The Philippine startup ecosystem in 2023 is said to be thriving despite the hit taken by the global economy in recent years. In this report, the country has already raised more than $1.1 billion just last year and more investors are becoming invested and interested in the local scene.
So, the time is ripe for budding entrepreneurs and their creative business ideas to grow and foster now. And if you’re one of them, here are some startup business ideas and tips for 2023.
Importance of Startups in the Philippine Economy
Startups drive economic growth in the Philippines. They also attract more investors to the country, paving the way for new job opportunities and more innovative products and services.
Some great Philippine startups from recent years are GCash and Maya which revolutionized the way we pay for goods and services in the country. Now, people also don’t need to pay a hefty price to open a bank account.
Moreover, you can easily cash in money to your account through the cash-in machines easily accessible in convenience stores and mall outlets.
Startup Business Ideas in the Philippines
The Philippine startup community is flourishing, and reports show that it will only continue to grow from here. So, if you’re ready to participate in this growth, here are some startup business ideas to jumpstart your journey.
1. SEO Agency
All companies need to stay visible online, especially small businesses and startups. So, an SEO (search engine optimization) agency is also a great startup business idea in the Philippines.
You will only need your SEO knowledge skills. And if you want to, you can also learn these online and practice your knowledge by putting your own agency at the top.
An SEO agency also has minimal costs, as you can do this at home. Or you can also secure a small office space for rent in the Philippines to house your small team.
2. Social Media Marketing Agency
If you’re social media savvy, and always on-the-know with marketing and branding trends, then try a social media marketing startup. Since a lot of startups are restarting or starting their expansion story globally, you will always have a market.
This is also a fairly low-cost business venture because you will only need a few laptops (one if you’re starting on your own), a decent internet connection, and your social media and marketing skills.
3. Dropshipping
Another great startup business idea that you can start anywhere is dropshipping.
Dropshipping is an order fulfillment business where you don’t keep stock at hand. Instead, you market and sell products and the supplier ships them from their warehouse. They also take care of packaging, so you don’t even have to worry about it.
Dropshipping has been more in demand in recent years as more people prefer to shop online due to quarantine measures. It is also a low-capital business, so it is perfect for new entrepreneurs.
4. Online Selling
Do you have a knack for creating things? With the internet and social media connecting us all, you can easily earn from your craft through online selling.
This startup business idea needs more funding and needs more time, but you can easily start it at home with no additional property costs. There are also courier services offering same-day deliveries and cash-on-delivery options that help minimize shopping scams and secure your wares.
This also works for people who want to downsize their lives as they can declutter and sell their stuff online. And from their initial income, they can grow their inventory and invest in more products to expand their startup.
Startup Business Tips
Take advantage of the recent growth of the Philippine startup ecosystem and jump into your first startup venture. And here are some more tips for small business startups to help you make yours a success.
Tip #1: Find the Right Idea. All business venture starts with the right idea. And you’ve already taken a jumpstart with the startup business ideas included above. In addition, you can also ask yourself: what do I have to offer that others cannot?
Tip #2: Conduct Market Research. While most of the startup business ideas above are profitable anywhere, it is still important to conduct market research. With your current skills and capacity, what right idea is best for your current and immediate market? What is best to look into once you have more capital?
Tip #3: Build a Strong Team. Whether you’re starting alone, with a team, or with new connections, you need to consider who you add to your network. You must ensure that you’re working on the same goals and that each member is doing their best.
Tip #4: Secure Funding. The startup business ideas above have little to almost no cost. But as you grow your business, you may also need to consider securing more funding. Are you going to get them you’re your savings alone? Or are you looking into startup business loans?
Tip #5: Leveraging Technology. With the continuous innovations in technology, you can also look into what services or programs you can use to streamline your startup. For example, in an SEO agency, there are a lot of SEO tools in the market that help you with your research. These tools often come at a price, so you need to factor them into your budget too.
Tip #6: Communicating Goals. Where do you plan to work? How would you meet with your potential clients? Fortunately, there are a lot of coworking offices and office spaces for rent in the Philippines that are cheaper alternatives for startups. Having a dedicated workspace also fosters productivity and creativity and makes it easier to brainstorm with your team.
M Spaces: Affordable Office Space for Rent in the Philippines for Startups
The Philippine startup space is continuously growing, so there is no better time for you to jump into your first startup.
M Spaces offers reasonably priced office space for rent in the Philippines. Their private offices are equipped with all your office space needs and can comfortably seat 4 to 12 people, perfect for your startup and growing team.
Planning to meet with potential clients and investors? M Space’s meeting rooms are soundproof with whiteboards and TV monitors.
Visit M Spaces’ website to know more. You can also contact us or send an email to info@mspaces.ph.com to learn more about the rates and the best possible package for your startup.
You can also check M Spaces on Facebook and Instagram to check more photos and reviews of its office space and private meeting room offerings.
