If you are thinking of extra source of income, probably you already ask what is the business to start in the Philippines or wander on good Pinoy business ideas.
There are so many choices for business ideas. Foods, Clothes, Medicines, Cars, Insurance, Computer Shop, Poultry, Meat Shop, Jewelry, Etc... The list is endless.
How can you select the best one? First, consider your budget. Budget will allow you to start. Next, the manpower involve. Do you wish and can manage the business alone? If not, where you'll find a trustworthy person. How much of your time can you give ? Manpower will allow you to produce or provide service. Third, consider the demand and your customers. Customer and sales will ensure the sustainability of your business and determine its success. Note that every customer have their own demands or business requirement. You need to match their orders as best as you can do that the deal will push through.
One of the problems, I heard and encountered is the lack of supply. The deal was off because the production is low and cannot supply the whole demand. In this case, the customer will need to find other supplier or look for other materials.
There is one more thing which is as important of the factors above and that is your passion or determination.
In every business you will face risks and obstacles. I read a lot of business who had financial troubles due to fire, typhoon.Another case is financial issues caused by delay in payments, cancelled orders, or unpaid bulk items. They were able to restart because they believe on the value with what they do. Like them, you need to have the strength to overcome each one of them and you can do that if you enjoy your work and dedicated to your business.