8 Budget-Friendly Business Ideas for 2024
2024 BUSINESS – Here are eight potential businesses that you can start in the coming year with minimal financial investment.
Dreaming of becoming your own boss but lacking substantial startup funds? No problem! With a touch of creativity and determination, you can initiate a business with minimal capital.
Explore these eight business ideas that you can launch in the Philippines with little to no money.
1. Food Cart
If you have a passion for cooking, consider entering the realm of mobile food stalls. All you need is a compact space to set up shop, along with basic cooking equipment and ingredients. Your menu can range from local street food classics like isaw (grilled chicken intestine) and balut (fertilized duck egg) to Western-inspired options like burgers and fries.
Many entrepreneurs start their mobile food stall ventures through franchising, with initial costs ranging from a modest 15,000 pesos to 200,000 pesos, depending on the type of food stall. However, it’s essential to consider the terms of the franchise agreement, as some companies may impose monthly fees, royalty fees, or even a commission based on sales. Begin by launching your own food cart, and use initial earnings to expand your enterprise or invest in an established food cart franchise.
2. Laundry Service
If you have spare space at home, capitalize on it by starting a laundry service. You’ll need washing machines, dryers, and ironing equipment. Begin on a small scale by offering laundry services to friends and family, gradually expanding your clientele.
For a comprehensive laundry service, you might need a budget of approximately 900,000 PHP in the Philippines, covering equipment, marketing expenses, staffing, rent, and other essential costs. However, if you opt for a home-based laundry business, your expenses will be significantly lower compared to starting a traditional brick-and-mortar laundry business on the main street.
3. Housekeeping Service
If you have a knack for cleaning, consider starting your own home cleaning service! This opportunity is perfect for young entrepreneurs, stay-at-home moms, or retirees seeking additional income. All you need are basic cleaning supplies and a couple of reliable assistants. As you begin, you can expand your business by promoting services online or through word-of-mouth referrals. Consequently, launching a home cleaning business in the Philippines proves to be a cost-effective venture.
4. Personal Shopper
Do you have a passion for shopping? Why not turn your love for it into a business? It can be an excellent way to earn money. Starting a personal shopping business is not as intimidating as it may seem, and here are three simple steps to get started:
- The first step involves identifying a niche market to target, such as catering to busy moms or executives.
- Once your target market is defined, the next step is to establish a means of reaching them, whether through online marketing, social media, or traditional channels like print or television advertisements.
- After connecting with your target audience, develop a personal shopping service that caters to their needs. This might include offering concierge services, assisting with wardrobe selection, or providing personal shopping support at malls or retail locations. By delivering a high-quality personal shopping experience, you’ll not only make money but also generate income.
5. Errand Service
If you have access to a car, capitalize on it by initiating a task assistance service! This offers an optimal solution for busy professionals who lack the time to personally handle errands. Commence with small assignments like grocery shopping or picking up dry cleaning for your clients, gradually expanding your services to include additional tasks such as pet care or managing various personal errands.
6. Home-Based Business
If there’s a product or service that ignites your passion, why not kickstart a home-based business? With a dash of creativity, nearly anything can be transformed into a venture operated from the comfort of your home. For example, if you have a flair for baking, contemplate selling cakes or cookies from your residence. Craft enthusiasts could establish a business vending handmade jewelry or arts and crafts. Those adept at numbers might explore providing bookkeeping or tax preparation services, while individuals skilled in household repairs could offer home repair services. The possibilities are extensive!
If you’re considering starting a venture in the online or e-commerce realm, the following home business concepts could capture your interest:
- Open An Online English Teaching Business
- Launch A Lazada, Shopee, Or Esty Store
- Start A Subscription-Based Business
- Affiliate Marketing Business
- Flipping Online Assets
- YouTubing At Home
- Launch A Blogging Business
- Host A Podcasting Channel
7. Pet Care Services
If you have a deep love for animals, consider establishing your own pet care service! This is a perfect choice for individuals who adore animals but prefer not to commit to owning one themselves. All you need are essential pet care supplies and a few reliable references. As you start your business, you can broaden your reach by promoting your services online or through word-of-mouth.
Dog walking, a particularly popular segment within the pet care industry, requires minimal capital and can be quite profitable, especially when establishing a significant customer base. Additionally, it is conducive to scalability.
8. DIY Workshop
Do you possess craftiness or handy skills? Start your own “do-it-yourself” workshop! This is ideal for those eager to learn tasks such as fixing plumbing issues or installing light fixtures without the need to hire someone else. Basic tools and supplies, combined with knowledge of the specific task (attainable through research, YouTube tutorials, etc.), are all you need. Once you’re underway, promote your workshops through online platforms or word-of-mouth to attract interested participants.