Business Ideas in the Philippines 2023
Last updated: January 9, 2023
As costs of living continue to rise, it’s no wonder that more and more people are thinking about starting a successful business here in the Philippines. There are lots of opportunities, and after all, who doesn’t want to earn more money and have a more comfortable life?
What is the best business in the Philippines for 2023? How can you start a business in the Philippines, and what are your options? What are the best big or small business ideas that you can start in 2023?
Why do people want to start a business?
There are lots of reasons why you may want to start a business venture.
You may want to start a business because for you, it is a financial goal. A financial goal that would help you in terms of upward mobility and achieve your dream lifestyle. It can be a valuable and profitable investment, but not necessarily risk-free.
You may want to start a business because you feel like a typical 9-5 job is not for you. You don’t want to waste your life away in an office cubicle, instead dreaming of becoming your own boss and having more flexibility on your schedule.
Or you already have a primary job but would love to earn extra money on the side. It can also be a way to monetize your hobby or skill.
You can also start a business if you’re good at spotting opportunities. You may want to start a business to fulfill the basic needs of your community. For example, a person may want to establish a pharmacy in an area that doesn’t have access to affordable medicines. If you’re near a school or office, you may want to start a photocopying, computer rental, printing, or small food business.
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Best business ideas in the Philippines for 2023
What is the most profitable business in the Philippines? What is the best business to start?
There are lots of business opportunities out there, but some are more in-demand than others. This list should give you an idea on what products and services your business should offer, whether big or small.
Looking for some best small business ideas? Here are just some of the best business ideas in the Philippines that you should try!
What other business would yield the best profits than a food business? You don’t even have to spend lots of capital to build your food store. You can simply set up a stall in front of your own home or in an area with lots of foot traffic.
There are also lots of options when it comes to a food business. You can have a stall for street foods like BBQ, banana que, fishballs, kikiam and french fries, or you can offer quick rice meals and silog meals. If you want to have dine-in customers, consider having a restaurant or karinderia.
For maximum exposure, promote and sell your food business on social media! You can create a dedicated account for your business, such as Facebook Business page, Instagram for Business or TikTok for Business. They all have business suites that will help you grow your brand.
✓ Sari-sari store
A sari-sari store will give your community quick access to basic goods. You can start with a small stall in front of your home with candies, cigarettes, condiments, coffee, light snacks, toiletries, juice packs, canned goods and soft drinks.
Once you have established your store, you can expand to offer rice in packs, school supplies, small toys, street food and bread.
With the ongoing pandemic, it is very important that we keep ourselves and our loved ones healthy with quality vitamins and medicines. You can build your own pharmacy or acquire a franchise like The Generics Pharmacy, Generika, Mercury Drug or Watsons. Place your store near a market or hospital for higher profits.
✓ General merchandise
In a general merchandise store, you can sell food items, clothes, school & office supplies, toys, household items, groceries, pharmaceutical products, beauty products, shoes and other items at discounted prices.
A merchandise store is generally profitable, but you might have to invest a higher amount of capital to cover supplier and logistics costs.
✓ Beauty services
With the stress of everyday life, it is important to take a breather once a while and have a self-care routine.
If you are skilled in make-up, hairstyling, mani-pedi, facials and body spa, waxing or massaging, you can offer your services to anyone in need of some self-care. You can build your own salon and spa or do home services.
✓ Water refilling
Water is an essential part of life and we must all have access to clean and potable water. You can offer three types of drinking water: mineral water, purified water or alkaline water. Give your business a competitive edge by offering home pick-up and delivery services.
Water refilling stations are always profitable due to high demand, but maintenance and logistics can be costly.
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✓ Mobile load
The use of mobile data and e-payments have increased since the start of the pandemic. Remote workers and students need all the tools that they can have to stay connected with their peers and finish their tasks from their own homes.
Mobile load and payment services are usually available in sari-sari stores, convenience stores and malls, but you can set up your own shop in your home. Common products include:
- Smart and Globe load and data promos
- SIM cards
- E-wallet cash in and money transfer
- Bills payment
✓ Hauling/trucking services
If you have a van or a truck and you want to earn amid high fuel prices, you can offer hauling and trucking services! You can drive your vehicle yourself or hire a driver for this purpose. Offer your services to those who are moving houses or delivering goods to long-distance places.
Business process outsourcing (BPO) is a lucrative industry in the Philippines and provides Filipinos with thousands of job opportunities. That being said, this line of business is more capital- and labor-intensive than the others listed here but can yield high profits if successful.
If you want to start your own outsourcing business, you have to spend time and effort building your team, hiring labor, and sourcing office space.
✓ Repair/maintenance service
There will always be something in need of repair and maintenance, whether it’s an appliance, a car or a house. And rather than buy a new one, people would likely prefer to have a damaged item repaired.
If you have extraordinary skills in repair and maintenance, this business is perfect for you! For starters, you can accept small repairs like gadgets and household appliances in your own workshop. You can also go door-to-door and ask your neighbors if they have anything they want to be repaired.
For major services like electrical repair, plumbing and carpentry, you can offer your skills by the day and then expand into contracting.
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Business ideas this pandemic in the Philippines
✓ Online and live selling
Online and live selling on Facebook, Instagram and Tiktok shot in popularity during the pandemic as most physical stores were closed. Since most people were just stuck at home anyway, sellers turned to social media to showcase their products live to their audience. Buyers in turn would “mine” their selected products through live chat and pay for them later.
Since online selling does not require too much overhead costs, you will be able to maximize profits and reach a wider audience at the same time. Instead of investing in a physical location, you can use your capital to procure better products and do online marketing.
✓ Tutoring services
Online classes can be convenient but it’s not effective for everybody. If you’re a student or teacher doing remote classes, you can help other students understand their lessons through tutoring services!
You don’t need to be an expert in teaching; you just need to have enough understanding of the lessons that students are having a hard time in. The most common subjects for tutoring are English, science and math.
Aside from tutoring, you can expand into proofreading and answering student survey questions.
You don’t need a lot of capital for this type of business but you need to have lots of patience to deal with other students. You also need to have competitive skills and prices as your customer base are students who want value for an affordable price.
Is your main job not paying you enough? Do you want to earn some money on the side while being stuck at home? Why not try your hand at freelancing?
The good thing about freelancing is that you can have a flexible work schedule, you can choose your clients, and limit the workload that you can accept at a given time. You can also negotiate your price depending on your skill and experience.
Some of the popular freelance jobs in the Philippines include:
- Content & SEO writing
- Graphics design
- Virtual assistance
- Digital marketing
- Web design
- Data analytics
You can find freelance opportunities in Upwork, Onlinejobs PH, Fiverr, Remote Staff PH, RareJob, My OutDesk, LinkedIn and even social media! To prepare for a rewarding freelance career, gather your portfolio, polish your resume and introduce yourself to potential clients!
We’ve already discussed this above, but e-payments businesses boomed during the pandemic as many turned to e-wallets and banking apps to do their financial transactions.
To take advantage of this opportunity, you can accept cash-ins and e-payments using your own e-wallet or bank account with a small convenience fee.
✓ Transport services
Aside from hauling and trucking, you can offer your vehicle for transport to those who are going back to work or vacation! If you yourself are going back to your office desk in the Metro, you can ask your workmates if they would like to carpool with you. Aside from convenience, you get to split costs on gas. You can also offer transportation to businesses who want to bring their employees from the province to work in Manila.
Alternatively, you can provide group transportation to vacationists and tourists! You can set prices based on the number of people per group, the location and distance from pick-up.
✓ Gadget repair
Extend your gadget repair service to anybody who’s having a problem with their remote working/schooling too, such as laptops, smartphones, cameras and others. You can also offer PC building services to people who want to have their own dedicated build for gaming, work or school.
Photo and video editing
If you’re skilled at Adobe Photoshop, InDesign and other editing software, you can try your luck at accepting commissioned artworks and video projects. Remember to add to your portfolio every so often so you can attract more clients.
✓ Online moderator
You can now be an online moderator even from the comfort of your own home! Even though most online moderator jobs are voluntary, some companies are now hiring people specifically for social media and community management.
✓ Business-to-business (B2B) services
Just like in freelancing, you can earn lots of money doing B2B services while at home! Popular B2B services include back office services, lead generation, software development, SEO, accounting, and HR services.
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Business ideas for students
Who said that students cannot earn money while studying?
While education should still be your number one priority, you can still try and start a business. You don’t have to do it full-time; you can start small and then work your way up as you learn to juggle your studies and business.
You can use your earnings to fund your education, help your family with daily expenses or invest in yourself.
Here are a few small business ideas for students:
✓ Teaching services: Help your fellow students out on subjects that they are struggling with! Share your knowledge on English, Filipino, history, math, science and other subjects through social media.
✓ Proofreading services: Edit fellow students’ essays, research papers and theses at affordable prices!
✓ Social media selling: try your hand at selling online! You can make your own product that you can sell or be a franchisee.
✓ Arts: take commissions for digital art, photo and video editing!
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Business loan from Digido
If you’re dreaming of becoming a successful business owner yet you don’t have enough money for capital, you can apply for a cash loan from Digido!
A Digido personal loan can be used for any purpose – business included! Use your credit as capital or additional funds for your business no matter how big or small. Best of all, you can get approved within five minutes!
Simply download the Digido app, sign up for an account, fill out the application form, submit proof of identity, request your loan amount, and you’re good to go!
In just five minutes, you can get a minimum of Php 1,000 and maximum of Php 25,000! Perfect if you’re establishing a small business!Apply now
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