23 May Best Home-Based Alternative Businesses for Summer 2019 and Beyond
Summer is almost over, but it’s never too late to capitalize on ventures that are synonymous to the season. Businesses you can do at the comforts of your own home like halo-halo, ice candy, and fruit shakes are very popular; however, these tend to be trite, oversaturated and short-sighted. To be a cut above the rest, we’re here to provide home-based businesses that can bank on and scale beyond the fun under the sun.
Catering / Food Stall Business
In the Philippines, people say that you’ll never run out of business if you become an established name in the food industry. At any given time of the day, a good part of the population seeks snacks or meals, usually going out of their way just to get a taste of what they like. Be it a small-scale food stall, a medium-sized carinderia, or a big restaurant that caters to occasions, one can almost never go wrong when selling food to Filipinos.
Contrary to popular belief, starting a food stall or catering business isn’t as expensive as it seems. All you need to do is to have a specialty dish that you can do at home, and start selling in small batches to a target market. Notable businesses that started out like this are Ate Rica’s Bacsilog and the famous Mang Inasal chicken, proving that a business like this is feasible.
With the help of technology-based food delivery services, you can scale your business up as an SME and reach a wider market when you’re ready!
Garage Sale / Thrift Business
With the trend of ukay-ukay on the rise, garage sales have become increasingly popular among teens and the thrifty yuppies. Garage sales are popularly known as selling second-hand stuff, but certain categories of this venture have proven to be very lucrative in the past few years.
One category is selling your old school shoes. Whether they’re almost never used or a little beat-up, old school kicks are surefire picks for the young and the young at heart everywhere. You’ll be surprised at how your old chunky shoes are popular today, and with a little research, you can know what their true value is. The bare capital you’ll need here is knowledge of the trends, and if you want to scale it up, you just have to invest in a few thousand pesos and know where the thrift kicks in good condition are. Common markets for this are the Facebook Marketplace and Facebook Groups.
Another garage sale category that’s sure to be lucrative is clothes. From formal wear to streetwear, people have been more cost-wary when it comes to clothing. As proof, Facebook Live often shows people selling thrift clothes almost anywhere at any given time. There have also been YouTube channels dedicated to informing where people can find quality thrift clothes, and even boutiques for curated thrift wear have been put up in the past years. As with thrift shoes, knowledge is of the essence when it comes to selling thrift wear, and of course, cleaning the clothes you want to sell. You have the option of starting with the pieces you have at home, imitating Marie Kondo, or you can go straight to scaling up by having the capital for buying thrift clothing. Scaling this up may come as a little more expensive in the beginning than thrift shoes because of the cleaning involved, but, a few pieces with the right value may give you the payoff you need.
Finally, thrift books are timeless gems within the garage sale category. In social media, these business owners are on the rise, but the best-selling ones are those who innovated how they sell their books. One example is the store called Bookstore In The Rye, which sells aesthetically pleasing book covers via fixed price auction. This means that the first one who calls dibs on a book has the right to purchase it. It may seem like a petty and simple mechanic, but this has continually provided sales to the tune of Php 7,000 to 10,000 per week. Furthermore, a book’s value changes through time, but the rule of thumb is first editions in good condition always tend to sell higher than the others, especially if it’s a rare find.
Summer isn’t complete if we can’t beat the heat with sweets, which is why baked goods are a good business to start with this season. From the simple yema to more complicated cakes, confections make a large chunk of the Filipino diet, and is an inevitable, especially during merienda time. What’s also good about this business is you just have to follow a formula and you can do it in the comforts of your own home. The good thing about this business is you can start small first within a community set-up, then make it bigger as an SME if you have the funds or if you have the sufficient market to do so.
If you’re the type who wants to earn income without the hassle this season, then funding projects could be the business for you! Being a funder means you’re financing a certain business and awaiting passive income when it earns net revenue. The flipside of this method is that it takes a long time for a financed business to earn. Furthermore, there is a direct proportion of risk and earning through this method, meaning, the higher the earnings you want, the higher the risk you need to have. (ex. Venture capitalism such as oil discoveries etc.)
It’s a good thing that there’s a legal and disruptive platform now that has a heart for SMEs in the Philippines. Formed in 2016, Acudeen is a start-up that finds funders for SMEs who are challenged by the cash flow crisis in the Philippines. How it works is that Acudeen (the factor) advances most of the invoice amount of these SMEs after verifying the credit-worthiness of the billed customer. When the invoices are paid, the factor remits the balance, deducting a factoring fee for the transaction. These companies are then able to get their money more efficiently as opposed waiting 30 days and beyond for their payments. If you want to know more about this movement, contact us at firstname.lastname@example.org.
Remember that seasons may come and go, but a good and lasting business stays. It focuses on the needs of the people and disrupts in whatever way to answer their wants. With these four suggestions, we hope you find the financial vision beyond the season and grow fruitfully in the future.