In my previous article I recommended some small business ventures that can make money in the Philippines. To widen the field of choice, I have included here some of the other businesses that can also make you good money. I have been both directly and indirectly exposed to these businesses for several years and my experience with them convinced me that given the right opportunity and dedication, these ventures can help you gain financial freedom and succeed in your entrepreneurial adventure.
So without further ado, here are some small businesses that you can consider.
Tire Supply Shop
Just take a look at the clogged streets of the Philippines particularly in city centers and readily you will notice there is big potential to succeed when you start a tire supply business. Vehicles need tires to run and everyday thousands of tires are sold in the country. It is a booming industry and you can also see a lot of imported tires being sold locally. When you start a tire business, you can also include a vulcanizing service, car battery selling, and other allied services like recapping of tires. Inventory management is easy since you don’t really need to stack so much but you have to maintain stocks of saleable sizes particularly regular sizes for cars and jeepneys.
The challenge in this line of business is finding the right location particularly main streets or streets where traffic is busy. Another challenge is you need help in running the shop particularly young male employees who can easily carry the tires because they are quite heavy especially the big ones.
Meat shop is another one of the small business ventures that can make money in the Philippines particularly in the urban areas. Not much capital is needed to start this business and once the shop is established, you can expect to make good money out of your relatively small capital. Initial investment covers only the freezer, meat grinder, Butchering knives, digital weighing scale, display table, and other small tools needed for the trade. If you do not know how to cut and make pork slices, you can hire an expert in this area and the pay is usually per head or per day depending on your arrangement.
The challenge is again the location but neighborhood meat shops are also known to thrive especially if you can arrange a deal with canteens and restaurants for delivery.
Agricultural and Pet Supply Shop
This small business venture is not yet saturated and therefore a lot of opportunity awaits those who would enter this type of small business. The agricultural shop can also double as a pet shop where you can buy and sell household pets.
Gamefowl Breeding as small business venture
Sabong is very popular in the Philippines and millions of roosters are fought in cockpits every year. There is then an opportunity to start a gamefowl breeding business if you are familiar with this trade. You do not have to be a sabungero in and out to succeed in this business. All you need to do in most cases is start the business with very good fighting cock materials to breed. The price of gamecocks is very expensive nowadays if you will buy from big gamefarms. This is why small backyard breeders have the opportunity to make money out of this small business ventures because they can sell at a lower price the same gamefowl bred by big gamefarms.
Car Repair Shop
This business is one where you must have some expertise or exposure to successfully start. If you are not knowledgeable in this business, you can may be look for a relative who understands it and be a capitalist partner. You just have to invest in equipment and tools and the business can get running immediately. The challenge in this business is to get really good mechanics for your car repair shop. The arrangement with a mechanic is usually 50/50 sharing in the labor cost but you can strike another deal if you want.
The BIR is now focused on collecting taxes from businesses whether big or small. It is in this regard that the bookkeeping services can be a very good business venture if you are familiar with basic accounting and bookkeeping. This business requires you to be familiar with the different forms of the BIR and when to file them. Some bookkeeping services are retained by the business and paid on a monthly basis while there are also those that are paid on a per service basis.
Bakery business is one of the dependable small business ventures that you can also get into if you are familiar with this line of business. The profit margin is quite good especially for pandesal which could rake in as much as 50%.
Rice Retail and Dealership
Rice is the basic staple food of Filipinos so many people are in this line of business. To make money out of this small business venture, you have to concentrate on rice only as your main commodity. Fill the store with hundreds of cavans of rice and do retail as well as wholesale. The more rice they see in your store, the more because people will think that you are a wholesaler. It is only in wholesaling that you can make more money out of this business so be sure to consider wholesaling when in the rice business.
School Supply Business
Have you ever considered school supply as a potential business? Well you should because this is one of the small business ventures that can make a lot of money especially during opening of classes. This business is price sensitive right now because of poor economic conditions but there is still no limit to the profit margin. Just find a good source of school supplies and you can make a good business out of this type of venture. Divisoria is the usual source of school supplies so make sure to look for suppliers there.
Distributorship and Marketing
Many big companies no longer deal directly with small businesses. What they do is to assign a distributor in a given area to distribute their products. If you can be an exclusive distributor for a certain brand in a particular area, then you can be sure to get all the business in that location. As a distributor you are given exclusive right to sell the products in an assigned area and also to grow the business on your own terms. To start a distributorship business, you have to communicate and submit a letter of intent or proposal to a company of your own choosing. This is quite an investment because you will be required to have facilities, manpower, as well as trucks for delivery purposes.
Let me close by saying that it is difficult to succeed in a small business especially if you’re in the Philippines. You need more than capital and good location if you want to succeed in your chosen business. The small business ventures mentioned here requires that you also take an active hand in managing the affairs of your business. You cannot just let it in the hands of other people. You have to be there every step of the way giving guidance to your staff and making sure that no pilferage happens. One of the reasons why small businesses fail is because the owner is too trusting of other people.
Start right by knowing the government requirements for starting small business ventures in the Philippines.