Most Filipinos are happy with just working all their lives. They complain about not earning enough, but they usually don’t do anything about it. But if you have an opportunity to earn more than usual, when working overseas for example, you should consider investing your money and make it work hard for you. For most Fil-Aussies, the opportunities to earn and save is here. That’s why, many invest in properties while others setup their own home-based businesses in Australia. Yet, another option is to open a micro business in the Philippines.
Also known as micro-enterprise, this type of venture requires less than five employees to run. In Australia, this makes up a large proportion of the country’s small and medium enterprise sector. The same thing is true in the Philippines because micro, small and medium enterprise (MSME) accounts for 99.6% of all the country’s registered businesses. But there is still room for your own micro business.
Before you take the plunge, however, there are some things you need to evaluate. Find out if you have what it takes to be a micro-business owner.
- Do you have the personal motivation to stay productive and complete a task to the best of your ability?
- Do you have the resilience to face and overcome difficulties and setbacks?
- Are you determined and committed to pursue your business plans despite tough times?
- Do you have the knowledge and skills to operate your own business?
- Are you willing to learn and find ways to grow your business and make it a viable venture?
- Do you have the skills to manage and lead your employees?
- Are you in a financial position to venture into micro-business and leave your day job, or to juggle both?
Since you are based in Australia, you also need to answer the following questions:
- Are you willing to go back to the Philippines to personally manage the business?
- If you decide to manage your business remotely, do you have a capable and trusted team to run the business for you?
Make sure you answer these questions honestly to determine if you can handle the joys and sadness of a micro-business.
Some of the best small business ideas in the Philippines
Water refilling station
Even if water refilling stations are almost everywhere, it remains a popular franchise idea, with water being essential to human existence.
Rice retailing business
No Filipino can live without rice, making rice retailing an ideal micro-business to start with. What is great about this idea is that you have the option to open a store in the Philippines, Australia or wherever there are Filipinos.
Restaurant business
Everyone eats, and Filipinos especially love to eat. As long as you serve delicious food at reasonable prices, your restaurant business will be a hit. There are associated health risks, however. Then again, every business has its share of risks.
Laundry shop
Gone are the days when people just hire someone to do the laundry, and not necessarily a house help. With the emergence of laundry shops, Filipinos are appreciating the convenience it offers, and business-minded individuals are seeing their potentials.
Other business ideas are coffee shops, personal care retailing, bakery, convenient stores and service type franchise.
Are you ready to become an entrepreneur? Make sure you are up for the challenges ahead, and you have the finances to start a micro-business. Although you can always take out a business loan for capital, consider whether or not you will be able to make repayments and still earn a profit. Remember that most businesses turn a profit only after five years or so.
Did you find this article useful? Do you have some ideas of your own that you can share to our readers? Share your experience by leaving a comment below.
