The new year has just started, and for several of us, 2016 represents a new period of welcome change. You have 365 days ahead of you to make a difference in your life. Business is often regarded as an effective lever of transformation. How you manage your business has repercussions not only on your fortunes but also on the lives of others.
Starting a business is not simply about building a new source of income. It is about taking charge of your life and charting a new course for a career. However, given the advantages of technology, you do not have to invest in building a brick-and-mortar establishment for your business. You can start a business from your home and still make a great living.
The following are a few reminders before you start a home-based business:
- Register your business either with the Securities and Exchange Commission or with the Department of Trade and Industry.
- Secure the required papers (e.g., corporation papers, business permit, and clearance from the Bureau of Internal Revenue).
- Check with your village association if restrictions on setting up a home- based business exist.
- Put up a website and social media accounts to market and promote your business.
- Conduct a thorough research on your business idea.
- Prepare a business plan based on your research.
Top 10 Home-Based Business Ideas and Opportunities in the Philippines in 2016
1. Cell Phone Loading Business
As long as the phone companies continue to fall behind in their commitments to build facilities that support landlines, the demand for mobile services continues to rise in the Philippines. The majority of these services cater to prepaid subscribers.
According to a 2011 study by the World Bank, 96% of the mobile subscriptions in the Philippines are prepaid. How mind-boggling is 96%?
In 2013, the Philippines had a population of 94,013,200 and a mobile subscriber count of 106,907,068. Assuming that the percentage remains the same, that’s 102,630,078 prepaid subscriptions, which is still more than the entire population of the Philippines!
Starting a cell phone loading business is easy. You can select the carrier of your preference and then inquire its load retailer arrangements. You can also provide for several service providers but make sure to use a separate cell phone for each of them. Some third parties offer arrangements to become a single load agent for all the major carriers.
With this business, customers may constantly go to your house or send text messages requesting for load. You have to be very patient because the request may sometimes come in during the most inopportune times, such as when you’re about to sleep!
2. Food Delivery
If you have exemplary culinary skills, you should consider starting a food delivery business from your home.
Food retail is a niche that always has a market because Filipinos love to eat. Here are a few tips to keep in mind when launching a food delivery business:
- Designate a separate kitchen in your house for food preparation. Doing so allows you to prepare food without interruption.
- Food cost greatly reduces profit margins. Do what the chefs do. Buy from the fresh markets every day, where the costs are low. Control the inventory. Finally, remember that fresh always tastes better!
- Always provide value for money. Serve good-sized portions of great quality food at affordable prices.
Test your services by offering your menu within a limited area near your home. Once your system runs smoothly, you can begin expanding your menu to other areas.
3. Online Retail
Filipinos are prolific shoppers. They know where to shop for the best merchandise for their budget. However, they are also tired of the worsening traffic situation in Metro Manila.
These factors open up great opportunities for an online retail business. As a retailer, you can get generous pricing concessions from authorized suppliers of the products you plan to sell. Your products can be competitive, and you can offer the convenience of home delivery.
You will need the following:
- Reliable computer
- e-Commerce website
- Business documents, which are requested by suppliers
- Merchant account
The main component in an online retailer business is your website. You have to invest in this. Do not opt for a “do-it-yourself” website. An e- commerce website is complex because it has many features.
You have to make sure that your website is mobile responsive and accessible by multibrowsers. Remember that since 2014, 60% of online traffic has originated from mobile gadgets. If your website cannot be accessed with a smart phone, Internet users will not search for it again.