I don’t know if Philippine economy is booming but with the country pledging loans to IMF (which still puzzles me why) but I guess we’re moving into better direction for the nation. Of course poor people and jobless ones will disagree. It’s not booming if they’re not working. Unemployment is still high and the poor is still poor.
Middle class will probably tell you that state of Philippines and it’s growth though I think is stable ( is it?) it still lags far behind other Asian countries and infrastructures, development and other sectors need to sprout up.
I wanted to say something about interest rates and taxes but, I’m clueless about those. Well, pretty much about everything, actually. I just know that my face sours every time I would look at my grocery receipt and see VAT. And that if there’s double pay day (due to holiday), naturally the tax doubles up so it probably negates the extra pay? Whoa, I have no idea what I just said but you get the drift, right?
Anyway, I must have digress. forgive me. Back to the title of my article, opening up a business. Yes, go ahead and do so! I mentioned that the country’s economy is probably growing (slower pace, but growing, nevertheless).
If you’ve been here in the Philippines and you have savings or planning to add to your saving, opening up a business is good thing. You’ll have income to help you live a comfortable life here, plus you’ll be able to help others earn income as well. It’s a win-win situation. But I guess it’s easier said than done. Then again, if you have the resources, it’s easier.
I have a suggestion for 3 kinds of business to go into. A restaurant or minimart store, a supply store, and lastly a day care center. These are just what I think will make good business and income earners (maybe not for the last one) however, I thought of them because if I were the consumer I’d be interested. What do you think?
Many expats whether Caucasians, Asians, middle eastern ones go into the food business and open up restaurants. It is good earner of money and income driven business. Why? Filipinos like to eat. Whether it’s Carinderia, a small canteen, a diner, fast-food, bar, restaurant (fine dining or not), people will troop to restaurant to eat.
You can capitalize on being an expat and entice the locals with something they haven’t tried and tasted before like southern food. You can offer a unique take on a dish. If you go in the business, you can have themed one or whatever you think will drive more patrons. Trust me, word of mouth and good exposure will make that restaurant business boom.
You need to remember, good food and good service equates to restaurant success. And it doesn’t matter whether you turn an old house into restaurant, a garage into a mini Carinderia, people will still flock and pay. Now that’s good business.
For the mini mart store, to franchise a 7-11 or Mini Stop is over the top but hey if you have millions of pesos do so, if not a scaled back version is okay. A sari- sari store will give you income daily as people will buy something on a daily basis. However, you can go above that sari-sari store and make it bigger. As expat, you can probably offer a variety of things to sell that locals will go crazy about. Again, I think food and drinks is the number items that a consumer usually buy.
One thing I noticed many Koreans have grocery stores and I think it’s a good business for them. A mini store will always have consumer. So I guess it’s good business to have.
What can expats supply? What can be offered? I’m thinking a supply business is okay too. Am I right? Many companies are looking for that good supplier of things they need. Whether it’s office equipment, kitchen equipment for restaurants (even hard to find ingredients). Hospitals need a lot supplies ranging from surgical gloves, needles, masks, meds, etc. if you have the resources and funds, logistics, it’s a good business.
Day Care Center
Filipinos are not really into day care centers an I’m not sure about this one. The only think about it is basically through movies, or reports and something I read. Filipinos will not really leave their kids at a day care centers if they have large family who can look out for their children.
I think though it’s a good business to go into. In the malls and even hotels there are play and activity facilities where you can leave you children and they can play for hours until they get tired. You need to have good staff, somebody that likes children and will have the patience look out and take care of them while mommy and daddy goes to work. If you go into this business, you need to have plenty of books and all other kiddie things good staff to help out.
So those are just some of the business you can go into. Any business actually which can help you earn money is good. As been mentioned frequently, the cost of living here is better than other countries but if you have no income, then you’d have to adjust your lifestyle here.
Good business means money and if you have that, you earn, you help somebody earn, you help the country which in turn will make the country grow. Not bad, I say.
If you’re planning to open a business and it’s restaurant, remember me. I like food trip. So go ahead have a business. Good luck.