“The discernment process on whether I’d do it or not was a big challenge at the start. Small Business Ideas for Pinoys With Small Capital 1. The Philippines entered into recession last August wherein the country’s gross domestic product (GDP) growth rate declined by 16.5% in the second quarter of 2020, which was the lowest recorded quarterly growth since 1981, according to the Philippine Statistics Authority. As a consequence, this could also slow down recovery and potentially trigger more socio-economic problems. As an employee, your KPI’s, targets, etc. Honouring your own pace is the greatest form of self-love that would set you up and sustain you for success.”, Why she started her business: “I have always wanted my own business and be a boss for as long as I could remember. For as low as PHP 500, you can start selling your drink concoction. As Albert Einstein famously said, “Insanity is doing the same thing over and over again and expecting different results.” Because our cookies are freshly baked, they need to be sent out within the day no matter what. In my regular job, I had to be face to face with my clients and other people, constantly in conversation. Here are top 5 business ideas for 2020. It can get crazy!” - Janelle, Why she started her business: “Ever since the COVID-19 pandemic hit, there were so many changes that happened at work (and around the world, of course), so this business was my way of keeping sane. You have an idea? I had to put an extra mattress on my bed every time I was on my period to make sure I don’t stain my bed. SMEs usually have lower cash reserves and are more susceptible to going out of business, especially during a crisis. Alberto and his fellow jeepney drivers who have little to no way of earning money. Plus, Emilia also helps feed my cats! Haha! When lockdown started, I realized I had a lot of free time on my hands—more than I’ve ever had to be honest—so I figured it was now or never!”, How different is this business from your day job? The Swiss government has launched a particular SME program where small businesses that are facing liquidity problems will be given access to credit swiftly. Setting up this type of business is relatively easy as you can put up your own store in front of your house. I literally got asked, ‘Mayaman ka naman bakit ka nagbebenta ng cookies?’ My parents would’ve been more than willing to split the veterinary expenses with me, but I didn’t want to ask. For someone whose work life has been all about flying in and out of countries and always being on the move, the shift to becoming an active online seller from home lets me focus more on researching trends, planning my content, and executing my ideas. We decided that I would be in charge of design and production while he took over creatives and marketing.”, How different is this business from your day job? So we’ve decided to hire someone to help me with the orders. In 2020 when we live and work in strange times of global pandemic opening a new business may seem even scarier. Metro Manila (CNN Philippines, September 3) — The Department of Trade and Industry says over 73,000 online businesses have registered with the agency during the COVID-19 pandemic… You should be proud that if you need extra money, you’re willing to work for it. “It was a bit hard communicating with my clients at first. In terms of the coronavirus pandemic’s impact on businesses and households, the Philippines had it worst, according to a study by the Asian Development Bank (ADB). Also, invest your time and money wisely so you can reap something great in the future.”, Business: Lash Party, a brand of premium hand-crafted faux eyelashes, Why she started her business: “The aviation industry was one of the first major industries that was hit by the global pandemic. To provide working capital for SMEs, Austria, Croatia, and the Czech Republic have introduced specific COVID-19 loan funds. It's just something that we appreciate from the onset.” - Nicole, What were some of the challenges you had to face when you opened your business? Different countries have taken various approaches to reduce the devastating impact of COVID-19 on SMEs and employment, some being more aggressive than others. “I’ve been in working in corporate since I graduated, so starting a business is a totally different ball game. Drive-in movie theater is a business that allows people to watch movies from their car, which is a great way to make people come out of the house. 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