Two of the most popular questions on the topic of 1,000,000 pesos are – what business can I start with 1 million pesos in the Philippines? What is the best investment in the Philippines for 1 million? Previously, we have looked at how to earn 1,000,000 pesos in the Philippines, but today we will focus on what businesses to start with 1 million pesos.
What Business Can I Start With 1 Million Pesos
1. A Quarry Business
One million pesos is a sizable amount of capital. However, having this large amount of business capital opens up the opportunity for several types of businesses that would not be possible without this business capital. For example, we recently spoke about how to start a quarry business in the Philippines, where we dived into the sand and gravel business topic. These businesses are closely related but have different financial requirements.
Quarry businesses tend to be more expensive because business owners will need to hire or purchase machinery types such as diggers/crushers and other forms of machinery. The hiring of these vehicles can range in price from 1000 – 3000 pesos a day depending on the model and its capacity; therefore, if you are looking to start this type of business with 1 million pesos in the Philippines, financial management and planning are key.
2. A Small Tech Company
The technology industry in the Philippines is continuously changing, which opens up many doors to new tech companies. Innovation is incredibly important in this industry; however, white labeling products (another company creates your products, and you market and sell them) is increasingly popular.
In this scenario, we are looking at products. However, a small tech company can also include white labeling technology. This type of license software is developed by one company and is often rebranded by another. This is the same process as white labeling in products but instead focuses on technology. This is not the most straightforward business, but opportunities present themselves due to the market developments.
3. A Café Or Coffee Business
When looking at what business can I start with 1 million pesos, a cafe or coffee business may be the perfect idea for you. Over the years, this business model has become increasingly popular. Research shows that starting this type of business through a franchising model is in high demand. Add this research with the statistics on the growing consumption of coffee in the Philippines, and you have a fabulous business opportunity.
Naturally, many 1 million pesos business ideas explore the process of providing a product or service to the market. However, innovation is essential when starting a business in the Philippines with 1 million pesos. For example, how can you provide coffee more conveniently to customers? What would result in customers coming back to your cafe day after day? Asking the Important questions leads to the most important answers.
4. A High Ticket Business
High ticket businesses have many advantages. High ticket businesses are essentially businesses that offer high-valued products or premium products. High ticket products can be as common as a leather sofa or as rare as selling helicopters. Therefore, your capital is an important requirement when starting a business for 1 million pesos in the Philippines.
In many cases, high ticket products have a lower targeted market, and the profit margin is often much higher. Because of these reasons, marketing costs are often lower, and return on investment is often higher, resulting in a profitable business model. For all types of businesses in the Philippines, profitability will vary from industry to industry.
5. An App-Based Business
Apps are incredibly popular globally, and they show no signs of decreasing in popularity in the Philippines anytime soon. But how do apps make money? Some apps offer a premium subscription or service or earn money from advertisements. Even household names such as Grab has started placing advertisements on their mobile app to earn additional income.
The downside of app development in the Philippines is that it can be expensive if you do not have coding experience. Costs can vary from 30K to 300K or more, depending on the scale and scope of your app; however, if you have the experience and knowledge to develop an app-based business in the Philippines for 1,000,000 pesos, there is indeed opportunity.
6. A Salon, Nail, Or Spa Business
Previously we explored the process of how to start a nail salon business and what it would take for this business to become global. Building a loyal customer base is important like so many other business ideas in the Philippines with 1 million pesos. This is one of the foundational strategies for successful business growth in the Philippines.
So if you are planning to start a business of this kind, how best to attract and keep customers coming back? Of course, this can vary from customer to customer; however, offering something valuable that is different often does well. For example, offering customers a convenient service or two services for a lower price can make a difference in which service that customer chooses in the future.
7. An All You Can Eat Business
Buffet-style businesses have been very common in the Philippines for several years. But how did these businesses even make money? In our guide to starting an all-you-can-eat (or eat all you can) business, we discovered that several psychological tricks could increase profitability, For example – offering cheap carbs at the start of the buffet (carb loading).
These businesses are often larger establishments that are more suitable for those looking for business ideas with 1 million pesos in the Philippines. However, as there is less stuff, this can save a great deal of income than more traditional restaurants. Overall there are many pros and cons to consider when venturing into the food industry with 1 million pesos.
8. An Exporting Business
The exporting business is a fantastic business to start in the Philippines with 1 million peso capital. This business model takes advantage of the abundance of the domestic markets in the Philippines. Common exporting products include fruits such as coconuts and bananas, but in more recent years, electronics and microprocessors have become increasingly popular.
There are different laws and regulations that business owners will need to follow when starting an exporting business. Without a doubt, this is not the easiest business to start in the Philippines. However, there are some unique opportunities in this industry, and therefore it offers some unique business ideas with 1 million pesos in the Philippines. What Business To Start With 1 Million Pesos In The Philippines.
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