Micro-Small Business Loan Updated on July 2024
Need a new sideline?
Even if you are now employed or are already receiving regular remittances from loved ones abroad, having a micro-small business is a great way to be financially well off.
With the current economic status, your regular income needs an increase for your basic necessities. You need more than your finances to have fun and leisure activities. Worst, your monthly paycheck might not be prepared for unexpected spending.
Having multiple sources of income assures you of financial stability. You can spend the additional funds to buy the things you want, like your favorite watch. Or save for rainy days without sacrificing the money allotted for basic needs. This way, you have something to spend during an emergency.
One of the best additional sources of finances is business ventures. However, taking this extra measure comes with great risk. In addition, you need quick funding to get your creative idea started. Fortunately, you can take a careful leap with a micro-small business loan in the Philippines.
The vast effect of the pandemic does not only occur in your household. Every country encounters massive financial struggles. That’s why you’ll each one start their microbusiness. Consider the options below if you’re looking for the easiest way to start a small business.
The sari-sari store is one of the best-known micro-businesses in the country. It is easy to set up and requires little capital.
If you are looking for a home business, this is worth a try, especially if your home is in a good location. However, you must consider these questions.
If you answer yes, you may sell snacks, soft drinks (soda), repacked spices for cooking, toiletries, and primary school supplies. If there are already a few sari-sari stores in your place, consider what they sell and their retail prices.
List down what you will buy, the price of each item, the retail price, and when you have purchased them. Your capital may be as small as P5,000 up to P15,000, depending on what you want to sell and how big your store will be.
Setting up an online shop requires only a handful of things. You will need a desktop or laptop and a good internet connection. You can even use your smartphone and pocket Wi-Fi, but maximizing your business will soon require you to have better gadgets.
However, securing these devices is not your only concern. What will be your products? Which is your target market?
You can buy and sell shoes, clothes, fashionable accessories, personalized souvenirs, and collectible items. It is best to choose products that interest you personally.
Unfortunately, today, selling online does not only concern you with gadgets and products. The government mandated that all online sellers from whichever platform must pay for their withholding tax. It might sound like an additional responsibility. However, following the law will help you continue your micro-small business and earn extra money.
This business may be an all-year-rounder! Since our country is tropical, most days are warm, making “palamig” a good business choice. Even in the rainy season, a palamig venture will never fail you.
A palamig business is easy to prepare. Think of your favorite drink and flavor. What keeps you coming back for more? Is it the sweet taste? The refreshing flavor? Make different flavors such as buko pandan, coffee jelly, buko, and sago’t gulaman.
In addition, a palamig business can attract many customers if it has a good location. It is an excellent spot if you’re near a school. You can also sell near factories and building offices, where employees go out to eat their lunch and snacks.
A palamig business is a fast-selling venture. Have a strict inventory to track your expenses and profit. This way, you’ll appreciate how slowly but surely your micro-small business strives.
Buying and selling a load does not require setting up a stall. You only need a small capital, a phone, and a SIM card loaded.
Filipinos usually have prepaid SIM cards. Postpaid plans are the least of their priority. Often, Pinoys manage to load their mobile phones as a part of their daily or weekly budget.
Take advantage of such necessity. Open a mobile loading business even at your doorstep. Decide which retailer’s loading pack or kit you want to use. In the Philippines, Globe and Smart are the primary telecommunication services. You can sell both loads to maximize your earning potential.
In addition, know how much your competition charges. Can I add an extra fee of Php 5.00 or more? How much should be my maintaining load balance to continue selling loads? Unlike some retail goods, e-loading never expires. Make capital out of it.
Nowadays, the internet is the best source of information. Schoolchildren and job hunters need a net connection to complete their schoolwork and job applications. No wonder many Filipinos opened their own Pisonet, even in their front yards.
You need a good internet connection and a small space to start this venture. Some people usually just put it in front of their homes. Then, set a standard price tag so customers will know the mechanics.
People can pay Php 1.00 for four minutes or extend their connectivity. Eventually, you can buy more units as your customers flock to your shop. You can start with Php 20,000.
Take the time to find the right vendor that fits your preferences. Also, ensure you have posters up front so new customers can find your shop. This way, you can market your micro-small business and earn more in the long run.
There is no need to be a modern Shakespeare! Ghostwriting is simply writing for blogs. You will be paid depending on the number of words you use or the number of articles you submit. There are a lot of blogs looking for sensible ghostwriters.
Ghostwriting is an easy fit if you are passionate about writing and sharing knowledge. You just need a desktop or laptop and a good internet connection. When I was a ghostwriter, pocket Wi-Fi was good enough. However, you will soon need to have a stable internet service.
Are you not that good in English? No worries. Ghostwriting is not for talented writers only. Anyone can do the job if you’re interested in strengthening your skills. Also, you have writing aids that can assist you in creating articles. What matters is that you know what your clients need and express their ideas through words creatively. Just make sure you avoid plagiarism.
Love baking? Do you enjoy sweet treats like cakes and cookies? Why not use it for your home business?
Bake a few samples, snap some photos, and create a page. In addition to enjoying your favorite pastime, you can earn from it. Maximize your social media to reach your target market. Also, request feedback—it is better if the reviews are positive.
In addition, you can take some baked goodies to parties. Let your family and friends have a taste of your treats. It can be your gift or giveaway for them. If they like it, tell them you can bake as they order. It can be for personal or unique gathering consumption. Or, you may take requests for pastry as long as you can do it. Doing so helps you promote your business. Most importantly, it can enhance your skills more.
Owning a vehicle is both beneficial and painful at the same time. It allows you to travel anywhere you need to without the hassle of a commute transfer. However, driving your car is also expensive. You must be mindful of your gas expenses, maintenance, license, and other paperwork.
Fortunately, you can use your car to earn money as a micro-small business. If you have a vehicle that fits Grab’s requirements, try registering it and earning on the side. You can also get a car through an auto loan.
You can drive your auto after work and grab a passenger until it reaches its destination. Not only do you earn a few bucks, you explore a new side of the city.
Some Filipinos make a living through these driving services. Others use it as a side hustle. Of course, you must spend your extra income on gas, car maintenance, and allowance.
Poultry does not need to be on a couple of hectares of land. You don’t need an entire farm. You can even put it up in your backyard. Ensure you can keep up with the sanitation to avoid ripples with your neighbors.
Starting a poultry business requires a license from the government. Ensure you meet the expectations and limitations as it affects the community. You have to be mindful of the smell and waste. This way, customers will be encouraged to approach you.
Choose if you want to care for a pig (or two), or if you prefer, you can have at least 50 to 100 chicks for a start. Make sure to feed them healthy so they can grow fast and help you earn little by little.
Do you have an artistic side? If your hobby involves creating something that could interest other people, why not make it a business?
I used to make colorful hair clips for little girls, which sold well online. Some hobbyists also soon sold materials to others who had the same hobbies. Arts and crafts is an accessible micro-small business, especially if you love what you do.
In addition, crafting has no limits. You’re good to go as long as you have a bright idea and can implement it. Just make sure that the materials needed are within reach. This way, you can continue working on your hobby without hindrance.
Once you have chosen your niche craft, choose your target market, and create a blog or online shop. You can even create a Facebook page for free. However, be careful with taxes, as they are required for online selling today.
Paying bills can be annoying and challenging. Sometimes, it is difficult to find the most accessible Bayad partner in your area. Fortunately, starting your bill payment services can help.
For a small investment of Php 10,000 to Php 30,000, you can start offering these payment services to your customers. It means you can help them pay their bills on time without any trouble. In addition, you can utilize your own business as well. You can avoid the problem of finding the nearest payment center. You can benefit from your venture, too.
You can make things even better by adding online payment options. Platforms like GCash and PayMaya let your customers pay their bills from anywhere. By offering this convenience, you become an essential part of their daily lives, helping them handle their bills easily and quickly. As a result, your suking customers will always remember you every month.
Today, Filipinos love milk teas. They are the best drink for chillaxing moments and bonding with friends during hot weather. Not only that, but they come in various flavors and taste perfect for any snack combination.
Consider opening a milk tea shop if you love making drinks and creating great moments. Milk tea is popular all the time, no matter the season. Many Filipinos can’t resist a relaxing cup when hungry or thirsty.
You may or may not need to rent a space or food stall. You can open your first milk tea shop in front of your home. Prepare all the required appliances and equipment, including the powders and bobas.
You can expand your market using mobile apps like GrabFood and FoodPanda to sell more milk tea. These apps help you reach more customers and show your menu online. This way, more people can find and enjoy your milk tea.
Have you ever considered starting a business celebrating delicious Filipino street food? With an investment of just Php 5,000 to Php 10,000, you can offer mouth-watering local treats that your neighbors will love.
You can make it easy for your customers by selling your food in-store, the most practical location being just outside your home. You can also place online pre-orders through social media sites like Facebook. This way, you can connect with people who love these unique flavors and showcase your menu online.
Here are some famous street food options you can consider for your business:
By offering these tasty treats, you can bring a bit of Filipino street food culture to your community. Of course, you can only succeed if you can prepare these foods. Don’t venture into something you’re not fascinated with your products.
Buy-and-sell has been around for a long time. Your ancestors might have earned from it even before you thought of it. You can start with a small capital, like Php 5,000 to Php 50,000. It lets you get products that you can sell for more money later.
As more Filipinos use the internet, websites like Carousell and Facebook make buying and selling things convenient. You can list your preferred items online and connect with buyers without meeting in person. It is safer and more practical than before.
Here are the most popular products you can consider for your buy-and-sell business:
By selling these items, you can start a business with a small investment and grow it over time. However, it comes with significant risks. Make sure that the items you’re buying are profitable and easy to sell in the market. This way, your micro-small business won’t stop.
Starting a printing business in the post-pandemic Philippines can be a great idea. Many new businesses need printed materials to promote their products and services. They want brochures, flyers, business cards, and various giveaways to help market themselves.
You’ll need a capital worth Php 20,000 to Php 50,000. These are spent on printing equipment such as printing paper, ink, computers, and design software. In addition, you’ll need basic skills in graphic design and printing techniques.
A printing machine can be costly, depending on how much you need to print daily. Although it can be too expensive, you can start with smaller equipment and upgrade as your business grows. You will also need a primary computer to print the software.
In addition, you can specialize in your printing services. For example, you can print on different surfaces, such as T-shirts, vinyl signs, or business cards. Offering customization options can attract more customers. Keeping a good supply of paper and other printing surfaces is also important. Make sure you find a reliable supplier who can provide consistent quality.
Starting online tutoring can be an effective way to earn money from home. The capital needed is relatively low, ranging from Php 0 to Php 5,000, depending on the tools you already have.
You’ll need a computer, a stable internet connection, educational materials, and an online platform. In addition, you have to promote your skills, such as expertise in a chosen subject, teaching skills, and effective communication.
Before the pandemic, students usually had face-to-face tutoring sessions at home, at their tutor’s house, or in tutorial centers. Online learning has become more common, and tutors and students find virtual sessions convenient and practical. It makes online tutoring a perfect micro-small business to start from home.
If you wish to start your new career, you must focus on subjects you are good at. Teaching English as a second language (ESL) is a popular choice for reaching international clients. On top of your gadgets, you also need online accessibility. Use platforms like Zoom or Skype for your classes. You should also invest in a website, class scheduling software, and online meeting platform subscriptions. Lastly, you must establish a good reputation to attract more clients. You can start a blog or share content related to your subject to show your expertise.
Starting with a micro-small business is an investment you shouldn’t rush. You can begin low and slow. As your business slowly expands, the demand for your services grows. As you reach more customers, you earn more funds to increase your family’s monthly income.
Naturally, if you want to start a business, no matter the type, you will need capital to make it start rolling. You will need equipment, raw materials, ingredients, or extra help. Getting these will require a certain amount of money. That’s why you must find the best place for a micro-small business loan in the Philippines.
Unfortunately, not all lenders provide micro-small business loans in the Philippines. It is because they are pretty risky. Loan providers are still determining if your venture will thrive and if you can repay on time. Where can you get a Micro-Small Business Loan?
Getting a loan from family and friends may seem easy, but it could get complicated. Personal relationships are best not to be mixed with “utang.”
Some Filipinos get hurt when their request for a loan gets rejected. It can cause uneasy feelings. If you can get a micro-small business loan, you had better pay it as promised. Otherwise, your relative’s or friend’s face will always remind you of the money you have borrowed.
In addition, only some of your family and friends have extra funds. They, too, face financial struggles you may not be aware of. Who else can you turn to for a micro-small business loan?
Paluwagan sounds like a good option once some group members disappear without paying their share. If you are in the middle or end of the cycle, you might not get the money you expect.
Paluwagan may not have any interest or other fees, but it is all in the faith that every member will pay until the last person gets the funds. It is not a reliable source when looking for a micro-small business loan.
If you get lucky to be the first to receive your payout, you could use the funds for your business start-up. But if not, you should look for an alternative for your micro-small business loan.
Have you ever heard of Kickstarter, GoFundMe, and Indiegogo? These are online platforms where you showcase your product, and people will send money to fund your business. It is like getting some investors.
It sounds easy in theory, but crowdfunding is still at its formative level here in the Philippines. And Filipinos are still very hesitant to send money to strangers. How can they entrust you with a micro-small business loan?
Although crowdfunding might be effective in other countries, it depends on the culture. Filipinos still have a long way to go in this financing method.
Pawnshops are also a good source of easy cash. You can pledge to the nearest pawnshop if you have a prized possession. However, the quick funding you’ll receive varies. There’s no fixed price. It all depends on the value of your item.
In addition, you can get less money than the pawned item’s actual value. The interest charge will increase quickly. Although you receive quick cash, you must pay as soon as possible. Or you will have to face the consequence of losing your valuable item. It will be heartbreaking if it has sentimental value.
If you can generate quick revenue from your venture, a micro-small business loan from pawnshops is not a bad choice. However, delayed returns have a significant risk of high interest and item repossession.
Nowadays, you have to find the best alternative ways. Since almost everything can be found online, loan products and services are no exception.
Online money lenders offer Micro-Small Business Loan Philippines. They offer a quick loan process that can be completed on their official websites. Their official webpage provides a step-by-step loan application procedure if you follow the prompts correctly.
With an online presence, fraud and illegal money lenders are also available. Ensure your online money lender is registered with the Securities and Exchange Commission. This way, you can finance your new venture safely and securely. Most importantly, you can enjoy taking out a micro-small business loan.
Your loan application and approval are not meant for personal expenditures. Keep in mind that it is a micro-small business loan for a reason. So maximize your quick cash loan by taking notes of these tips.
Do a market research. Before starting, find out what people want to buy and who you wish to cater to. Look at your competition and see what works for them. Determine how you can engage with your target market.
Solidify your business plan. Make a clear business plan. Write down your goals. It can be your target revenue or career path. Identify how you’ll reach your goals and how you’ll use your micro-small business loan.
Pick a strategic location. Choose a place where your business can attract many customers. Think about foot traffic, visibility, and convenience. It does not need to be in a mall or any space that requires rent. Your home can be a perfect shop.
Magnify your online presence. Today, everything is found online. Even if you’re on the other side of the country, a solid online presence can help. Build a website and use social media to reach more people.
Process business paperwork. Get all the necessary permits and licenses. The Philippine government made a strict requirement for all businesses, including those online. Make sure your company complies with all the rules.
Be mindful of your finances. Track your micro-small business loan money. Make a budget, stick to it, and monitor your expenses. Use your loan cash wisely to grow your business and strengthen your skills.
With these tips, you can make the most of your micro-small business loan. With the right mindset to reach your goal, your business is up for success.
To pursue your small business, take out quick online loan cash from Cash Mart. The company approves micro-small business loans that assist aspiring entrepreneurs in achieving their business objectives.
A side business surely helps with more funds and savings for the future. It gives you peace of mind that you are one step towards financial independence.
