According to the List of Establishments of the Philippine Statistics Authority, a total of 1,080,810 business enterprises are functioning in the Philippines. Among these businesses, 1,076,279 (99.58%) are MSMEs. Micro enterprises constitute 90.54% of total establishments, followed by small enterprises at 8.63% (93,230) and medium enterprises at 0.41% (4,437).
With highly-skilled professionals, the Philippines is an exciting country where new business opportunities are blooming here and there. Most Filipinos want to come out of their 9-to-5 jobs because they want to start their own businesses. If you’re one of them, this list of small business opportunities may help you. This article covers the best small business opportunities that are prone to market in the Philippines.
In the Philippines, a sari-sari store is among the most common small business opportunities. We can come across a sari-sari store on almost every street in the Philippines. And also it is easy to set up Sari-Sari store in front of a house. The term sari-sari means selling various items in a sari-sari store. These items can range from cosmetics to groceries. Saying shortly, we can sell just about any type of everyday product in a sari-sari store. It can be a great source of income if we can manage it properly with a wide range of household products. Get ready to start a sari-sari store with a small amount of investment.
The baking business is another amazing small business idea since Filipinos love desserts, especially couples in the Philippines. If you love baking desserts for your family functions or professional events, you may consider starting a baking business with a small investment. In addition, almost every Filipino likes to eat bread during breakfast, lunch, and dinner. Hence, everyone in any area of the Philippines can be a customer for your baking business. As a business aspirant, you can develop an effective marketing plan that can involve social media strategies with free digital marketing tools. If you are creative enough, you may introduce new recipes in bakery items that can attract your customers.
Rice Retailing Business
Like bread, every Filipino also eats rice every day. From breakfast to dinner, rice has become a staple food in the Philippines for decades. If you have an idea of opening a rice retailing business, it will definitely be a good option. Nevertheless, if you want to succeed in this business, you must choose a place where people can reach on foot. Since rice is a staple food, you can fund rice retailing businesses almost anywhere in the country. Furthermore, the prices must be inexpensive without reducing the quality of the rice.
Beauty Product Reselling Business
The beauty product industry in the Philippines is worth more than 152 billion PHP. It is expected that the industry will reach 213 billion PHP by 2023. Therefore, capitalizing on this ever-booming industry can work well if you focus on making Filipinos beautiful. A beauty product reselling business is one of the best and safest small business ideas in the Philippines. With an initial capital investment of around 5,000 PHP, you can resell beauty products. It is a low-risk business and you can sell these products to your friends and relatives. As Filipinos want to maintain their appearance with appealing beauty, this type of business can hit the market.
With the reputation of ukay-ukay stores, buying economical products has become a common activity for Filipinos. Therefore, an ukay-ukay venture is one of the best and most cost-effective small business ideas in the Philippines. You can kick-start an ukay-ukay business store for around 3,000 PHP. If you set up a stall in a place with lots of foot traffic, you can start selling products. Since the Filipino middle-class population is around 44%, the consumption-driven economy can survive in the long run.
In every high-foot traffic area in the Philippines, pizza stands are making enormous profits. When you start a pizza stand business, you will need to find a good location first. Secondly, buy quality ingredients that can make your customers tasty and healthy. And then, create a new marketing strategy to attract your local customers. Finally, introduce new recipes and new varieties. If you work hard, your pizza stand can become a partner for locals. You may also focus on customer service by introducing new types of pizzas.
Digital Marketing Services
With more than 76 million Internet users, the Philippines is the best place for promoting digital economies in Southeast Asia. According to recent statistics, the digital marketing industry in the Philippines is likely to grow exponentially in the coming decades. As a business opportunity seeker, this is a promising opportunity for you to introduce new digital marketing campaigns for companies located in the Philippines to increase their company’s brand awareness. Moreover, you may introduce new campaign strategies with fun and entertainment since most Filipinos living on the internet are fun lovers.
Based on the above opportunities, you can find any small business ideas to start in the Philippines. With business-related strategy and creativity, you can be your own boss even with low capital. But before setting up a business in the Philippines, determine your target audience. Know their interests and needs since you have to explore them in detail before starting a small business. Make sure to explore every possible business idea that suits your interest. You can also introduce new small business opportunities in the Philippines if you are highly skilled in handling various business trades.