Find your own business!

If you’re not contented with the salary that you’re receiving every month and it’s not enough for your family’s expenses, it’s either you’ll find a new job or to build or to manage your own business. And if you’ll going to choose the latter, the next thing you’re going to think about is what kind of business are you going to make. You’re now asking yourself if the business that you’re planning to build will going to be a success or will turn out as disaster.

Here are some of the Best Business Ideas in the Philippines for 2016:

1. Online business
2. Smartphone repair
3. Computer home repair
4. Entertainment booths
5. Photography
6. Dog walking
7. Personal fitness training
8. General cleaning
9. Air-conditioner repair
10. Generator rental business
11. Food delivery
12. Car restoration services
13. Pet care
14. Virtual assistance
15. Caregiver home service
16. Food carts
17. Laundry service
18. Event planning
19. Personal grooming home service
20. Bakery

Aside from these options, the most important thing that you should consider while you’re planning on what kind of business you’re actually want to be part of. Ask yourself. What type of business do you really want to do? What are the things that you’re good at? What are the things that you really love doing and passionate about? If you’ve already have an answer to these questions, make that answer as one of your choices as you’re still in the middle of researching on what kind of business you’re going to put up.

If you really want to know if the kind of business that you’re planning to do is good for you, now take each business idea and rate it on a scale of 0 – 3 in all criteria appearing in the succeeding columns (your knowledge, your experience, your skills, ease of entry, and uniqueness). Use a rating scale of 0 to 3; with 0 meaning none, 1 below average, 2 average, and 3 above average.

The criteria and their scope are defined below:

Knowledge of the business. This will measure how much you know about the business idea. Let these questions be your guide in rating the business idea:
1. Will I need some time and money to know more about the business?
2. Would I rather take on a partner to fill in my lack of knowledge of the business?

Rating Guide: 0 – no knowledge of the business; 1 – some indirect knowledge of the business; 2 – limited knowledge; 3 – working knowledge.

Experience in the field. You may know a lot about the business but do not have enough experience. The rating will depend on your answers to the following questions:

1. Have you ever owned or worked in this type of business in the past?
2. To what extent is hands-on experience critical to this type of business?

Rating Guide: 0 – no experience; 1 – indirect experience; 2 – limited experience; 3 – familiar with the business.

Skills. Focus on the skills that are unique to the particular business. This category will measure the extent of the skills you have that are useful to the business and how hard or easy it will be for you to learn and acquire such
skills.

Rating Guide: 0 – none; 1 – limited skills; 2 – some skills; 3 – extensive skills.

Ease of entry. This refers to the costs of entering the business and the blocks or hindrances that might exist. For example, a car wash that you can run from your own home could be relatively inexpensive to start, but if there are others already providing that service in your area, you may hesitate to offer the same type of business.

Rating Guide: 0 – crowded field, very difficult to enter; 1 – limited entry available; 2 – mix of large and small competitors; 3 – unrestricted entry for any business size.

Uniqueness. This does not necessarily mean that no one else is providing the product or service. It can also mean that no one else is providing the product or service in the same way you intend to provide it. It can also mean that no one else is providing that product or service in that specific area. This category will help you find out some ways of distinguishing your product or service from the others already in the market.

Uniqueness is not limited to the product or service itself. Sometimes going “the extra mile” or giving your clients some convenience will provide the distinctive mark of your product or service. Ever wondered how free delivery has become a widely acceptable practice among food outlets?

Rating Guide: 0 – product or service widely available; 1 – a few to several others offering your produce or service; 2 – about one or two others; 3 – no other one providing your product or service.

Total up the numbers. These tips will help you interpret the scores:

1. Forget any idea that scored less than 10
2. Discard any idea that did not score at least a 2 in every category
3. Let go of any idea that did not score at least a 3 in the uniqueness category.

How many ideas are left? If there is none and you really want to pursue any of the ideas in your shortlist, then use the selection result to identify where you need to improve on. Then develop a strategy for raising the “1s” to “2s” or “3s.” Your goal here is to trim your choices to a maximum of five.

If the business that you’re planning to do didn’t meet the scores that should be passed, it’s still your decision that should be followed. The checklist that was mentioned above was just a tool in helping you on your decision and will never affect the things that you really want to do. However, this can be a great help for you in order to find the better business that suits you the most.

Starting a business isn’t that easy to do most especially if you don’t have that much money to start up with. So, the very first thing you should consider is if it’s really feasible. Putting up a business isn’t a joke or a game to play. It’s a toughest decision a person could ever make but if you’re really persistent and determine enough to achieve your goal, your money, hardwork and the business itself will never go to waste now that you’re entering the world where competition is parallel to your vitamin C.

Sources:

http://tycoon.ph/best-small-business-ideas-philippines-2016/
http://businessdiary.com.ph/2900/how-to-choose-the-right-type-of-business/
http://www.entrepreneur.com/article/239043

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