Thinking of a good business idea is not simple. Moreover, discerning a best business idea is more difficult than what it seems to be.
Businesses are the life blood of the economy. Without it, a country will not survive and will soon fall. It is the reason why it is important that many people should learn and venture out in doing business to create more jobs and uplift the lives of the people.
All of us have jobs today because someone in the past started a business. If no one built a business in the past, no jobs will be created and many people will be unemployed today.
That’s why unemployment can be solved faster if there are many people venturing out in establishing business of their own. A good business is not only helpful for the community around it but also for the whole country as a whole because it will give employment to people and the taxes it will pay to the government.
What Business to Start?
Many people want to start business but they don’t have any idea and know-how about what kind of business they should begin. Yes, there are lots of opportunities and ideas you can find in the Internet but not all of it are beneficial and helpful to you.
A good business to start is the one that you’re knowledgeable and passionate about. Don’t begin a business that you have very little knowledge or none at all.
It would help if you can attend seminars and trainings related to the business that you want to start. There are some free seminars being offered by TESDA and TLRC, so you can grab that opportunity.
Best Business Ideas
It’s hard to conceptualize original business idea because it needs more research and careful study of the market you are targeting. Ideas can be everywhere but only those ideas that were carried out are the best.
If there’s no execution plan, ideas will remain idea, nothing going to happen. It should be like this way: best business idea + best execution equals business success!
I would like to list some of the business ideas that you can try in order to build your own dream business. Some of it are not complicated to be understood, so you can learn or study first before you put your money in that business.
1. Franchise a Business
If you cannot start from scratch, there are many business franchising opportunities that you can try. This type of business is somewhat easier and faster to start since someone have already established the system.
Most statistics showed that franchising a business has higher success rate than starting a business from scratch. Though, there are some exceptions to this statistics.
Normally, an established and popular brand will be better to franchise than a new one simply because they have already a customer-based and people are seeing the business for quite sometime. Nowadays, franchising a food cart is the simplest and easiest form of owning a business but beware from some scams and bogus franchisors claiming a legitimate business.
If you want to learn more on how to franchise a business in the Philippines, you can visit this post that I have published in the past to help you out to decide whether franchising is the right for you. Keep in mind that there are advantages and disadvantages when starting your own business or franchising one so make sure to weigh which is the best for your current situation.
2. Online Business
Another lucrative and with high potential of profit is venturing out in an online business. This may include owning a website that caters ads, e-commerce site that sells product and services, buying and selling domains, freelancing such as article writing and virtual assistant, and many other forms of Internet or affiliate marketing.
However, this type of business is not yet popular among the older generation because we thought a business is like a brick-and-mortar with physical address and office. On the other hand, younger people are venturing out increasingly to this kind of opportunities because of its high potential.
Actually, this blog of mine is one example of an online business, this site is not only as my personal blog but I also treat this one as one form of my online business because I have expenses running this website through the domain registration, web hosting, backup of my web files and other expenses related to website operation.
Some people are more inclined to selling online. This kind of site is an e-commerce site where you can buy things like in a physical store but the transactions are done in the Internet.
3. Rental Business
Another best business idea becoming popular in the Philippines today is rental business. Maybe it is in the form of residential or commercial rental properties.
Real estate is booming now in the Philippines as you can see in the many high-rise condominiums and subdivisions being built in Metro Manila and nearby provinces. Some people see real estate as an opportunity to make a business through renting it to other people or companies.
On one side, some people are more interested in renting a commercial space or building because it is more sustainable since there’s a business operating there which means there’s money being created. In addition, the cash flow is more predictable than renting an apartment or condo.
4. Home-Based Business
Most people are trying to setup a home-based business because they don’t have a big capital to rent a commercial space and also to test the water without tying up to a monthly payment for rental. Most home-based businesses are in the form of food manufacturing or production, services and online business.
There are also advantages and disadvantages for this kind of business. Therefore, you should weigh whether this kind of business is the right one for you.
5. Tech Business
I believe a technology-type of business is much needed by the Philippines because it will definitely help to improve the life and employment of the people. If you notice the rich countries in the world, they have their own tech-businesses that are known even in other countries.
Actually, this kind of business is what I want. I’m still on the planning and studying stage on what tech business to start with. Venturing in other kinds of business is somewhat easier than this type of business.
6. Agriculture Business
Some example of agriculture business that you can start with is farming vegetables or fruit-bearing trees. One good venture that you can begin is calamansi production because all year round, calamansi bears fruit and it is easier to maintain and care.
One of my friends also learned that malunggay production is also a good venture to start with especially if you have a large farmland that you can use. These trees are not easily noticed by other people but have great potential in earning good profits than other popular trees and vegetables.
Planning and starting a business is not easy. Thinking the best business idea may take you much time and studying but it will be worth your time than spending it in any other activities.
I have listed the best business ideas here to give you some tips which one you could start. Do not procrastinate or be afraid when starting a business because you may never know when is the best time. Actually, the best time to start a business is now when you are strong and you have the resources.
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