- Business and Employment
Starting Your Own Boarding House in the Philippines
Many Filipino workers strive to provide income for there families to have a more rich lifestyle. Some may look to work overseas, while others invest in becoming an entrepreneur. If you are looking to start your own business, you need to set aside some time to evaluate the pros and cons of your future goals. Starting your own business in the Philippines can cost a lot of money, and be very difficult if you choose a poor location.
If you have decided to take the route of building a boarding house, then you must first begin a business plan. You need to calculate the funds for your boarding house, decide on a well-populated location for your establishment, choose the best way to advertise your boarding house, and include the expense to hire the necessary professionals to help you complete your project. Make sure that you adhere to all regulations in your municipality. A decent boarding house could cost you well around one million pesos or more, not including if you need to buy land to build on. However, your return on investment could be well around twenty or thirty thousand pesos a month for a long and promising future.
If you are content in your decision to continue with your project, it is good to plan how you want to set up your boarding house in a very detailed manner. For example, do you want to build it two- or three-stories to save money on land? Do you want to include insulation to keep electrical costs down? Do you want a few public restrooms, or will each room have its own personal restroom? Providing a valuable service to your customers will keep them coming back and may even allow you to charge more for there stay. However, if the budget doesn't allow for it, you may have to limit yourself to what services you can offer.
If building a boarding house is not what you had in mind due to the costly expense, there are still a lot of great opportunities out there. You may want to research other options such as starting your own water refill station, food cart business, botique, or even an online store.