5 Highly Profitable Example of Business to Inspire You!

Are you looking for an example of business and the ones that are profitable for you? You go to the right sites. In this article, we will discuss business ideas. Check this out.

The Current Trends of Business in the Philippines

“I want to start a business, but have no ideas”, most of you must have ever said this statement. Most people want to find extra income but don’t know about the examples of entrepreneurship business. If you don’t have any idea and experience, you can try to search for a business example for students. It really helps to give you business ideas.

How about  the example of business plan? You can create a business plan, once you have decided what business you want to set up. Here are several current business trends in the Philippines for your reference.

Baking Business

Baking business is one example of business idea that you can adopt if you have baking skills. You can promote and sell your baking business on social media like Instagram and Facebook. Don’t forget to take good pictures of your cakes that make the customers want to order them.

Online Selling

Another business opportunity example is online business. Online business is a new trend because you can get money without needing to find a location and setting up your stores. You can sell your business by just selling it through a popular marketplace.

Photography Business

If you have good photography skills, you can make it your business. You can offer a photography business in important events such as weddings, birthday parties, family shoots or any other important events.

Read also: 15 Small Online Business Ideas with Small Budget to Start

Why You Should Start Your Own Business Right Now

Business is an entity that provides goods or services for their customers in exchange for money or others. Many people keep finding out the examples of business ideas. This is because business has increased rapidly.

One of the business trends in the Philippines is online business. You can have your own business with small capital only. The reason why you should start your own business in the Philippines nowadays is because of the Philippines economic growth. The economic growth has reached 6.9% which is a great time for you to have your own business.

For your additional information, you can choose your business format and even check out example of business name for your types of business. Here are 3 business organization forms you need to know.

Sole Proprietorship

The first business organization form you can choose is sole proprietorship. This form owned a business in a single person and there are no business partners needed.

Sole Proprietorship is the easiest business type to set up and the owner will be the one that handles and is responsible for the business unlimitedly. Once there is a business risk, owners might surrender their personal assets to pay all the debt caused by the business.

Partnership

Different from the sole proprietorship, partnership business can be composed by two or more business partners. Partnership businesses also have unlimited liability unless the owners set up limited-partnership (LP) businesses.

Corporation

Corporation is a business organization that is owned by several people, shareholders or legal entities. Owners will not need to take out their personal assets if there are any corporation debts because corporation is a limited partnership.

5 Examples of Business That Are Highly Profitable

If you have no experience in setting up a business, you can try to find examples of business ideas for small businesses. Here are 5 examples of business for you.

Dropshipping Business

Dropshipping is one of the popular businesses nowadays. You can find the example of business product by doing a market search. Dropshipping is a business model that lets you buy the products from a supplier and ship it directly to the customer when there is an order.

Print On Demand

Print on demand is a good business for online clothing retailers. This business is perfect for artists and designers. Besides that, print on demand business work to produce tote bags or T-shirts with your own creation and design. 

Handmade Products

If you like to create DIY products and have a creativity for it, why don’t you try to make a handmade products business. You can try to make handmade ribbons, handmade bracelets and others.

Digital Products

In this new era, digital products are really important. This means selling a digital product is a great opportunity for those who want to earn extra money. 

Video Games

For game freaks, video games are important. They will keep finding the newest games. Since there will always be new video games, selling video games can be a great decision for those who are looking for business ideas.

Tips on Choosing the Right Types of Business

Starting a business is not as easy as you think. There are several things you need to consider. Here are several factors that you need to consider before setting up business in the Philippines.

Flexibility

The first thing you need to consider is the business ownership flexibility. You need to point and identify who will get the maximum flexibility in the business you made. Besides that, you also need to make your business goals, concerns, list out your business needs as well as the financial issues.

Liability

There is a liability in every business. That’s why you need to examine and list each potential liability of your business organization and consider whether you can take all the risk personally or not. If you can’t handle the risk personally, it is better to avoid the sole proprietorship business form.

Complexity

Another thing you need to consider is the complexity. You need to measure the level of complexity you can take. If you don’t like complicated things, you can choose sole proprietorship. Setting up the sole proprietorship business is easy and simple. You will be the only owner and the only one who will run the business.

Taxes

Don’t forget to consider the taxes because there are taxes that you need to pay when setting up a business. You can consider the taxes matter and find out the way to minimize the taxation.

Capital Investment

Another important factor you need to consider is capital investment. If you are looking for outside funding for the business you set up, you can choose a corporation. Corporation is the best choice for you who are seeking funding from bank accounts or other partners.

Read also: 3 Business Plan Examples With Benefits Of Writing It

Conclusion

Starting a business is not as easy as people think. You need to consider several things before choosing your business ideas. You also need to see the market too.

Join Ginee Philippines!

Owning a business can make you overwhelmed if you don’t know how to easily manage it. Now, you can use Ginee Philippines to help you manage your online stores. With Ginee, you can handle your products, stocks, orders, promotions, and more benefits that you can get in only a single Ginee dashboard. Join Ginee Philippines now freely!