The economy of the Philippines is booming and everyone’s spending mood is high. This current state makes it a good time to start a business. My readers always ask me what businesses they can get into. So I ask them what they want to do. Most of them tell me they want to start something easy to do and will not take much of their time. After several interactions with readers, I have noticed a trend in the business ideas I normally advice them to do.
Below are four of the business models I give my readers. The products and services should be thought of by the entrepreneur. I refrain from giving very specific business ideas because at the end of the day it depends on the person what type of products or service he or she wants to offer. It is also good to not that most successful businesses are born out of the entrepreneur’s passion.
Buy and sell.
This is also known as trading or bartering. This type of model has been around for hundreds of years. The early batch of Chinese migrants in the Philippines used this model to make a living. This is also the model that made many of them rich. It is easy to start this model because what you need to do is use your extra money to buy the products that you want to sell. The way to make money in this model is to buy at a low price and sell at a higher price.
Franchising is a very hot business in the Philippines today. You see it almost every month in the cover of entrepreneur magazine and new franchising businesses sprout almost every month. This type of business is good for people who want to start a business, but have very little experience in doing business. It’s easy to start because the system is ready and you do not have to reinvent the business to make it work.
In this model you are the middle man. You make buyer and seller meet and earn from one of them or both by helping the seller dispose his product or service. This type of business model is easy to start because you do not need money to start making profits. The key to this business are your connections. The more people you know the bigger chance for you to close a deal.
Lend money to a bank and you will earn interest. Lend money to a stranger and you will earn an interesting amount of money. The idea here is to use your extra cash and lend it out to people who need it, either for short term or long term. You will earn based on the interest you charge them. What makes its easy is that you can do this business in your office and “rent out” your money to your office mates or to your neighbors.
Trading, franchising,brokering and financing are 4 business models that are easy to start and not time consuming. What are you waiting for? Start thinking of a product to sell starting tomorrow.