Taking the leap from a 9-to-6 job to establishing your own business can be a scary prospect. It requires not just a lot of determination, discipline, and hard work, but also involves a lot of risks. That said, running and managing a business is also an exciting endeavor, especially once you start achieving the milestones you’ve set for yourself.

Once you’ve decided to take the path of entrepreneurship, you need to face another dilemma: choosing what kind of business to put up. If you already have an idea, congratulations! It’s time to start drafting a business plan to get your venture off the ground as soon as possible. On the other hand, if you aren’t sure about your prospects, here are some ideas that might interest you:

Selling Home-Cooked, Ready-to-Eat Meals

If you love cooking and exploring culinary possibilities, then selling ulam and other home-cooked meals is definitely a good choice. What’s great about this is that you likely already have all the things you need to start: a stove, pots and pans, cooking utensils, and the like. Thus, you can open this type of business with minimal capital. Should you need some extra funding for ingredients or hard-to-find spices, for example, you can always take out a cash loan online for quick processing and disbursements. This also means you’ll have easy access to more resources in case you want to expand.

Later on, once your business is more stable and you have more capital, you may want to consider expanding by accepting catering services or even putting up a carinderia. It’s also a good idea to hire some employees, whether part-time or full-time. This is because cooking is time-consuming and involves plenty of steps like cutting up ingredients, washing cookware, and the like. With people around to help you with a couple of tasks, you can focus on other things such as cooking or even handling the admin side of the business.

The best thing about cooking and other food-related businesses is that eating is a basic human need. Thus, you’ll always have a market for your products. What you need to focus on, other than providing quality and delicious food to your customers, is marketing so that people can know about your business.

Selling Baked Goods

Adjacent to selling ready-to-eat meals is selling baked goods, like various types of bread, cakes, cupcakes, brownies, cookies, and other treats. There are also plenty of non-dessert baked dishes, including mac and cheese, strudels, and casseroles, so the possibilities are endless.

The downside of converting your baking hobby into a business is that you may need to invest more in equipment. For example, if you want to accept more orders, you’re going to need a bigger oven so you can prepare bigger batches of products at a time. Of course, you can start with a made-to-order business model; however, as your business grows, you really have to consider investing in your kitchen.

You should also find a reliable supplier of baking essentials. There are plenty of ingredients that you can find in your nearby palengke and supermarket, but there are also specialty products that you can only purchase from specific stores.

Rice Retailing

As previously mentioned, food-related businesses will always have a market because everybody needs to eat. When you consider that most Filipinos eat rice every day, or even every meal, then it means that you can’t go wrong with a rice retailing business. The key is to find an ideal business location so that your customers will find you quickly. Usually, a stall in a public market is a good idea.

One challenge for rice retailing is setting competitive prices. Make sure to study the prices offered by other sellers in your area, as well as the average price in the market. Do note that some rice varieties are more expensive than others, so you also need to choose what kinds of rice to sell depending on where you’re located. At the same time, you may also want to think about selling specialty rice (e.g., those used in making sushi), rare varieties of rice, or more “fancy” types of rice.

Selling DIY Goods

If you are skilled in making handicrafts, whether you make scented candles or crocheted blankets, you can always turn it into a business venture. Indeed, there are many big brands nowadays that started as small businesses. What’s even better is that you don’t have to worry about the product development aspect of your business, so you can focus on other aspects like marketing.

The most important thing to consider when selling DIY goods is your turnaround time and inventory. If you’re the only one making the products, it may be wise to sell on a made-to-order basis. You should also think about where to store your materials. If you make candles, for example, you need a place to store the wax, wicks, pots, molds, and other things you need. Some things may also need special storage conditions (e.g., correct temperature), so keep these in mind when converting your hobby into a business.

Reselling Beauty Products

If you aren’t big on DIY or if you don’t have the means to buy the ingredients, tools, and materials, consider reselling instead. One of the best things to resell in the Philippines would be beauty products, which include hygiene items and cosmetics. For as low as Php 5,000 or even less, you can already buy a bunch of products and resell them for a bit of profit.

Usually, there are two ways you can approach reselling beauty products. The first is the easier path, which is to look for established brands and resell their products. In fact, many of these companies have reseller or franchising programs that help aspiring entrepreneurs grow their business.

The other path is to look for independent brands. There are also DIY-ers who make large batches of beauty products but don’t sell retail; rather, they’re specifically looking for aspiring entrepreneurs who want to have their own business. Essentially, these are small-time B2B suppliers. This latter option is a great way to establish your own brand.

Dropshipping

Another small business idea is dropshipping. This is a fulfillment model where you “sell” products, but don’t actually make or buy them from a supplier. Instead, a third party will handle your inventory and shipping from a different location. This is an especially ideal business model if you want to sell items from abroad or want to sell a variety of products.

One of the best things about dropshipping is that you don’t need to worry about storage or logistics. You only need to make sales, collect payments, and then relay the orders to your supplier/s who will take care of sending the products to the buyers. That said, you need to be ready to handle customer service concerns because, at the end of the day, you’re still the “brand” that consumers buy from.

Selling and Propagating Plants

Are you a certified plantito or plantita? Do you have a green thumb and can make even the most high-maintenance plants bloom? If so, propagating and selling plants can be a good business idea for you. The most important part of this kind of venture is having enough space for cultivation, particularly if you’re selling larger plants and shrubs. Having a large storefront is definitely beneficial, but you can also work from home if possible.

You can also find a niche in gardening. For example, you can sell low-maintenance plants or small succulents for those who are interested in having plants at home but don’t have the time and/or space. Of course, you should also think about the marketability of your products. Popular plants include orchids, “money plants,” caladiums, and snake plants. As your business grows, you can start expanding to rarer plants.

Offering Freelance Services

Last but certainly not least, you can always turn to your skills and offer freelance services as a business. Do note that some skills or services are more in demand than others. For example, writers, graphic designers, and IT professionals may find more clients, especially online.

On the other hand, you can also carve a niche for yourself. A good way to do this is to look at your community and look for what is needed. Are there plenty of dog owners in your neighborhood? Perhaps you can offer dog walking services during your free time.

You can also take a look at what you already have. If you own a digital camera and computer with editing software, for example, you can offer photography services for small events. Some professional photographers also look for additional “shooters” from time to time. Alternatively, you can take photos and then put them up in photo banks (e.g., Shutterstock) to be purchased by those who need them.

Of course, having a business idea isn’t the end of everything. You also have to take care of the details like registering your business, advertising, and day-to-day operations. In addition, you need to develop a business plan and set goals towards continuous growth and success.

It’s challenging, most definitely, but being a business owner is also a rewarding career. Consider the above-mentioned options if you’re thinking about leaving your traditional office job and becoming your own boss!