Need a sideline?
Even if you are now employed or you are already receiving regular remittances from loved ones abroad, having a micro or small business is a great way to be financially well off.
Having multiple sources of income gives you an assurance that you will be more financially stable in the future. You can get extra funds to buy the things you want or save for the rainy days without sacrificing the money allotted for the basic needs.
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10 Best Micro-Business Ideas for 2017
- Sari-sari Store
It seems that sari-sari store is one of the best-known micro-business in the country. It is easy to put up and only needs a small capital.
If you are looking for a home business, then this is worth a try, especially if your home is in a good location. Do you live in a place near apartments? Are there a lot of families in your neighborhood? Perhaps you may sell snacks, soft drinks (soda), repacked spices for cooking, toiletries, and basic school supplies.
If there are already a few sari-sari stores in your place, take note of what they are selling and their retail prices.
List down what you going to buy, the price of each item, the retail price and when you have purchased them. Your capital may be as small as P5,000 up to P15,000 depending on what you want to sell and how big will be your store.
- Online Shop
Setting an online shop only requires a handful of things. You will need a desktop/laptop and a good internet connection. You can even use your smartphone and pocket Wi-Fi, but maximizing your business will soon require you to have better gadgets.
What will be your products? You can buy-and-sell items such as shoes, clothes, fashionable accessories, personalized souvenirs, and collectible items. It is best to choose products that personally interests you.
- Palamig Business
This business may be an all-year-rounder! Since our country is tropical, most days are warm and this makes “palamig” a good choice of business. It is easy to prepare and can get a lot of customers if you have a good location.
Make different flavors such as buko pandan, coffee jelly, buko, and sago’t gulaman. Have a strict inventory to track your expenses and profit.
- Cellphone Loading Business
There is no need to set up a stall, all you need is your small capital, your loading SIM card and your phone. Filipinos usually have prepaid SIM cards and loading is part of their daily or weekly budget. Take advantage of it.
Decide which retailer’s loading pack or kit you want to use (Globe, Smart or both). Know how much your competition charges. The good thing about e-loading is that it never expires, unlike some retail goods.
- Pisonet Business Plan
You need a good internet connection and just a small space to start with. Some people usually just put it in front of their homes. People can just drop P1.00 for four minutes. Eventually, you can have more units. You can start with P20,000. Take the time to look for the right vendor to fit your preferences.
There is no need to be a modern Shakespeare! Ghostwriting is simply writing for blogs. You will be paid depending on the number of words you use or the number of articles you submit. There are a lot of blogs looking for sensible ghost writers.
If you have a passion for writing and sharing knowledge, then this is an easy fit for you. You just need a desktop or laptop and a good internet connection. When I was a ghost writer, a pocket Wi-Fi was good enough. However, you will soon need to have a good interest service.
- Selling Baked Cakes and Cookies
Love baking? Why not use it for your home-business? Bake a few samples, snap some photos and create a page. You can also take some baked goodies in some parties, this way you can promote your business.
If you have a car that fits Uber and Grab’s requirements, then try registering it and earn on the side. Or you can get a car through an auto loan. Some Filipinos make a living through these driving services. Of course, you need to spend on gas, car maintenance, and allowance.
- Poultry Business
Poultry does not need to be on a couple of hectares. You can even put it up in your backyard. Jut make sure you can keep up with the sanitation to avoid ripples with your neighbors. Choose if you want to take care of a pig (or two) or If you prefer, you can have at least 50 to 100 chicks for a start.
- Accessories and Other Crafts
Have an artistic side? If your hobby is creating something that could interest other people, why not make it a business? I used to make colorful hair clips for little girls and I sold well online. Some hobbyists also soon sold materials to others who have the same hobbies.
Choose your target market and create a blog or online shop. You can even just make a Facebook page which is for free.
Where to Find Startup Business Loan in the Philippines
Naturally, if you want to start a business, no matter the type, you will need a capital to make it start rolling. You will need some equipment, raw materials, ingredients or extra help. Getting these will need a certain amount of money.
Not all lenders provide a business loan. This is because it is quite risky. So where can you get a Micro- Business Loans?
- Family and friends
Getting a loan from family and friends may seem easy, but it could get complicated. Personal relationships are best not to be mixed with “utang.”
Some Filipinos get hurt when their request for a loan gets rejected. It can cause uneasy feelings. And in case you can get a loan, you better pay up as promised or else the face of your relative or friend will always remind you of the money you borrowed.
Paluwagan sounds a good option until some members of the group disappear without paying their share. If you are in the middle or end of the cycle, you might not get the amount of money you expect to get.
Paluwagan may not have any interest or other fees, but it is all into the faith that every member will pay up until the last person gets the funds.
Ever heard of Kickstarter, GoFundMe, and Indiegogo? These are online platforms where you showcase your product and people will send money to fund your business. It is like getting some investors. Sounds easy in theory, but here in the Philippines, the idea of crowdfunding is still in its formative level. And Filipinos are still very hesitant with sending money to strangers.
Pawnshops are also a good source of easy cash. You can get cash in less amount than the actual value of the pawned item. The interest charge will increase quickly, so you have to pay up as soon as possible, or else you will lose your valuable item. It will be heartbreaking if it has a sentimental value.
- Online lenders
Nowadays, you have to find the best alternative ways. When almost everything can be found online, loans are not an exception.
Online lenders offer Micro- Business Loans with quick loan process which can be done on their official websites. Make sure the online lender is registered with Securities and Exchange Commission.
How to apply for an online loan at Cash Mart?
- You must be at least 21 up to 50 years old
- Filipino working or living in Metro Manila for at least 6 months
- Currently employed, Self-employed, OFW/Seafarer’s Allottee
- Has a bank account or payroll account with ATM card
- Valid government ID
- Proof of billing such as Meralco, Maynilad, credit card bill, broadband, etc.
- Latest one-month payslip (for employed) or bank statements (for self-employed). Allottees need to present their proof of remittances/allotment together with the proof of relation with the OFW/Seafarer.
3 Steps to Apply
- Fill out the online application form and upload the photos of your documents. Make sure the photos are clear and readable to make the process faster.
- Receive a call from Cash Mart’s loan manager to verify your documents. Remember that there is no collateral nor guarantor required, so you have to get ready with a few financial questions.
- Check your bank account for disbursed cash. Cash Mart releases funds through partner banks to ensure quality service and the security of the client’s financial information against fraudulent activities. For more information, visit CashMart.ph or give a call at (02) 829- 0000.
Having a side business surely helps with getting more funds and savings for the future. It gives you peace of mind that you are one step towards financial independence.