8. Child Care/Tutorial Center
On the other side of the spectrum are the young ones. They too need special care and attention, especially if both parents are working.
More families are converting part of their homes into child care centers. Not only does it address a growing need but it also provides them a manageable home based business.
It will be a great idea if you include tutorial services for older kids. Parents may not have the time to go through homework and studies with their kids regularly. This is why many parents are on the lookout for good tutors.
The problem with many of the learning centers in the Philippines is they are focused only on teaching fundamentals which are good for developing productive habits. But children need help on current lessons.
For a child care and tutorial center, you should institute improvements that would ensure child safety. The areas for tutorials should be sound-proofed and conducive for productive study.
Hire teachers who work well with children of all ages. Teaching is more than just having the proficiency and knowledge in a subject. The teacher should have the skills to communicate the lessons to the student properly.
Among the services you can offer are as follows:
- Assessment and review of previous exams and quizzes
- Test and quiz samples for practice
- Homework review
- Exam simulation programs
Personally, the learning centers we have today are over-rated. There are online sites that teach fundamentals. Some even have an online instructor. The best approach to learning is a customized, personalized approach.
9. Marketing Consultancy
In a tightly competitive global business environment, effective marketing becomes a crucial component for success.
But not many businesses want to fund in-house marketing departments because it costs money and it’s hard to quantify results. Even if you hire the most experienced marketers, you may not get the ROI you want.
Instead, businesses tend to outsource marketing services. They only have to pay for the services they signed up for, and if targeted results are not attained, it is easier to terminate the arrangement.
As the world becomes more dependent on technology, digital marketing will play a more significant role in business development. Digital marketing is:
- Efficient –You can deliver content to a broader audience with the least expense.
- Effective – You compel the audience to go to you and patronize your business willingly.
- Sustainable – You can reuse content as long as it remains relevant, valuable and informative.
If you want to set up a Marketing Consultancy business, you need the following skills on your team:
- SEO Expert
- Social Media Marketer
- Content Writer
- Website Designer/ Programmer
- Graphics Designer
- Market Researcher
As effective as digital marketing is, you should also offer traditional marketing services such as:
- Point of Purchase materials
- Marketing collaterals
- Press releases
- Ad conceptualization and distribution
Studies have shown that a combination of online and traditional marketing can increase the probability of a sale by 15%.
10. Equipment Supplier and Rental Services
With prices expected to increase next year, fewer people would want to invest in depreciating assets such as equipment. If you buy a Loader or a Cement Mixer but construction projects dry up, what will you do with those assets?
You don’t have to buy this multi-million peso equipment but more businesses are looking to rent than acquire more assets.
A good example would be computers which are indispensable for businesses but easily become obsolete or rundown. As a general rule, you should replace PCs every two years. The upgrades and maintenance costs could be expensive.
Leasing out computers will provide businesses a better alternative to manage expenses. You will be responsible for updating, upgrading the maintaining the units for your clients.
You can cater to call centers, Internet shops and offices. Include a lease-to-own option for better value. Some PC lessors offer to buy back the computers at book value to entice you to lease brand new units.
Another good piece of equipment to lease is the generator. The Philippines continues to have a power supply deficit. Buying a generator can be costly depending on the number of appliances and equipment you want to be hooked up to it.
With global temperatures rising, the last thing we need during summer is a brown out. The electric fan is no longer capable of cooling warm and humid temperatures.
You can offer generator-lease services to offices, homes, construction sites, schools, gyms, and restaurants.
Invest in 2017
What about other businesses such as food and outsourcing? There will always be growth potential in every industry. You just have to identify the niche.
Food, for example, is a popular enterprise. But the industry is becoming saturated. The argument that food is a good business because “people love to eat” will put you in the poor house faster than it takes to prepare an order of French fries.
There are more choices now. Tastes and demand preferences are becoming more dynamic and difficult to pinpoint because information is readily available.
Many are asking me about the future of outsourcing because I have been in the industry since 2008. They want to know how President Duterte’s repeated tirades against the United States and President-elect Donald Trump’s foreign and economic policies would affect outsourcing.
Despite the repeated denials of his administration, Pres. Duterte’s verbal attacks on the US, the European community, and the UN have had an adverse effect on outsourcing and business in general. All you need to do is look at the equities market which is the thermometer of the economy’s health.
When all other equities markets in Asia recovered, the Philippines dropped below 6,800 points. We are no longer sympathetic to world events. Those who say the Peso depreciated due to an expected hike in US interest rates fail to consider that when word first came out, the Peso was trading below 49.
The companies that will be affected will be those that offshored services. And it’s not just because of Pres. Duterte but also because of Pres. Trump’s plans to eliminate the US Offshoring Act. Outsourcing is not the same as offshoring!
But outsourcing will continue to flourish because it remains a viable business development strategy. My prediction is off-site or home-based outsourcing will become the next growth segment. In the US, 35% of workforces are outsourced to countries like the Philippines and India. This number is expected to rise to 50% toward 2020.
Off-site outsourcing will also be more cost-effective as you don’t have to rent an office. You can run operations remotely and utilize all the tools and processes available online.
And the outsourcing market isn’t limited to the US. You can offer your services to Australia, the UK, Denmark, Romania and other countries where outsourcing is an accepted business development strategy.
If you have other business ideas or investments in mind for 2017, feel free to share. Drop me a message and let me know your thoughts.
Let’s help each other make the journey through 2017 a profitable one!