Setting up a business is growing as a trend in today’s economic landscape. Aside from giving you complete control over your career, entrepreneurship lets you realize unique business ideas where your passions lie.
However, business ownership isn’t without its downsides. For instance, having adequate capital is often a requirement, not to mention the difficulty and risks associated with maintaining growth. You’re also up against direct competition with established brands in your niche.
Unique Business Ideas in the Philippines
The Philippines is among the countries with the highest number of internet users, with 68% of Filipinos spending more than 10 hours per day online. No wonder the COVID-19 pandemic led to an increase in e-commerce adoption in the country, which is why bringing about unique online business ideas can expand your startup’s reach.
That said, here are some market sectors you can tap.
1. Retail
Selling goods and services is generally good business, especially if you’re targeting a niche with limited competitors. Online retail is a lucrative industry in the Philippines, so much so that data forecast a revenue growth in the country of ₱1.22 trillion in 2025 from 2022’s ₱779 billion.
Getting into retail presents a variety of opportunities. Some examples of enterprises you may establish in this sector are:
- Bakery
- Gift shop
- Fashion store
- Auto parts supply
- Handmade items
The retail industry typically involves a simple business model—selling products and services with a profit, making this business relatively easy to plan and manage. Moreover, e-commerce and micro-retailers often don’t require substantial capital to launch.
2. Services
You could also take a crack at the country’s service sector. If you prefer working away from a desk, consider providing the following services for profit:
- Pet sitting
- Ridesharing
- Event catering
- Home cleaning
- Personal training
The country’s gig economy is a lucrative market segment. For instance, Statista projects the ride-sharing industry will grow to a market volume of $0.83 billion by 2028. Even before the pandemic, the Philippines was ranked the fastest-growing gig economy, with more than 1.5 million workers.
Leverage this rapid growth by looking for ways to provide better compensation, as the country’s 49.01 million Filipino workers currently face low pay and dangerous work environments.
3. Courier
Another popular industry you can tap into is courier service. Since the pandemic, demand for delivery companies has been at an all-time high. As such, leading courier services partner with e-commerce companies to connect businesses to their customers.
You may ride the increasing demand by creating a company that can compete with the few popular brands in the Philippines. Consider targeting specific niches like food, medical goods, or pet supplies transportation. Also, try partnering with known brands to boost your enterprise’s marketing.
4. B2B
The Philippines is known for its top-notch business-to-business (B2B) services, particularly in business process outsourcing (BPO). In fact, the country’s BPO industry exceeded the ₱1.61 trillion target revenue in 2022.
However, establishing a BPO startup could be pretty challenging, especially amid well-established competition, hence the importance of being resourceful and creative. Consider providing other B2B services, such as:
- Bookkeeping
- Programming
- Affiliate marketing
- Office space rental
- Transport or trucking
Set Your Business Up for Success
While starting a business from scratch may be daunting, learning about ideal industries to leverage can minimize the guesswork and streamline your planning. That said, another important consideration is how you plan to finance your enterprise.
A popular option is applying for a loan with collateral to fund your initial capital. You can tap our services at Asialink Finance to make your startup’s launch worry-free. As one of the preferred financing companies in the Philippines, we offer convenient and accessible loans to help set your business up for success.
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