- Business and Employment»
- Small Businesses & Entrepreneurs»
- Business Ideas
What Businesses Can I Venture Into as A Newcomer in Asia?
Being an entrepreneur requires a lot of risk-taking and patience just to be successful in the future. We don’t even know what the future holds with its unpredictable waves of struggles and rocks thrown against us.
I know you would probably want to be the next Henry Sy, the founder of SM group of companies or Mariano Que of Mercury drug store for they have founded an insignia of their solid graft in the Philippine Industry. These two tycoons have a suave characteristic in common, hard work despite struggles. With this said and done, let them be an inspiration for the country to venture into the field of business.
So the big question is, what business could you take part into and earn a lot of profit in? These are some of the simple suggestions that could help you have a business start-up.
1. Service Provider
The whole service world is tremendous. The service provider medium takes up to approximately 86% of the business charts, beating the Industry and Agriculture despite a good quality of our country’s soil.
This would probably be the simplest form of business; and most of the service providers requires more of skills instead of money based on how plumbing, carpentry, driving, laundry, waiter and other upright service officials fill this up. All you need to have at the start is the service you could offer and a little sum of money as an initial capital.
For example, let’s take manicuring. At first, you’ll buy the items needed like a set of nail polish, nail files, nail cutters and other tools significant to the job. Afterwards, you make your name known throughout your neighborhood (which could be a good starting location) as you seek for customers that needs your service. This goes the same with other service providing jobs whether you work in a spa, a salon, a water delivery or restaurant being paid off by luxuriant owners.
Who wants food? Everyone would most likely raise their hands up in anticipation of getting food to please their churning stomachs. Whether people need it like rice and necessary condiments, as a personal treat after surviving the prelims or after a nerve-wracking interview, everyone would just love and always love food.
Picture yourself opening up your very own Jollibee and for you to be able to do this, you need to franchise. A Jollibee franchise adds up to approximately P25 to P35 Million. From this, you need additional P5 Million to pay the building, the equipment and other necessary tools for the opening of your franchise.
After paying through all those initial franchise fee, you’ll need to go through Jollibee’s one year training period to learn how the whole company functions. This includes their traditional recipes, value, service, quality, quantity and other necessities for the branch you franchised to flourish.
With this, they offer a long term service which could be very solid for entrepreneur who wants to last long in the industry. They would offer you to operate the certain branch for about 20 years or more when you sign contracts and as you follow every guideline they indicate.
How much profit you would earn depends on a lot of factors like location and the scale of customers that buys in your branch. You would also need to pay a monthly fee of 4% from the sales you’ve made. Some of the franchising businesses fail because of weak management which makes the company hire a consultant to guide and train you through the years as you begin your journey with the company.
If you want to be your own boss, this would probably qualify 50-50. There are some features that would make you the boss but in some aspects, no. You still need to follow a certain guideline that Jollibee gives and have no freedom to change the menu or whatsoever.
Despite not having that certain freedom and having some risks on management, you’ll still earn easily because of its numerous advantage. Having a franchise would basically mean that the store is well-known, which would make you have tons of customers the moment you open the glass door of the shop.
For example, you travelled and ended up between Jollibee and Mang Jess’ Chicken and Burger. Of course you wouldn’t be sure on what the unknown business offers (Well, obviously chicken and burger) which would lead you to directly pave in the doors of Jollibee to feed your grumbling tummy.
3. Real Estate
You’ll notice that Real Estate brokers are in demand and the chart doesn’t fluctuate. This statistical data would assure you that investing into this business would be a noble investment because of the general increase of infrastructures especially condominiums in cities. Everywhere you step your feet on and lay your eyes to scan, you’ll comprehend new infrastructures being built around you.
In addition, Real estates are in an upsurge when it comes to all of the developing countries like ours, the Philippines. This fact would increase your chances of being an enthusiastic investor by promoting a theme for your real estate to have more appeal to tenants. An example is when you gear the condominium or apartment for students to say, just to finish their education while their parents are in trust of your rightful housing; or even when you gear it towards foreigners who wants to stay for long or for those who just want to explore the country.
This investment importantly performs land ownership wherein an investor would purchase a property and would rent it out. The landlord would be accountable for paying the taxes and other factors that would maintain the acreage. With this, the landlord could also charge value to earn more money aside from receiving only sufficient balance for bills and fees. Thus, you could be the controller of the whole land and the properties it grasps by only paying a fraction of the entire value.
Of course, working in a real estate company would require you to have a wide connection of our honorable service providers like plumbers, electricians, maids, guards, carpenters, and laundry personnel. You need to have a skill in managing in order for tenants to have no problem and feel home within your lodging.
Perhaps the most luxurious factor of building a real estate agency is that you need to be in a famous seen location where a greater chance of tenants would flood you. Aside from the mailing and phone costs, you also need to advertise through newspapers, magazines or even the television if you could afford to. These costs are part of management which could be a real big deal on how the estate’s reputation.
Despite all the struggles, just think that you could earn millions depending on how you attracted customers and managed every nook and cranny well.
4. Sari-sari store or Carinderia
If you want to be 100% the boss of your own, you could establish either of the two micro-enterprises. If you are in a location where there is no any other surrounding sari-sari store or Carinderia, it could be to your advantage as the people have no choice but to go and purchase your products.
All you need is a permit and other papers with a tiny starting capital depending on how large your business is. You could easily change your menu or add and experiment according to trends and themes, for more customers and buyers unlike in a franchise. For more profit, you could also target locations near schools or inside them like their cafeteria.
Despite the easy profit, there are some facts that should be known. You would only have 10% profit from everything you’ve sold in a sari-sari store. If you sold 10,000 in a month, you’ll only earn 1,000 and with this, you need to keep using and saving this ten more times in order to get back your capital. For Carinderias, you’ll need a greater capital but the problem is spoilage (whenever your leftovers gets spoiled).
If you’re located in a busy area with lots of competition, you’ll probably need a gimmick in order for the people to be your suki. You could give promos like “buy one take one” or discounts like “10% off”. This would tremendously help you earn more profit as the customers would prefer cheaper commodities.
5. Travel agency
Being in a travel agency would be fun! You’d be able to travel and tour the wonders of the Earth while making money. Travel agencies takes care of the car, hotel and lodging, air transport and other classes of services for travelers. If you travel internationally, they charge tickets at approximately $30 to $44. Seeing how large the population of travelers are, this would be a great business that has no limits and has a low rate of bankruptcy.
These agencies provide a solid service to other entrepreneurs and it comes in handy when you purchase tickets and services in just one click in your computer. Also, whenever a company needs to send an employee to another location for work purposes, the travel agency linked with the company could be an express way for these workers to make plans in just less than 30 minutes.
A well-known travel agency in the Philippines is the Pinoy Travel, inspired by making Filipinos more comfortable in booking their one-way-tickets to journey. Just like this, opening a travel agency or investing upon it would improve the long hours needed whenever you book a flight or a ticket depending on the day (whether it’s a holiday or a business day).
So which of the 5 business ideas will you choose?
Make sure to consider your passion, capital, and target market in your decision-making process.