a high portion of people who would want to work out is ideal.
Start small and simple – initially you might man the center yourself. However, as your clientele grows, you may need to hire more staff.
Typically, you may need a 500,000 PHP to 1-million-peso investment to create a gym. On the plus side, you can make payment arrangements with gym equipment suppliers so you won’t have to necessarily deplete all of your capital on day one.
Personal trainers are great in helping bring clients to the gym. However, they can be expensive. You could employ fresh graduate trainers or if you’re really low on funds in the beginning and you have enough knowledge, you could act as the sole personal trainer until you can grow your team.
The Philippines is a pastry-loving country where people eat “pandesal” every morning and never fail to buy a cake during special occasions. There is virtually no street in the country that doesn’t have a bakery – and they’re all busy.
The initial investment is about 150,000 PHP which can be lower if you own the place and there is no need to rent a space. The bulk of the investment will be allotted to buying equipment like ovens and other baking utensils.
But, today, at-home bakers are also making dough online. By creating their own Facebook page or an online shop, they’re able to sell their baked goods to the masses. Popular at-home bakers even take custom orders for specifically designed treats, like intricate fondant cakes. All you need is your home oven, baking utensils, a pinch of talent and a generous serving of effort.
Small Food Business
Have you heard of a “carinderia”, or have you tried eating in one? By definition, a “carinderia” is a food stall usually located on the streets. Cooks usually serve Filipin delicacies and these stalls are very popular because of very affordable prices.
If you can cook, why not establish a small food business. It can be in the form of a “carinderia” or a small restaurant, depending on your capital. Managing this kind of business needs hard work and dedication. The key to success is focusing on building a market of loyal patrons.
To establish an eatery, you may need about 25,000 PHP to start with. That’s enough to buy all the cooking utensils and equipment. You may need more if you don’t have a space of your own. Store rental can be expensive at 20,000 to 30,000 PHP per month. You may also need to hire cooks and wait staff, but if the stall is small, you won’t need many employees at all.
Today, franchise businesses are on the rise in the Philippines. The most successful of which is often food businesses. For instance, a siomai stall franchise costs about 20,000 to 30,000 PHP and the demand is really high especially if the stall is strategically situated near places with lots of people.
Other franchises include water refilling stations, fast food restaurants, coffee, and cold beverage stands, spas and salons, laundromats, payment centers, and vending machines. The good thing about buying into a franchise is that you have virtually everything already – including a target market that knows your brand, you just need to restock supplies. It’s less hassle and more affordable.
One of the best small business ideas in 2019 is a laundry shop. A laundromat is in-demand due to the fast-paced lives of Filipinos at this time. Mothers are now working outside to help in the finances of the household. As a result, they do not have time to do the laundry.
Laundry services centers are always full-packed. Aside from families, students and working individuals also require the services of laundromats to ease the burden of their household chores. There are many types of laundry centers – do-it-yourself laundry and those where the staff wash and iron your clothes.
You may need about 50,000 to 100,000 PHP for a laundry services center. That can cover all the equipment and appliances needed. For a bigger shop, the capital needed is higher, especially for the more specialized machines that are required in a do-it-yourself laundry center.
There you go, the best small business ideas in 2019. Come across any other interesting business ideas in the Philippines? Share them in the comments section below.