The start of a new year is usually an auspicious time to start a new business. Either as an upshot of a resolution or simply a valuable venture to use your holiday income influx, opening your business is always a smart move.
But to create more value, we do need materials to create value from. And almost always, in opening a new business, that main material is capital. As such, it’s probably one of the most common hurdles every aspiring entrepreneur faces.
Although, if we look at the majority of businesses today, they didn’t start big nor at their current industry. Sometimes, we just have to grease our hands with the entrepreneurial spirit even if it means starting small. And for that, here are some startup business ideas you can comfortably open with Php10,000.
Believe it or not, the tingi market is the building block of our country’s economy. It is not uncommon to see home-based sari-sari stores at every corner. And yet, all of them are still earning profits and are able to operate their businesses.
Given that the competition is fierce, you can easily stand out with a mini grocery store. Php10,000 gives you a lot of room to offer variety and volume for people’s daily needs, especially if you currently own a space to build on the physical store. While the profit per product can be marginal, the volume and the ease of operations make up for it. Soon enough, you’d be able to expand your selection to offer products nobody in your local vicinity is offering.
Go the extra mile: If you have more funds or can take a smart loan, design local marketing efforts to really make your store stand out. Install attention-grabbing signage or in-store designs or implement promotions that will rival popular convenience stores. This can bring you additional mileage through social media and word of mouth.
As they say, businesses built on people’s daily needs rarely lose. Because people eat every day, food businesses are almost always a sure bet. While there are a lot of franchising options for food stalls, it doesn’t mean you can’t start your own.
The key here is the staple food you will offer. Most of the capital will go to perfecting the recipe and the presentation of your product. Make sure you get a trusted circle to sample your products so that you won’t be creating a signature recipe out of a vacuum. The stall itself can be mobile or stationary (especially if you already have a space) and doesn’t have to be built with new construction materials. If you’re brave enough, you can actually do it yourself. This saves you the funds that you can then allocate in perfecting your product.
Go the extra mile: If you have more funds or can take a smart loan, branding is a key factor for food businesses. Invest in having your brand logo and brand elements designed by a professional. You can also put funds into digital marketing through social media content and advertisement.
If you’re looking for an easy business to set up, you can go into selling mobile credits and load for the huge chunk of our population still on prepaid. All you need is a phone (it doesn’t have to be a smartphone) so the rest of your funds can go into buying load to resell at a premium.
It can be as easy as being your family and friends’ one-text away loading service. Especially on these days when credits are important for prepaid internet connection, mobile load moves faster than daily needs. The best part: you don’t even have to leave your house!
Go the extra mile: If you have more funds or can take a smart loan, you can also start investing in phone accessories or mid-range mobile phones. Start with a few popular selections so you can offer the convenience of being a one-stop phone shop.
Let’s say you haven’t really set your mind on what specific product you want to open a business with. That shouldn’t stop you from opening one. With everything migrating to the online space, you can start your enterprise with a small buy-and-sell of any product.
It could be a local or imported product that you can buy and then sell at a premium. The good thing is that the product options are endless. The platforms, like social media and online malls, are essentially free so you’re capital would just be invested solely in the products you will buy. You can even do it on a per order basis so that you won’t end up just stocking inventory.
Go the extra mile: If you have more funds or can take a smart loan, you can invest in offering enticing allied services like free delivery through your own delivery motorcycle or signing up as a merchant for delivery apps like Grab and Foodpanda.
However, if you have a skill that can be offered as a service, it’s one of the easiest ways to start your own business. Whether it’s a technical skill (eg. singing), vocational skill (eg. carpentry), or livelihood skill (eg. soapmaking), there sure is a demand for these as services.
It’s all a matter of putting yourself out there as a legitimate service provider. So, after investing in the necessary equipment, put your energies and capital all into promoting your business. You can do old-school flyering or through social media. It will also help to start offering the service to family and friends to gain word of mouth promotion.
Go the extra mile: If you have more funds or can take a smart loan, you can tap like-skilled individuals for your business and create a team so you can accommodate more customers at a time. Branding is also a key to improve your business’ credibility and legitimacy, so don’t be afraid to invest in designing your logo and your social media presence.
Need help with your “go the extra mile” ideas? Make #TheSmartMove and give us a call.