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STARTING A BUSINESS WITH PHP 50,000 CAPITAL

There are two factors that may lead many aspiring business owners to become dreamers rather than doers: time and money. Yes, running a business needs time and money, but your ambition will never come true without financial investment. The powerful force is time. No matter how far technology has advanced, a tool that can manipulate time has not yet been created. Money, however, is another story. You may launch a business in the Philippines for less than 50,000 Pesos if you are ready to do the work.

Millions of pesos are not always required to launch a business. Even if it would be fantastic to have an endless supply of money to help startups, having tons of cash will not ensure their success. You may start a business with 50,000 pesos and grow it over a few years into a multi-million peso success!

Mins to Read: 13 minutes

Age Bracket: 25 – 45 years old

Here are lists of enterprises in the Philippines for less than 50,000 Pesos. Please note that the owners supplied some of the numbers listed below. When calculating expenditures and revenues, there is always a margin of error. The conclusion is that these companies have prospered over the past few years.

Tips to Help You Get Started

Validate you business

You can have an idea that you think will be a tremendous success. But is there a chance that your small business idea will be successful?

Before beginning a small business, carry out market research. Find out if people need and are willing to pay for the product or service you’re thinking about selling. Additionally, find out if nearby firms are providing the same good or services as you are and how fierce the competition is.

Layout business finances

Be aware that some funds will be needed when deciding how to launch a small business in the Philippines. You need money to purchase the necessary hardware, tools, materials, and supplies and pay for recurring expenses for six to twelve months before you profit.

Start by compiling a list of all the startup costs for your business. Divide them into two groups:

One-time startup expenses: market analysis, branding, permissions and licenses, initial stock, grand opening celebration, etc.
Ongoing expenses include taxes, rent, marketing, and employee wages.

It’s also critical to have extra cash on hand. Aside from your actual money, you must set aside additional finances when starting a firm to ensure its survival. It may take time for people to learn about your product. It’s typical to experience some loss when you first start. How will you maintain your business if you don’t have a reserve of money?

Choose the right location

The location should always be considered when purchasing a home. Starting a small business in the Philippines operates on the same principles. You need to rent a place with a lot of foot traffic to attract clients. It might be one little kiosk at the mall, a store in the city, or a location close to the interstate.

But keep in mind that these places might grow very pricey. Make sure you have a substantial budget if you think about it. Don’t forget that the cost of this will also be influenced by the store’s facilities and floor space.

Bike Shop

The Philippines is not known to be bicycle-friendly compared to other countires, however, during the pandemic, the demand for bicycles is continuously growing especially now that it is coming as safe and efficient mode of transportation with the new normal. A bicycle is seemingly more affordable than a car, and it doesn’t require a garage to store it as a car does. Even those who don’t ride bikes every day prefer to own one. Thus bicycle shops have tremendous potential for the financial success of any store.

You can start by selling bicycles, different parts, and equipment. You can also offer bicycle rentals around the park. Since this is a new venture, you can start with a PHP 50,000 capital, depending on the products and services you want to offer. Setting up your shop in a high foot traffic area or near a biking destination can help boost your chance for profit.

You must conduct market research to learn more about the cycling sector. Checking whether there is space in the local bike shop market for you to open up shop in the preferred location is this goal.

You’ll need to stock up on the necessary tools and hire a bike technician if you intend to offer repairs. Additionally, you’ll need one or two salespeople to greet clients and staff the cash register. Make sure to emphasize these qualities when hiring staff members so they can connect with clients over a shared love of cycling and eagerly address any questions about bikes.

To ensure quality products, it’s risky to depend solely on one supplier for your bicycles or accessories. If this one goes out of business, you’ll need to move quickly to find a new supplier. To avoid relying on just one supplier, we advise making arrangements with a few of them.

Hair Grooming Services

A home service salon is ideal if you want to establish your own hair salon business. You can provide services including hair coloring, rebonding, and perming in addition to haircuts. Do you wish to use a hair salon’s services? Do you want to use a spa’s services? What services does your rival’s company provide?

You will need to offer hair services if you are more inclined to start a hair salon. Take advantage of the chance if no one else in the region is doing it. You could ultimately find it useful.

You may provide a wide range of treatments and still attract customers if you are considering starting a spa salon. I still suggest accepting and providing any services that the competing salon in the area does not provide.

Hair products and high-quality grooming supplies are some items you’ll need for your business. You should also know the most recent hairdo trends to assist your clients with their grooming needs. You can reach a broader spectrum of customers if you offer many different services. People who require brow waxing but don’t want to spend a fortune on just a little wax can be accommodated. You’ll need to price your services reasonably to your customers.

This is one of the best alternatives for home-based company ideas in the Philippines if you have mad hairstyling or haircutting abilities. Starting a home salon business can be less expensive if you already have all the necessary tools and supplies. Just set up a room and furnish it to resemble a real salon.

Are you beginning the company from scratch? Invest in tools and supplies for hairstyling and haircutting. The price of shampoo chairs and salon chairs is about PHP 8,000. Get ready to invest about PHP 50,000 to launch your home salon business. It will be advantageous to keep yourself informed about the most recent fashions and haircuts.

Carwash

In the Philippines, a carwash business is a company that offers car washing, waxing, drying, and detailing services. Many automobile owners would instead hire specialists to hand wash their vehicles than do it themselves. This results from their inability to efficiently clean their automobiles due to a lack of education, time, or finances. Here is what you should know if you’re considering launching a carwash business in the Philippines. The need for car wash services is increasing as more individuals in the Philippines own automobiles. Car owners in the Philippines want that their vehicles always smell like they just left the dealership and are always gleaming and new. Therefore, they make it a point to wash their cars at the car wash routinely.

The owners and enthusiasts of automobiles would adore this home-based business idea. You can run your home-based car wash if your house has the room to fit multiple vehicles at once.

It is best to have a little electric pressure washer. This costs about 7,000 PHP. A reliable water supply is also necessary. You need to have a pressure tank with at least 340 liters of capacity in case of a water shortage. This costs about 7,500 PHP.

You also need a stepladder, a water hose, and a vacuum cleaner with a blower (around PHP 3,700). Pails, buckets, sponges, car shampoo, car wax, car polisher, scratch remover, and tire black are further cleaning necessities.

The likelihood of making money depends on how many vehicles you wash each day and how well-chosen your location is. For little cars, you can charge PHP 150, and for extra-large autos, PHP 250. Additionally, you can provide exterior and interior detailing services, typically costing between PHP 3,000 and PHP 6,000 per vehicle.

Starting a car wash business is an excellent way to supplement your income. Before starting your car wash service, there are a few things you should bear in mind. Ensure you know the vehicle wash procedure, have the required tools, and recruit qualified personnel. Additionally, advertise your company and provide flexible hours of operation. Last but not least, always offer professional guidance and car-care advice. If you go by these suggestions, you will have a good chance of beginning a profitable car wash business in the Philippines.

Frequently Asked Questions

How much should I capitalize my business with at the beginning?

As much as you can afford, at least enough to support you through the next 6 to 9 months without a job. You’ll discover that getting income always takes longer than expected, and your expenses will also be higher than anticipated.

How come up with a great name for my business?

This is challenging. Start by coming up with a variety of names. Do a Google search to discover what is already taken, and 95% of your options will be eliminated. Make the spelling simple. Create some intrigue. Avoid choosing a name that is so absurd that no one will know what it means (give significant thought to words like “Google,” “Yahoo,” and similar). Run a name search for trademarks and trade names. Make sure you can obtain the domain name after that.

What are the biggest challenges you can encounter when starting a business?

Lack of funds and cash flow
Good business planning
Developing a fantastic product or service
Keeping to it
Working longer than anticipated
Getting through the frustration of receiving rejection from clients all the time
Hiring competent personnel
When to fire problematic workers
Having to fulfill so many roles
Using your time wisely
Preserving some work-life balance