3 Leading Lucrative Small Business Ideas in the Philippines
Do you intend to start a small business in the Philippines, but don’t know where to start?
This article is going to be really useful for you if you are looking for profitable small business ideas you can start in the Philippines.
Today is an Ideal Time to Invest Your Money on a Business
There are a variety of reasons why it’s the great time to start your own small business in the Philippines. Here are some noteworthy reasons:
- The Philippines is now headed toward “a real transformation” of its economic and political system
- Taxes are among its lowest compared to the rest of the globe
- Country’s FDI or foreign direct investments are at an all-time high
- The World Bank reports that its economy is expected to grow six percent in the years 2020 and 2021(source: https://www.bworldonline.com/tag/asias-rising-tiger/)
Overall, the Philippines is experiencing some real economic growth while I’m writing this information for you, making this a great time to go sailing and create some tremendous revenue for your business.
With that being said, there are still a lot of people who have no idea or are overwhelmed and confused because of all the information they found on the internet. There are opportunities in front of us that are ready to be discovered, so I figured to list down the three (3) leading profitable small business ideas for you to surely start working on something really great today.
Top 3 Profitable Business Ideas for Aspiring Small Business Owners in the Philippines
1. Digital Business
It’s obvious that more and more businesses are now transforming or moving their business online, from creating a facebook business page to creating their website to be more discoverable in the Philippines online ecosystem.
If you are interested in building your own digital business you can start by creating your own Local Search Engine Optimized (LSEO) Website. You can gain more traffic by providing valuable content that can be very useful for your target niche using this strategy.
It is easier said than done but, if you do this consistently (ideally 3-6 months) you’ll gain more traffic on your business and be the authority of your market which means more opportunities and people are coming to you. From there, you can solve their specific business problems and grow alongside them.
2. Coaching Service
If you’re an expert on something, it does not matter if you’re in real estate, personal finance, business registration services or interior designing, it can be lucrative if you can genuinely help others.
Coaching services cover a wide range of niches, from accountant newbies to professionals seeking career advice, budding entrepreneurs needing business advice to introverted individuals who want to boost their confidence. It’s obvious that 90% of us can use some actionable guide and shared experience to make something better from our current conditions, so this is where coaching services show up.
3. Food Delivery Service
It’s surely obvious that this is an old business model. But, it can be more profitable if you integrate practical technologies to boost your profit with this kind of business idea.
This idea is now commonly used by leading food delivery businesses in the Philippines ecosystem capitalizing on the idea “people will pay more for comfort” so it is absurd if I don’t include this on the list.
Additionally, there’s also the need to really transform old models and be more relevant in today’s fast changing business climate. So, to top it off make sure that you’re fundamentally prioritizing the needs of your target niche if you’re interested in starting with the food delivery business.
Keep in mind, that starting a business is just a tip of the iceberg. The truth is, building a successful and sustainable business requires top-notch accounting and book-keeping capabilities, marketing and sales strategies, excellent customer experience, and great products or services that people will love using and paying for.
Ask the Experts
Are you looking to transform your business using the new age of accounting and business registration services? Our team can help and can give you our best recommendations if you’re looking to start your business in the Philippines. Contact us today for a free consultation!