Is it possible to have a high profiting business that will start from a low capital? My mom and I used to talk about this. She always asked me for ideas, but I always end up having no answer to her queries. And the funny thing is, I too have had this question for my friends.
My mom appears to be clueless about any business models, but she kept on insisting on the beauty of franchising food carts to be specific. But I always have doubts about it. There are lots of things to prepare — from various kinds of permits to the location where you want to place the cart to a trustworthy individual that can run the business even if we are not looking.
With all the stuff that we need to put into lots of consideration, it overwhelmed us. That is why, until now, we have put none of it into action. Long story short, we look for other avenues.
I can suggest thousands of businesses that you can start small. But that will not fit here on a single post. Plus, most of these suggestions are common sense.
Just go to your nearest wet and dry market, and you will know what I mean. Look around, and you will find lots of ideas from selling poultry products to various types of meats to vegetables and fruits.
On a side note, one of my mom’s former business dreams is to become a rice dealer. Rice is a commodity that is consumable, so it must be profitable.
You can sell RTW (Ready to Wear) clothing, cheap toys, kitchenware, etc. Virtually anything you can think of is there. Either beat the competition or join them; it is all up to you.
Here is a disclaimer though, I will not look down on you if you will pick one or all of the examples I gave above because, at JuanNomad, we respect your choices. But to start now with this business model is comparable to standing on shaky ground. Unless you have an existing base of customers that will ravingly buy your products, you might end up with negatives and liabilities.
What is the solution? – it’s research. We have the internet these days to put it to good use. Look for top business models online.
Will you go traditional, just like the ones I described above? Are you going to build a business around your existing skills? Or will you go to the non-traditional way of doing business, like internet marketing?
I’m glad that you are reading this post up to this point.
JuanNomad prepared a list to help you out with your research. Hopefully, it would help with your decisions too.
Every business model in this list requires skill to be successful. But if you are lacking, that shouldn’t slow you down in achieving the end results. Have determination, Be passionate. I believe that anyone can learn anything.
Other people may perceive this as ventures or risk. But the truth is the opposite.
Now, what business can we execute with low capital that might yield our high profits in the long run?
Here are the examples:
Learn the Art of Photography
If shooting photos creatively is your passion and have the skills for it, this could be the avenue for you.
But what if you don’t have the prerequisite of becoming a photographer and despite all, you still have this burning desire to do it? Then we don’t see any issues. There are lots of ways to become one.
Start with your smartphone. I doubt that you do not have access to a quality built-in camera, because you do. Practice taking photos of landscapes, moving objects, your pets, and your friends. I did not include selfies for obvious reasons. Camera phones are not for selfies alone.
You might think it’s funny to take professional photos out of your smartphone, but I believe otherwise.
I have an interest in photography, so I recently enrolled myself at Shaw Academy. I started with their Smartphone Photography course for FREE. Yes, that’s right; I did not pay them a single dime. They offer various online courses too, in different fields. You can check them out; it is free to sign up.
After mastering the basics through continued practice, then it is time to level up. Again, at Shaw Academy, there are other free courses available regarding this subject.
You can become a street, food, or company photographer. Some companies nowadays hire freelancers, and it can be your side job and stepping stones to becoming a better photographer.
At the time of writing, according to PayScale.com, an AVERAGE PAY for a photographer in the Philippines is around PHP 122 to PHP 1957 per hour. It only means you can always demand higher fees, provided that you have the experiences.
Take note that having other specializations related to your current photography skills, like Adobe Photoshop, photo/video editing, and social media marketing, many more bonuses await you.
Then, when it feels that you have gained enough knowledge and reputation in the art of photography, now is the time to switch from the one hired to the one hiring others.
You can put up your professional photography firm and photo gallery to showcase your portfolio.
Hire novice photographers and train them under your wings with the knowledge you have. You have created a team of YOU. It’s like multiplying yourself to others.
It could be the start of a profitable business.
Let’s say you are a people person. You reach out to people and have the knack of helping them get out from whatever dump they are in; you’ve become the go-to expert. Why not become a coach and get paid while doing it?
There are many types of coaches. But they all have common traits. They are trainers, instructors, or a guide if you may say. They act as a beacon of hope to others. And coaches will not stop until you reach a specific goal.
Let’s talk about Life Coaching for example; it is a promising career. Being one has to have a variety of knowledge from health and wellness, to nutrition and activities that will contribute to other’s healthy lifestyle. You are to lead a person or a group of people to improve both their physical and psychological well-being.
Will you be up for the task?
In the Philippines’ corporate settings, companies rarely hire coaches; they rather invite them to company meetings, seminars, and training sessions for their employees.
But, let’s say they hired you as their corporate coach; it is an excellent way to hone your skills, to prepare yourself for your future business.
As of 2019, one can start with an HOURLY PAY of $12.34 (PHP 640) as a novice to $145.74 (PHP 7500) as an expert, plus bonuses and commissions. And some companies would give you the privilege to have a piece of their profit-sharing program.
But as we all know, as an employee, it ties you to a contract, has a boss to report to, and a capped salary. So let’s look at the other way.
How about becoming a self-employed life coach, instead of being tied to an entity? Chances are, companies can still invite you for corporate coaching gigs and can charge for considerably handsome fees for your service. It usually starts from $40 (roughly around PHP 2K) per hour worth of coaching.
Again, according to PayScale.com, an hourly rate of a Life Coach in the US will start at $40 to $200 on average. As far as I know, It gets even higher than this.
Now, with your expertise, you can build a coaching firm. This business model is a rising trend these days. Within this firm, you can help and teach other aspiring coaches — coach people who are interested in becoming coaches themselves and get commissions from their gigs.
Teaching your skills to others is not always free. It’s another way to make a profit out of your coaching skills. A better example is Dan Lok; see how much he charges for his talents to teach his students.
You may not have the bonuses and perks of a corporate life coach, but at least you have the freedom to choose and refuse clients. How many you can handle in a single session is up to you. With each individual, you can charge separately.
A life coach typically charges a client from $200 (PHP 10K) to $1000 (PHP 51K). I know some coaches in the Philippines charge their clients with a minimum of PHP 25K and up. A coaching call will be around an hour per session, three to four times a month.
Any person with guts can become a coach; as long as you can provide genuine help, quality insights, and values. So, would you want to be one?
Have you ever seen a Ghostwriter?
Have you ever read a best-selling book? You might think the author has vast experience and imagination to write such. I am sorry to break your bubble, but chances are, someone behind the curtain might be the one responsible for the success of this known author. It could be the work of a Ghostwriter.
If you have a talent in writing on topics of either fiction or non-fiction and want to write them and get paid handsomely with royalties but do not want to take the credit from your work, then this is the right fit.
A ghostwriter, or just ghost for short, can demand high in figures for a project of two to three hundred book pages.
For a wider reach, you can also offer your services online on sites like Upwork, Freelancer, PeoplePerHour, Writezillas, and Iwriter, to name a few.
With potential clients craving for your skill, this gig will make you over five figures (PHP) per client.
To give you an inspirational story, read the best-selling book Confessions of a Ghostwriter.
Join the caravan of Affiliate Marketing
I have mentioned this topic from my previous post. But I can’t stop myself from sharing this here again. Since we are talking about a high-profit business model that we can start with low capital, please allow me to talk about it once more.
I referred to it as a business with little to no starting capital. All you need is the internet, the social media you use, e.g., FB, Instagram, etc. and devices like smartphones and laptops, which you already have.
If your target market is the Philippines, an excellent choice of an affiliate program is to sign up for Lazada’s. Another platform to choose from or combine with is Shopee’s affiliate program under Involve Asia. Sign up for a FREE affiliate account. I’ve written separate posts on how to become affiliates of these two companies. You can check out my post on how to become a Lazada affiliate here, and how to join Shopee’s program through Involve Asia here.
If you have a broader target, then sign up with international affiliate programs like eBay Partner Network and Amazon Associates.
And for those in the Middle East, you are in luck because there are affiliate sites as well that caters mostly to Arab countries. Back when I was an OFW myself, none of these opportunities was available for me.
You probably are using their apps already. Sign up with companies like Souq.com and Ubuy.
The income potential of Affiliate Marketing is virtually endless.
Does your Job bog you? Better Blog instead.
Another topic mentioned in JuanNomad’s other post but deserved its place to be here is blogging.
If you have a duplicable talent or passion for sharing in writing, then this is your place.
You don’t have to be an expert to become a blogger. All you need to have is the intent to learn the subject.
At first, learn some basic technical insights on how to set up correctly a site; it is essential. You will need a Domain Name and Hosting. It will only cost around PHP 4K to 5K that you can use for a year or two, depending on your chosen provider. Once set, that’s it. I will write a more in-depth post on this topic later.
Now you can concentrate on writing. You can write anything in your blog. Heck! You can even write about one of the first four items we talked about, i.e., photographer, coaching, ghostwriting, affiliate marketing. Just pick a single niche and focus your attention on it.
I will be upfront with you though; this business model will not make you money, probably for the next six to eight months. But if you write your articles diligently (no copying of other people’s work) and with consistency, you can expect results beyond the said months.
It might be a source of a lasting passive income!
Another plus about this business model is you can duplicate its successful results. Once your site becomes stable and profitable, you can make another one in a different niche. Just rinse and repeat the process.
The last in the list but never the least will excite you more because everything that we have just discussed, we can fuse to this next stream of income.
Want to become an Online Tutor/Instructor?
Are you a leader in your field? Even if you are not, do you think you are a leader? Do you enjoy teaching? Do you have the abilities and insights you would love to share with unlimited numbers of people?
If the answer is yes and you want to monetize it, let’s raise the bar then.
Coaching, traditionally, is face-to-face interaction with clients or an audience.
What we’re about to discuss is different. You will still teach and guide clients, but you will do it virtually and on a larger scale. We can also call this online coaching.
In this business model, you will make an online course. You will condense all your knowledge into sets of video tutorials. Start recording them into small digestible chunks, because some people find it tedious to go through a course if they see a video that is almost two hours long. Organize your lessons.
To market this, you can partner with platforms like Shaw Academy or Udemy; they will find your potential students for you.
There are some downsides, though. You do not have full control over the course’s future, let alone the pricing. Another thing is they will always have a cut from every student enrolled in your class. But that is their prerogative; you are using their platforms, anyway.
So what is the solution? — Like how you developed a blogging site, build your course’s platform yourself to have full control over them.
Another solution is to host a series of live workshops. Make it more engaging and fun, because unlike recording your tutorials in chunks, you will probably have a workshop session for more than an hour.
Prepare downloadable slides, pdf, and/or video and audio recordings to help your students further. They will love you for this.
They can become potentially recurring customers if you ever release another course.
How much will you charge for your course? — The price of a premium course can be around PHP 10K to 25K per student. It can get even higher at some times.
If you are doing live workshops, eight sessions (once per week) is a good number. Set the schedules, preferably in the evening. Most of your students might have day jobs.
As we are near to conclude this post, did you see the beauty of this business model?
Did you saw the transition we’ve made from the first example up to the last?
At first, you gained a skill. Then you earned money because of that skill. Now, you multiplied that earnings ten folds by teaching others that same skill. Isn’t that amazing?!
Finally, for the Conclusion
I can go on and on with a bunch of lists of low-cost business ideas that you can start right away. But only a few could yield high profits, would you agree? I have given you six cases in points.
These businesses, if done correctly with the right mindset, can give you passive income in the long run. When I say done correctly, I mean correctly without shady practices. As long as you provide quality and value to your customers, you are ready.
Just an additional note for the first three examples; they will always require your attention. Because of that, once you stop, your business will also stop. But there will always be a workaround — hire a competent person and train them to be like you, to handle the enterprise for you.
Notice the skills from all the examples above; they are not innate. Take, for instance, your favorite athletes; they may be exceptional athletes as you know them now, but they weren’t born like that from day one. They practiced and trained none stop until they reach the top.
The same goes for you. You can learn your desired ability. Before you know it, it becomes natural to you. Practice until it becomes permanent, ingrained to the bones.
My point here is this — if you genuinely have the interest to learn something that you know will help better your lives, like the business models I laid for you above, there is always a path.
As my favorite tagline goes, “if there’s no path, make one!” No excuses!