The era of the Php50,000 smartphone is upon us. After the Samsung Galaxy Note 8, we expect the next generation iPhone 8 to sell at the same, or even higher, price point. While these smartphones pack incredible power and features, you shouldn’t blindly fork over your hard earned cash for them. You need to make sure that you will make the most out of these devices and they will actually help you be more productive and allow you to make more money.
That said, we came up with 5 money-making ideas you can use the Php50,000 for instead of buying a brand new flagship smartphone. Check them all out below and feel free to add your tips as well in the comments section below.
1. Join a Bazaar and Sell a Crapload of Stuff
As the “ber” months roll in, there are a lot of bazaars that are looking for sellers. The concept here is simple: you rent a space in a bazaar to sell your products. You should be able to sell stuff because these bazaars are usually situated in high traffic areas like malls and other public areas.
How much does it cost to join one? We did a quick interview with Estelle Osorio who runs The Weekend Showroom, a bazaar organizer company. She mentioned that the most affordable rental she’s seen was at Php1,250-Php1,500 per day. The most expensive ones go all the way up to Php5,000-Php7,500 per day. This means you would pay anywhere from Php3,750-Php25,000 for a weekend. The more premium the location, the higher the price.
For inquires on bazaars you can join you can contact The Weekend Showroom.
2. Invest it in Mutual Funds and Potentially Double Your Money
We asked personal finance advocate Randell Tiongson on where we can invest the Php50,000 in for the long term. He mentioned that if you invest it in an equity mutual fund, assuming a 10% return annually over 10 years, your Php50,000 will become Php128,688. That’s more than double the amount. Imagine if you just skip 3 upgrade cycles and invest that amount in funds instead?
To learn more about Randell Tiongson, click here to go to his website.
3. Put Up an Online Store
If you’re too lazy to do a physical bazaar, you can set up your own online store. There are two major platforms you can pick from: TackThis and Shopify. Both platforms offer not just a web platform but also the payment facility for users to pay online via their credit cards (there’s also a COD option which you can manually do).
For TackThis you can just pay Php599 a month. They also have a concierge service wherein they will take care of everything from taking photos of your products down to marketing them on their marketplace platform. Shopify can go as low as $13 but the $54 version has more features including virtual gift cards, professional reports, and abandoned cart recovery.
We recommend you guys study all options. By the way, if you’re a BIR registered company you have the option of selling on Lazada. They’re a massive marketplace so it’s definitely worth looking into if you want to get serious with your e-commerce business.
4. Start a Franchise Business
If you have the dedication and the patience to make it work, franchising food carts can be a great business opportunity. They aren’t too expensive these days as the entry level packages start at just Php30,000. The more unique and attractive concepts go all the way up to Php200,000 though.
Just a word of caution though: starting a franchise business isn’t easy. It’s not just putting down the money, setting up the store, and waiting for the money to come in monthly. It’s hard work to make food carts sustainably profitable so you better be serious if you want to plunge into this business. Also make sure you ask all the questions you have when picking a franchise package. Don’t go into it blindly or you might end up burning your hard earned cash.
5. Start a Services Business
What if you don’t have any product to sell but you have skills that people are willing to pay for? Let’s say you’re a video editor, graphic artist, writer, speaker, trainer, dog trainer, cat groomer, or a freelance marketer? Set-up a website, put up samples of your work, and spend a couple of thousands of pesos on Facebook advertising to get clients. You’ll be surprised to see how quickly you can kickstart a freelance career here in the Philippines. You can be your own boss and eventually build a solid team to service multiple clients.
How much does this cost? A website can set you back anywhere from FREE (Google MyBusiness) to Php10,000 (MAX don’t overpay). Spend the rest on Facebook advertising to get your clients.
And that’s it! Make sure you think long and hard if you want to buy that shiny new smartphone because that Php50,000 can actually be spent building a business versus satisfying that unnecessary “want” that you have.
If you guys have business ideas you want to share, hit the comments below.
PS: Wag na po tayo magbenta ng network marketing / MLM on this thread please. Di kami open-minded. Hehe. Peace!