Putting your money in good use is one thing you should do if you want to be financially free. There are a lot of investment types out there and one is starting your own business. While investing in stocks, bonds, mutual funds, and commodities are a lot easier at first, building your business is more challenging as you will face start-up struggles during the first stages of the process. But don’t be discouraged by this thought. If you do this right, your hard work will pay off. You will get more than what you invested if you manage your business well. While there are a lot of options where you can put up your enterprise, here’s why you should start your business in the Philippines first.
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The Philippines is one of the countries with cheap labor cost and it is evidenced by a lot of BPO companies emerging here and there. Multinational firms are setting up their own branches here in our country in light of the fact that there is a large amount of labor and you can easily look for staff who can help you run the business. But of course, the price of labor still depends on what type of employee you are looking for. Employees in the manufacturing and retail sector are getting paid at least P500 per day. If you compare it to other countries like Singapore that pays 1,200 SGD for cleaners or around P45,000 per month, you might say the Philippines is still the choice for laborers.
Connections are everywhere. Here in the Philippines, it’s easy to expand your network especially if you are known to the business already. And if not, you can use a lot of ways to promote and advertise your business. The good thing about building your enterprise here is that there is a certain market for every type of business. Even if it’s just a small company or a small business like a convenient store, there are people who will patronize your products and services. The market is good if you know who your customers are. Make sure that you do a thorough study of your business first before pushing through with it.
Variety of business options exist here in our country. Depending on the sector you want to penetrate, the business can range from small to large, from a sole proprietorship to corporation. When choosing the type of business you want to build, list down all your expectations—the risk you can tolerate, the expenses you are ready to spend, the capital you can put in, etc. You must be aware of what you are doing before you do something big. Your business option should match your business objectives.