It all starts with a business idea. And if your goal for 2017 is to start a business, then it might help to know the business trends that could shape the year ahead.
Below are my “negosyo ideas” based on what I’ve read from various business reports in the past weeks. A few of these also came from fellow entrepreneurs and personal observation on potential trends this 2017.
YEAR OF THE ROOSTER
For those who follow the Chinese Zodiac, Feng Shui experts say that 2017 is a lucky year for food businesses, as well as for media companies.
If you plan to start a food business, my personal advice is to focus on a specific product rather than general cuisine.
Case in point, rather than simply putting up a Filipino restaurant, build your reputation and market your brand on a particular dish.
For example, be known for having the best menudo.
SOCIAL MEDIA MARKETING
In relation to media companies as another lucky business for 2017, I believe that digital marketing will continue to grow this year.
After witnessing the power of social media in the last elections, it can no longer be denied that digital marketing is an essential part of brand building.
However, there are already numerous digital marketing agencies out there. So if you plan to go to this industry, then my suggestion is to cater to the least served niche of crisis and online reputation management.
With so many fake websites and satire news being shared in social media, a business needs to constantly monitor what people are talking about. One negative post about a brand that goes viral, whether it be true or not, can be disastrous.
Be an “Olivia Pope” for brands. While there are already a few agencies which are doing this, I believe that there’s still plenty of room for new players.
WORK FROM HOME OPPORTUNITIES
The online freelancing sector continues to grow in the Philippines. Meanwhile, companies that allow employees to work from home are increasing.
As their numbers grow, unique business opportunities will appear that cater specifically to their lifestyle and personal needs.
I believe that one such opportunity is healthy food deliveries. Those who work from home are usually too busy or too lazy to go out or cook meals. Thus, they’re often left with no choice but to have fast food delivered to them.
A business that delivers nutritious, home-cooked style dishes will do well, in my opinion. I see them as similar to the “Manang Ulam” and “Manang Merienda” that sell in corporate offices, but delivers to homes, condos, and apartments.
What’s great about this type of business is that it ties up nicely with the Feng Shui expert lucky business recommendations for 2017.
Of course, this is just one opportunity. Do market research among online freelancers and ask what needs do they have, which are not being properly met.
MILLENNIAL MARKET STRENGTHENS
Lastly, the country’s biggest purchasing power currently belongs to the millennial market. Any business that caters well to their needs will make money.
This generation, in particular, have a strong desire to seek for gathering places — a third home. Apart from where they live and where they work, they actively look for places where they can hang out and meet friends.
Coffee shops and music bars are the usual places they go. But they also seek out board game cafes, artisanal lounges, craft stores, dessert bars, and many other uncommon types of space.
Get to know them better. You might stumble upon a great business idea that will make you lots of money this 2017.
Becoming an entrepreneur is an adventure. It will be fun and exciting. But it will also be stressful and difficult.
If it’s your first time to put up a business, then my advice is to focus on learning the right mindset before anything else.
Moreover, give your passion and interests more weight over what’s currently trending and profitable.
Motivation and self-fulfillment are strongest when you’re doing what you love.
Lastly, regardless of what business you plan to pursue, a good understanding of foundational business concepts is essential to your success.
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