Are you planning to start a business this 2014? Then here’s a list of good business ideas that in my opinion, would do very well in the “Year of the Horse”.
These “negosyo ideas” are based on personal observations, suggestions from fellow entrepreneurs, and curated ideas from various business reports that I’ve read in the past weeks; so I hope you find this list useful and informative.
Without further ado, and in no particular order, here’s the ultimate list of:
Good Business Ideas for 2014
More and more Filipinos are getting comfortable at buying on the internet. If you have a physical retail store, then it’s time for you to set up an e-Commerce website.
Furthermore, home-based businesses and independent retailers can bank in on this ever-growing business trend, which I believe still has a long way to go in the local scene.
Clothing, Fashion Accessories and Cosmetics
One of the biggest industries that independent retailers went into last year was clothing, cosmetics and fashion accessories, and it will most likely continue this 2014.
Make your own or outsource from a foreign supplier, and sell them in bazaars, social media, or in your own website. Small-sized items priced at P1,000 or less that can easily be shipped would do very well.
Independent retailers are doing less meetups and more product shipping nowadays. It may require a huge investment to compete with the major players in this industry, but tapping into a focused niche can have big potential.
Examples are independent, city-wide food delivery services; bicycle courier and messaging services in key cities; and affordable document-handling and delivery services for business districts.
E-Commerce in the country went up because it’s easy to sell online. Last year saw the rise of social media marketing (SMM). And this year, that industry will transform into digital marketing.
While SMM focuses solely in reaching customers and community building in Facebook, Twitter and other social networks, digital marketing is the upgraded version which integrates web tools development and online advertising strategies.
Online Reputation Management
Social media marketing meets search engine optimization – this is how I describe ORM. Businesses, brands, celebrities and politicians will need help in keeping their names clean on the internet, and this is where this service comes in.
ORM consultants will listen to what people are saying online and make sure that their client’s reputation do not go down with false information and malicious rumors. They’ll also do disaster mitigation in case those information and rumors turn out to be true.
Condominium living continues to grow in the country, and people in these areas are often too busy to manage their units but don’t have enough space to hire a full-time, stay-in housekeeper or handyman.
Thus, on-call services for cleaning, babysitting, laundry pick-up and delivery and even home and electronic repair services can be a good business venture.
Health, Beauty and Wellness
This industry has always been profitable and will continue to be so in 2014. More than selling products and providing services in this niche, network marketing of health and nutrition supplements will gallop in front of the pack in the year of the horse.
The robust local economy ushered renewed efforts from multilevel marketing companies last year, particularly those who are in this sector. As these businesses compete in marketing for 2014, interests in such products will rise across all income classes.
Milk tea went on a plateau last year, while the cronuts and cookie butter fads proved to be short-lived. However, the ramen craze is showing signs of resilience and could continue its slow and steady growth this year, particularly in key cities in Visayas and Mindanao.
So what’s in store for the food business in 2014? I predict we’ll have more Asian integration. Aside from Chinese, Japanese and Korean restaurants, watch out for possible franchises of Malaysian, Thai, Indonesian and Singaporean cuisines.
Travel and Tourism
Thanks to Filipino travel bloggers and the Department of Tourism’s successful “It’s More Fun” campaign, the country had a good influx of tourists last year, and 2014 will be no different.
The budget travel lifestyle will particularly be a strong niche. Businesses that provide affordable accommodations, reasonably-priced dining experiences, quality souvenir products, culture-centric entertainment and eco-adventure packages are just some of the ideas you can pursue.
Speaking of travel, I see lifestyle mobility to be a good business niche for 2014 because more and more Filipinos are on-the-go, particularly among young urban professionals.
Sturdy and fashionable travel gears, especially those that offer good gadget protection against theft, physical damage and weather resistance will be most profitable.
The business process outsourcing industry is expanding its breadth towards local freelancers. Independent social media marketing consultants, virtual assistants, article writers and graphic artists are among those being hired by companies on a per-project basis.
Business opportunities include providing platforms that will connect these freelancers to potential clients, creating your own team of freelancers that can handle bigger projects, and skill training for people who would like to go into freelancing.
Because more and more Pinoys are becoming freelancers, giving these independent contractors a productive place to work in would be a good business opportunity.
Co-working spaces provide an alternative to home offices and coffee shops for these individuals. Make it accessible, with fast internet connection, and a creative but professional atmosphere.
Working as co-founder for 199Jobs allowed me to get acquainted with the thriving local startup community. Spending time with them made me realize that there’s a lot of opportunities in the country for web tools and mobile apps.
Find a problem and think how technology can provide a solution. Then connect with developers, build your initial product, find an investor and your watch your startup business grow.
People using smartphones and tablets are both getting younger and older – they’re not just for tech-savvy, young urban professionals anymore.
Even if you don’t have a background in mobile applications development, it’s now easier to find a developer who can create an app designed for children, senior citizens or any specific market you want to target.
Education, Skills Training and Information
Most of the business ideas mentioned in this article require skills that you don’t normally study in school. Thus, providing learning opportunities through workshops, seminars, and information products are in itself, a good business idea.
You can write a niche blog, produce an iTunes podcast, create a YouTube video channel, conduct a webinar, or publish an ebook – these are just some of the many things you can do if you want to explore this business opportunity.
The financial industry is a particularly strong sector for 2014, laden with business opportunities that range from education, consultation, management services and product distribution.
People are itching to learn about investing, from stocks to real estate. They’re looking for trustworthy companies that can help their money grow and they want these services to be both affordable and accessible.
Lastly, you can explore social entrepreneurship and find ways how you can help less fortunate communities or support worthy advocacies. Create a business with a big heart.
Go to the provinces and see what local community product you can market and sell. You can also do livelihood training and set up cooperatives to build self-sustaining communities.
Find The Sweet Spot
I’m one of those people who believe that any business can become successful if you put your mind and heart into it. And whenever someone asks me what’s a good business to put up, I normally ask them to first find their “sweet spot” and go from there.
If you have a business idea and it’s not mentioned in this list, but it does belong in that sweet spot described above – then I highly suggest that you still go for it.
Remember that this list is just a rough guide, and ultimately, your market research and feasibility study should be your primary basis to pursue a business idea or not.
Did I miss a good business idea in this list? Share it please in the comments section.
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