Do you want to start your own business but don’t have hundreds of thousands of pesos as capital? Setting up a lucrative business with a small amount of money is possible in the Philippines. In fact, there are a number of businesses you can jumpstart even with just P20,000 capital.
Here’s a quick list of small businesses aspiring entrepreneurs with low capital can explore.
1. Sari-sari store business
Considered as the most typical small business in the Philippines, the sari-sari (variety) store business is a type of business that only requires a small capital at the start as most owners use the front of their home as business space. Once you start gaining profit from your sari-sari store, you can add a variety of items to sell that will fit your bigger budget. According to an article by Power Pinoys, a sari-sari store can earn as much as P20,000 in gross sales a day.
2. Online Retail Business
Small businesses can now compete with bigger companies and have wider reach through websites, social media and mobile apps. If you wish to do retail business, save money for physical space and create an online business page where you can sell or showcase your products and services. Aside from the fact that you don’t have to pay rental space, you get to enjoy more exposure and free advertisements from satisfied customers.
3. Photo Booth Service
Photo Booth services have become staple services in various parties and gatherings in the Philippines. It has dual purpose as it keeps guests entertained and serves as the souvenir of the event. You just need a printer, a reliable DSLR camera, screen monitor, a makeshift booth and some props to set up this business. While the costs of the brand new equipment may exceed P20,000, you may opt to buy second-hand paraphernalia or purchase a complete Photo Booth package to save money.
4. Home-based food business
Turn your passion for cooking into a small business. You don’t need to set up an eatery or restaurant just to get customers coming. Homebased food business is a trend nowadays. You can sell street foods like grilled chicken and pork isaw, arroz caldo and sago’t gulaman in front of your house. Seek the help of your friends to promote your cake business or showcase Filipino delicacies like maja blanca, biko and yema cake. Filipino favorites like fried chicken and lechon belly as well as international cuisine like Thai papaya salad can be easily sold with the right marketing strategy on social media.
5. Party needs business
Birthday, baptismal and wedding parties in the Philippines have completely levelled up in the past few years. Gone are the days when the host only serves spaghetti, barbecue and hotdog for a children’s party. Take advantage of this trend by providing some of the basic needs of parties like themed decorations, sweets or dessert buffets, souvenirs as well as entertainers like clowns, hosts and face painters. Team up with suppliers and double your income by also organizing the event.