Identifying Small Business
Opportunities in the Philippines
Identify small business opportunities in the Philippines now and get started! Don’t wait until your contract abroad expires or until you retire before you start your own business.
You have the advantage of being gainfully employed as an Overseas Filipino.
Venture into a business using your specialized skill/knowledge, experience and capital that you gained from working and living abroad.
The process of identifying small business opportunities and choosing the number one opportunity should help you proceed.
Use these three simple steps to help you move forward.
Step 1: Create a list of potential small business opportunities in the Philippines and choose your top three options.
Write down ideas as they hit you – do not edit your thought. Make your list as ideas flow. Look for possibilities when reading the newspaper, or watching a talk show on TV, or browsing the Internet.
Take your time building this list, and then make a short list of three business opportunities. Choose the top three that you love the most. Get the three ideas that you are passionate about and that you think would appeal to customers.
Do not limit your choices to offline business ideas. The Web has provided a very good chance to set up a business and succeed online, so include online business ideas as well. Click here to find how you can take advantage of the way people use the internet for an online business.
Step 2: Assess and choose your number one from the list.
There is no magic formula in choosing the best small business opportunity that will succeed. Some guidelines can help, but use your own judgment in making a final decision.
- Consider “profitability”. Demand and supply affects profitability. Demand is the desire of people to possess or make use of your product or service while supply is the amount of competition you face for your chosen business idea.
- Reflect on your knowledge and passion. A business that you know best or are willing to learn and excites you the most would stand out. Malcolm Forbes once said, “The biggest mistake people make in life is not trying to make a living at doing what they most enjoy.”
- Look for a business idea that has a “fair” return on investment. Decide what is “fair” to you. It is ok to have a business and not make money if you do it as a hobby. But why not earn from your hobby as well?
Step 3: Consider franchising.
Your number one choice may be among the small business opportunities in the Philippines under franchising.
Franchising is a good option. You will enjoy the popularity and support of the franchiser and other franchise holders. The franchiser will guide you in running the business as you start out.
Check several franchisers of the same product or service. Visit their offices and attend product or service presentations to help you decide which is the best franchise for your business. Some may have special offers for Overseas Filipinos.
Finding the right franchiser to work with is just a part of running a successful business. What matters is your passion and interest to what you will be doing. Go back to Step 1 as needed to find the right business for you.
Go through these steps in identifying small business opportunities in the Philippines. The right business opportunity may be just under your nose…
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Filed under: Business Ideas for OFW Families, Invest in Sorsogon, Kwentong OFW, Livelihood, OFW Corner, OFW Livelihood Training, Business for OFW’s Returning to the Philippines
OFWs really need to start a venture since working abroad is not permanent. At least if they invest their hard-earned money to a business for sure they will have a fall-back.
Good advise to OFW’s. They should start investing their money wisely. In case they decided to go back for good at least they have a a good chance of earning here.