Business Ideas for the budding Entrepreneur ~ Pinoy Reviews

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Tuesday, October 14, 2008

Business Ideas for the budding Entrepreneur

Okay, if your relatives are affected by the global credit crunch, now may be the time to put their hard earned money to good use by setting up your own business. I know that beginning a business is risky specially at these times but if your relatives who are expats are out of job then there would be no other way for you to derive your income other than setting up your own business. Now here are just a few suggestions:

Buy and sell. Before, when the US was not in recession, it was a good idea to buy things in the US and then sell it here as things such as clothing and other consumer electronics are relatively cheap in the US. Your relatives could just send you a “balikbayan box” full of goodies that you can sell on eBay. However, since prices are escalating in the US, it would be a good idea to buy basic goods here in the Philippines and do the exporting yourself. You can sell it off eBay or your relatives abroad could do the selling as some people in the US will feel much more comfortable buying from someone who’s already based there.

Custom Jewelry. I’ve previously seen some custom poker bracelets and the idea of custom made jewelry as a business popped into mind. You don’t need a lot of capitalization. Some former officemates of mine were into that kind of business and they were getting their materials from Quiapo. You can set up your own website or do your selling through your Multiply account. I know some people who’ve been doing that.

Small restaurants/selling food. I’ve read in the papers that the food industry is also going to be hit hard by the credit crunch. Overall spending will be affected so consumers will also spend less even for their basic needs. However, I know of persons who’ve made it big by just selling cooked meals to some offices in Makati. They say that “Karinderia” or small food stands will never go out of style since people will always need food.