As a lifelong serial entrepreneur, I do my best to help people achieve their dream of running their own business. It is my advocacy to encourage people to follow through with their plans of becoming entrepreneurs. In the countless business forums that I have spoken at, one of my favorite questions is to cite the most recommended business ideas for beginners.
The truth is there are many great ideas beginners can capitalize on. All it takes to come up with an idea is a moment of inspiration. The challenge is to make that idea come to execution. Inevitably, that comes down to how committed and dedicated you are to becoming an entrepreneur.
In my case, I routinely come up with these ideas in the course of my work. In addition to my experiences and research, I meet many interesting people who share their experiences and of course, ideas on what may constitute as a viable enterprise in the Philippines.
The business ideas outlined herein are just a few good suggestions you can consider to launch your entrepreneurial career.
Top 10 Most Recommended Business Ideas for Beginners
1. E-Commerce Retailer
This business idea is a bit more extensive compared to the rest but becoming an e-commerce retailer can be a successful venture for a beginner.
I know where I am coming from because I started an e-commerce business early in my entrepreneurial career.
Filipinos are not just voracious shoppers; we are great buyers! We know quality and best value when we see one. This is why shopping is one of the most popular pastimes in the country. It doesn’t matter if our funds are tight, we’ll always know where to find the best deals.
As an e-commerce retailer, you are bringing the merchandise to your customers. They no longer have to leave the comforts of their home to purchase goods and services. And neither will you!
Having an e-commerce business this day makes shopping convenient, offer better deals, and could help you earn higher profit margins with just a computer and the internet
More and more people worldwide shop online. In 2013, global online market sales totaled US$ 1.25 Trillion, and this was before mobile gadgets became the dominant medium for online traffic.
2. Transcription Service
Transcription is one of the growing segments of outsourcing. Medical transcription is a worth US$15 Billion industry in the United States alone. Of this amount, US$40 Million has been outsourced to the 20 medical transcription service providers in the Philippines.
This number is expected to rise as more Filipinos are becoming freelance medical transcribers.
For service providers and clients alike, hiring home-based transcribers to offer the following benefits:
- Lower cost option
- Higher volume of work
- Better quality of work
In a 2010 study I conducted on the transcription business, I interviewed some transcribers who transitioned from office-based to home-based operations.
They said they were able to earn more money because their volume of work was higher. Most of them would transcribe an hour after they woke up and would average 1,500 lines per day.
At the reported rate of US$0.04 per line, they were making an average of US$1,800 or Php81,000 per month! All while staying in the comforts of their home.
Quality was also higher because home-based transcribers are less stressed. They don’t have to deal with the problems of traffic, flooding, and office politics.
Your investment would include a desktop PC, a good quality headset, a foot pedal, and Internet service of at least 3 Mbps.
3. Virtual Assistance
Virtual assistance is one of the fastest growing in the world. Whether you refer to them as freelancers, home-based workers or telecommuters, virtual assistants are people who work online from a remote location and contracted to render specialized service by a client.
From a few hundred thousand virtual assistants in the 1990’s, today there are millions of virtual assistants worldwide. Online job community Elance-Upwork reports that the Philippines accounts for 1/8 or one million of their eight million freelancers.
A virtual assistant is an entrepreneur engaged in the business of selling virtual assistance services. As such, he is accountable for all his expenses. Clients only pay them a management fee. Thus, a Virtual Assistant is a low-cost option especially for businesses with limited income.
By delegating non-essential or highly specialized tasks to a Virtual Assistant, the business can focus more on the core functions of the enterprise. Thus, a Virtual Assistant will improve productivity.
Finally, a Virtual Assistant provides flexible business solutions because he or she can work during different hours of the day. Businesses can have their operations managed 24/7 simply by hiring virtual assistants and assigning them to end-of-office hours.