Introduction
Studies show that a lot of entrepreneurial ideas are being actualized when economies are down as opportunities to plan ahead is wide open. When the economies recover, and so with their newly established business.
With the ongoing worldwide pandemic, some companies are temporarily closing their businesses since it would be a struggle for them, with their current low sales, to continue paying for the salaries of employees and renewal of residence and work permits if employing foreign workers.
Business Plans
At the earlier part of the year, many people are already preparing for business plans. Some are still confused on what to do but eventually imagining some other options available. Various plans are being noted just in case they will be laid off in their home countries or if working in a foreign land, they have to find some sources of revenues when they might be going back to their own countries.
The basic content of a business plan that can be made on word file or notebook should contain the following if applicable:
1. Business/Executive Summary - a business proposal/idea. Define your own brand.
2. Target Market Analysis - who are the target customers, location and surrounding competitors
3. Competitive Analysis - your advantage, advantage of the products being offered
4. Product and Services - list of products or services
5. Technical Analysis - the structures of the business, equipment or tools needed
6. Marketing Plans - how to capture the attention of customers (social media or other advertisements)
7. Sales and Financial Target if it is a huge plan - sales, income, cash flows, ROI or payback period
8. Funding - whether from government support, loans from banks or friends, savings
Few Business Ideas
1. Copy the company where you are working and apply it elsewhere or when you go back to your home country. You may be working in a buy and sell business, law firm, accounting/auditing firm, barber shop, water refill, restaurant, flower shop, pharmacy, meat delivery and a lot more, then why not consider planning to have our own. Many have done it after understanding the technical knowledge they needed to be independent.
2. Agricultural/Farming Business - At this time of pandemics and lock-downs, food is necessary and plans on how to do them are being researched online or being asked from someone knowledgeable.
a. Poultry - Having a poultry requires an analysis as to where is the future target market and in order to build the structures nearby. Plans must be sketched on technical knowledge on how to raise animals; on where to buy the food supplies for the poultry; and how to deliver the products to the target markets.
b. Farming - Planting trees is a lifetime source of fruits and a future source of income. The common fruit bearing trees have to be selected depending on the climate of the country. Adoptable trees in the tropical areas and that can also be exported given the opportunity in the future are Mangoes, Bananas, Rambutan, Cacao, Coconut trees and a lot more of choices. Who knows, it can supply companies who are exporting agricultural products.
c. Fisheries - Testing the fishery business project could be a good start with few fingerlings. When the processes succeed and when the economy starts to open up in full with the spread of the vaccines, then deliveries of fishes to various markets would be a continuous source of income.
3. Pet Breeding Business - Companionship offered by pets to cope up with stress being experienced within families and individuals is undeniable. The best option are dogs and cats. Aquarium fishes could also be a possible option but with lower market especially on warm areas where they are left at home.
- Selling pet food products and accessories should be included here which includes play balls; pet hair combs, pet soaps/ shampoo, nail cutter, pet holder, cages, food/water dispenser, etc.
4. Real Estate Business - Properties' prices usually go down during economic contractions and recessions, this is the time to start buying and building accommodation rental buildings. Materials should also be cheaper as the cost of living drops.
5. Others
Other Passive Income Sources (Main Income if full time)
1. Vlogging - As we are already in the digital world, a lot of customers are being served online. Various companies pays Google or Facebook for product advertisements and Google and Facebook would pay you back. Many people are already establishing their channel bases and anyone can share Facebook page or YouTube contents as follows:
a. Product online reviews with links to click on how to buy the products online through their own accounts on e-bay or amazon. It's double purpose
b. Talents also have started to be shared online like painting, singing, dancing, playing musical instruments and including sports activities to mention few. It would also result to future business sidelines.
c. Technical skills are also be shared online like cooking of various recipes, welding, photo & video editing, and a lot more even from engineering to simply kite making. No one knows, it might be converted to a catering business if food or future projects if electrical or mechanical stuffs.
d. Playing with their pets
e. Previous travels and adventures. Possible link to tour business
f. Various knowledge like healthy tips, workout exercises, financial education and general expertise to mention few.
g. Music videos where various photos/videos on your hard drives can be usable for your content like for relaxation, party sounds, or various moods and genre.
h. Various videos created through mobile applications like from Tiktok or Smule
i. Live streaming to build fan base and with membership donations while sharing a lot of information
2. Blogging - Similar with number 1, if you love writing articles whether it's related to various health tips, travel, business analysis, and a lot more contents, then this is for you. Keep sharing your blog sites to your Facebook account or Facebook pages and link with your YouTube Channel until you can apply for Adsense account. Once approved, then passive income will definitely come.
3. Stock Market Trading - This is simply the buy and sell of company ownership in a market. It is like a lot of fruits to choose from in an open market to simply explain it. You just have to learn which fruits to buy if it is cheap or just fresh. There are a lot of information that is available online on how to trade in the stock market and virtual accounts can be created already from stock brokerages while understanding the fundamental and technical analysis of various industries and companies.
- This is not only for everyday trading, it could be for a long term like weeks, months or years even for more than 10 years. By that future time the market value of the company should be higher already as compared to their current pandemic price. Buy companies that are declaring dividends regularly if long term investments.
- If the concepts are difficult, then consider investing to bank financial products, mutual funds, or trusted friends with vast knowledge of the know how's of the financial markets. Their technical expertise will be applied to grow your money and brand their names/companies.
4. Investment in Bonds - There are bonds issued by the governments or corporate companies that pays fixed and higher interest income that is better than the diminishing value of money in the savings account due to inflation rates.
5. ForEx Market Trading - This is not for the general public as the risk is high and discipline involved in this trading is very technical. A lot seems to offer this service and ask for investments from various friends but trust me, only those who have a lot of experience will succeed in this. Your money can be wiped out instantly.
More Examples to Extra Income
1. Time Deposits - If you are that risk averse, then this is for you. Time deposit earns up to 4.25%. Savings account has 0.75 to 1% interest only which loses its value since inflation rate is way higher than that.
2. Investments in Government Institutions - Social Security Systems worldwide offer some investment opportunities. For Philippines, they have PAG-IBIG investments for instance.
Final Note:
My best selling quote states like this:
"Selling is the highest paid hard work and the lowest paid easy work in the world."
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