15 Small Business Investment Opportunities In The Philippines 2023
What is the best business to do in the Philippines in 2023? What are the best business opportunities in the Philippines? Are you interested in starting a business in the Philippines but have no idea what business to start? Then I advise you to read on.
Some people have asked, what is the best business to do in the Philippines? Well, the short answer is straightforward and simple, anything can become the best business to start in the country. It all depends on the market you are trying to reach and certain factors that may affect the performance of your intended business venture.
Now, why should an investor invest in the Philippines? What possibilities are there in the Philippines to attract investors?
As an entrepreneur and investor, it is very important that you understand the economic condition of the environment in which you will be doing business. When it comes to doing business in the Philippines, there are important facts that you need to know. So without wasting your time, here are some reasons why you should start a business in the Philippines.
6. Reasons Why You Should Start a Business in the Philippines
- The Philippine government seeks foreign investment to promote its economic development and has worked to establish an investment landscape as free trade zones, through the Philippine Economic Zone Authority ( PEAZ ).
The Philippines is the shopping paradise of Southeast Asia, as it is home to some of the largest shopping malls in the world.
The Philippines is strategically located in the heart of Asia, one of the fastest-growing regions. The market of more than 500 million people and international departure gates and airplanes are suitable for European and American businesses.
The labor force in the Philippines is one of the most compelling advantages the Philippines has over any other country in Asia with a high education priority. They are the third largest English-speaking country in the world.
The Philippines is blessed with diverse natural resources, from land to marine and mineral resources. They also have the largest copper production in Southeast Asia and are among the top ten gold producers in the world.
The cost of doing business in the Philippines is low, as wages are generally less than a fifth of those in the United States. Electricity, local communication, and housing cost are 50% lower compared to US rates. That is why foreign companies are now outsourcing, scheduling, and processing business to the Philippines.
I believe that with these points, you have now understood the potential of establishing a business in the Philippines. Now let us see the details of the best business opportunities in the Philippines.
15 Best Small Business Investment Opportunities in the Philippines in 2023.
1. Restaurant business
It is a fact that Filipinos admit to themselves; They love to eat. If you ask the locals for their opinion of the business to start with, many of them will tell you that it should be a restaurant. If you choose a kitchen with dishes that people can’t cook at home, then you can attract a following of loyal customers. Regular customers are usually some of the more demanding locals.
There will be some who come out of curiosity, but a good number will come because of the delicious food. Keep in mind that not all of your potential love customers will be Filipino. The country has many ex-pats and visitors from all over the world who are also more than willing to try their creations.
2. Food cart business
The food cart industry started as a business option in the country. It actually came from the restaurant sector. Entrepreneurs can still show off their culinary skills without spending a ton of money. However, keep in mind that there are two approaches to selling in the food cart industry.
The first option is to sell the food products yourself ( or perhaps hire someone to do it for you ). Food carts can be designed to accommodate a wheel so that the entire setup can be moved from one location to another. This is the most affordable option if you don’t want to pay for or lease space for a small business.
The second option is to lease some space in one of the high-traffic areas of the country. A good example of a high-traffic location or destination is a shopping mall. Yes, the nation’s capital, Manila, is dotted with shopping malls. Malls are popular destinations wherever you go in the countryside. The amount you pay for leased space will vary based on the rate set by the mall owners. Larger malls will generally charge a higher fee as they can usually attract more foot traffic.
3. Laundry
This is really a good business option for people looking for something a little less stressful. However, the costs for this option can be too high, since you have to buy a lot of laundry equipment. Filipinos are very busy. To make ends meet, they work multiple jobs and work long hours each day. This deprives them of time to do laundry. So they are ready to pay to hire anyone who offers to do this for them. This opens a door of opportunity for those who have been thinking of starting a business in the Philippines.
4. Purified drinking water supplier
Ask some small business owners and they will usually mention a supplier of purified drinking water. Setup is expensive and there are a lot of permissions and other requirements to deal with.
5. Poultry
This is a business that you can easily do in your backyard. It involves buying baby chicks and raising them until they are old enough to make a profit. However, this business may not be feasible if you reside in a highly urbanized place like in the middle of a city.
6. Business facilitation service
You can also start a business facilitation service. If you have a good background in marketing and business development, you can help many growing companies in the Philippines connect with customers and achieve their respective business goals. And you will get paid for doing just that.
His duty in this business is to connect entrepreneurs and entrepreneurs with investors, help foreign companies and expatriates do business in the Philippines, help companies recruit qualified employees, and enlighten them about their industry. This business opportunity requires in-depth knowledge of the various industries in the Philippines. If you have this knowledge, you can continue.
7. Establish an outsourcing company / Independent Services
It’s no longer news that jobs in the US, Canada, and Europe are now being shipped overseas to countries like India, China, the Philippines, Pakistan, Malaysia, etc., as large corporations and small businesses alike are trying to cut costs. operating and administrative costs by hiring independent contractors.
As an entrepreneur in the Philippines, you can take advantage of this trend and set up a business process outsourcing company or call the center agents in the Philippines and serve clients in other countries. Examples of jobs you can get include writing jobs, accounting, administrative tasks, virtual assistance, software development, web development, design, etc. So if you hone your skills and establish a credible and professional portfolio, you can make a lot of money offering your services on a contract basis.
8. Start crafting crafts
You can also try making handmade products and selling them to international buyers. You can start by buying a variety of handicrafts from all over the Philippines and selling them at a souvenir or gift shop geared toward foreign residents or tourist areas.
9. Start a car rental service business
A car rental business is another profitable business that you can start in the Philippines. Many Filipinos prefer to hire cars whenever they need them instead of buying and maintaining them. And for this reason, the car rental business is very lucrative. The more options a car rental business offers customers, the more profit that business will generate in the long run. So, if you want to venture into this business, you can offer a wide range of options from saloon cars, trucks, bikes, bicycles, etc. A smart way to approach this business is to make it a bit diversified; to serve all kinds of people. You can also include all options based on your capital.
10. Start a website
Due to the shortage of government jobs in their country, many Filipinos are turning to online businesses. One of the most lucrative online businesses is website flipping. This involves setting up a new website from scratch, loading it with quality content, and optimizing it for search engines in a bid to increase your traffic and ultimately, your profits.
Once the website starts generating some decent income consistently, the owner sells it for a high price and then starts building another website from scratch for the same purpose. So if you have the knowledge on how to develop a website and how to market it, then a website flipping business is for you. It is about the development of websites for sale. All you need are skills in website design, content creation, and some search engine optimization (SEO) skills.
11. Manufacture of wires and nails
Most of the nails and barbed wire used in the Philippines are imported from China. In the provinces, there is often a shortage of these items. Once you buy the equipment, you should be able to manufacture it locally at a competitive price. Therefore, there are great opportunities for investors who can start businesses that manufacture or import these building materials, as the Philippines is undergoing rapid development and new buildings and structures are being built on a daily basis.
12. Reseller web hosting
This involves buying and selling a web hosting package. When you buy a web hosting account, you resell it to different clients. All you need to do is set up a reseller account and market your web hosting services while including your profit margin.
13. Agriculture
In the Philippines, there has always been a high demand for agricultural products; from fruits, vegetables, and food crops to animal products such as pork, beef, dairy, eggs, and fish. There is a large area of arable land that can be used for agricultural purposes. Therefore, investors have everything they need to enter the agricultural sector of the country. Furthermore, there is a growing demand for organic agricultural products in the Philippines and neighboring countries. So the new investors have local and foreign markets to serve, which means huge profits.
14. Retail
The Philippines has several hundred to thousands of malls. But they are still not enough to meet the enormous demands of the millions of consumers in that country. So if you are looking to start a profitable business in the Philippines, open a retail store that offers a wide variety of products.
15. Recruitment Agency
Many college graduates in the Philippines are unemployed. And many companies are looking for competent employees. Therefore, there is a huge business opportunity for recruiters who match companies with competent employees based on the skills and qualifications required by the companies.
