Working a full-time job can be exhausting, especially when you top it off with the stress of daily commutes. With the rising inflation rate, one can’t help but think of ways to earn extra income. Who would have thought that a kilo of onions would cost ₱600 or $10.90 today?
Times are changing. But Filipinos are resourceful in finding ways to thrive. Enter small and start-up businesses. In 2019, the Philippine Statistics Authority recorded 1,000,506 businesses, and 99.5% (995,745) were in micro, small and medium enterprises (MSMEs).
If you’re one of the brave ones who want to change the trajectory of your 2023 and want to venture into a new business, then carry on — we have rounded up the best trending business ideas.
- Food cart business
- Bill payment centers
- Water refilling stations
- Financial advising and consulting services
1. Food cart business
In general, the food market is worth US$134.60 billion in 2023, and it’s expected to grow annually by 7.07%. That’s why the food cart business has been trending in recent years. This is because of its low cost and high return on investment potential.
Food carts are relatively inexpensive to start compared to other types of businesses. They require minimal setup costs and overhead expenses. They often don’t need a large space to operate, and you can place them anywhere in the country.
The ingredients for food carts are usually cheaper than those used in restaurants. This allows entrepreneurs to make more profit from their sales. However, certain risks are still involved when starting a food cart business.
You must watch out for the competition, limited target market reach, and unpredictable weather conditions that could affect sales. Since some carts are ideal outdoors, you must consider safety measures and ensure that your location meets local health regulations.
2. Bill payment centers
Digital payments are now part of the new normal, which somewhat replaced traditional payment methods such as cash. With this shift, consumers expect more convenience and speed in financial transactions.
A bill payment center is an excellent way for individuals to make electronic payments quickly and easily. It provides convenience and can also help reduce waiting time in line at banks or other financial institutions.
Bayad Center is one of the pioneers in the bill payment center business. It offers payment collections, remittance, and e-loading. If you have a good location, you can never go wrong when you have a solid clientele, regularly paying bills. The company aims to increase its branches to more than 200 for local franchisees and local corporate partners.
3. Water refilling stations
Water refilling stations have emerged as one of the most profitable businesses. It’s because they provide easy access to quality, safe drinking water at a low cost.
Consumers are now becoming more conscious about their health. That’s why water refilling stations are becoming desirable for residential and commercial establishments.
The main advantage that has driven its popularity is its affordability. Water refilling station owners only need to invest in specific equipment such as reverse osmosis filters, UV sterilizers, and storage tanks.
The installation costs are also relatively low when compared with other business types. Customers can refill their containers with clean drinking water for an even lower price than buying bottled water from supermarkets or convenience stores.
But remember that you must fulfill specific regulatory requirements before someone can operate a water refilling station. You must obtain permits from the local government and comply with the health, safety, and sanitation requirements.
The ecommerce industry in the Philippines is projected to reach $24 billion, and a 17% growth by 2025. The rising demand for online shopping drives industry growth due to increased internet access and speed and the use of e-wallets like GCash and Maya.
For entrepreneurs looking to get into the ecommerce business, setting up an online store or shop is super easy. With no physical store to maintain, no security issues to worry about, low overhead costs, and minimal risk, you can take advantage of this trend and start with small capital.
One of the major advantages of setting up an online store or shop is convenience. Consumers can buy products from anywhere at any time. They can go through a shorter checkout process or deal with traffic jams or long lines at physical stores.
Additionally, many e-Commerce platforms provide integrated shipping options, which allow customers to receive their purchases in a few days. You can also sell your products globally, opening up a new market for international customers.
5. Financial advising and consulting services
The services provided by financial advisers and planners are expected to boost with a growth rate of 30% by 2026. Many people from the business and corporate world want to become financially literate. They want to learn the ropes of properly managing their finances.
Thus, they will seek out the services of reputable advisers. Investing in a financial advising firm is a good move this year, with many business opportunities to profit from.
What’s good about this kind of business is that you can use digital marketing tools like social media, blogs, and vlogs to promote your service. Many financial advisors use these mediums to gain followers’ trust and build their company from the ground up.
If you have a knack for financial planning and budgeting and want to showcase yourself, this could be for you.
Have you decided on what business idea you want to try? Studying every possible business opportunity is crucial to properly and wisely investing your hard-earned money. These latest business trends will help you determine best suits your interest, preference, and capital.