There is never a shortage of entrepreneurship opportunities to explore, especially in Philippines’ today’s economy. As the economy grows, starting a new business is not only easier but also more rewarding at the same time. That said, some opportunities may be more rewarding than others.
If you’re thinking about starting a new business then this article is definitely for you. Here are the top three most lucrative business opportunities you can try to explore today.
Smartphone and Gadget Repair
The number of smartphone users in the country is growing at a stunning rate. Last year alone, more than 29 million people used smartphones. That number is expected to grow at a rate of over 10% a year and signs we’ve seen so far are very positive.
This makes the support industry around smartphone users very lucrative. A smartphone or gadget repair business is a rewarding business opportunity to explore for the sheer volume of demand for such services alone.
Sure, there are authorized service centers across the country, but not all smartphone brands and manufacturers have official service centers that customers can access. More importantly, these official service centers are plagued with long turnaround times, unreliability, and other issues.
A smartphone and gadget repair business is a small to medium-sized business that can be started with minimum capital. That said, you still need a set of repair equipment and the right skills – or employees – to handle repairs of modern gadgets.
Large Shipping and Distribution
Entering the shipping industry requires a big investment, but the return you can potentially get from that investment makes the move worth considering. There are several niche markets to explore too, with shipping of large items being the most lucrative of them all.
To minimize the initial investment, you can opt for used big rigs for sale instead of buying everything brand new. Going for used equipment will lower the initial investment by as much as 40%. You can then allocate the money for other business activities, including direct promotions and internet marketing.
Your main target consumers are businesses who need to move goods from their factories or the docks to different parts of the country. Despite the vast transportation network and a number of experienced players, there are still untapped demands waiting to be explored in this particular market.
The last business opportunity on our list is affiliate marketing, both online and offline. Thanks to the cultural characteristics of the nation and its people, affiliate marketing can be a business that turns over a large amount of revenue over a relatively short period of time. You just have to be willing to put in the time and energy to pursue every lead.
This is also a business that can be started with minimum to no initial investment. In the case of offline affiliate marketing, for example, you can easily join an affiliate network and get the marketing tools you need to get started for free. You can start earning as soon as you have the right tools for the job. A business opportunity doesn’t get any more lucrative than this.