Top 5 Business Ideas for Filipinos in their 40s According to FinCom.Ph

As we grow older, we realize that more than properties, titles or the amount of money we have in the bank, our most valuable resource is time. And while it’s been said over and over that money is not everything – it’s both true and false. It’s true in the sense that there are certain things money cannot buy. False in the sense that while it’s not the most important thing there is, it definitely affects the things that matter the most. Money dictates the kind of food our family gets to eat. Money dictates the quality of living we can afford. More so, money highly influences the relationships we get to build and the type of people we get to interact with.

Given this context, we can all agree that no one wants to be stuck in their jobs forever, no matter how much you enjoy doing it. Whether you are working a strict nine to six in a corporate setting, a blue-collared worker, a thriving professional – we all dream of becoming our own bosses, someday, hopefully. Perhaps, for some, it isn’t even about being a ‘boss’, but about having something that is really your own. It boils down to two invaluable things: passive income and time freedom.

In order for us to get past the rat race or the constant Time vs. Money problem, we need to build sources of income that are not solely reliant on our presence or on our time. Put simply: passive income.

Passive income is defined as earnings which are derived from property that generates rental, a limited partnership or any other form of enterprise which generates income despite one’s minimal involvement. It is passive income that will allow us to have time freedom. The sooner we internalize this fact, the sooner we can use it for our own benefit. Building this type of income stream does not come easy but given the right amount of knowledge and perseverance, its returns are definitely worth the hard work.

We’ve all heard of the old adage: ‘Life begins at forty’. True enough, in the Filipino setting – forty (or shortly prior) is believed to be the perfect time to transition from being an employee to an entrepreneur. Given the work experience or expertise, acquired purchasing power through savings and character development – reaching this age is somehow an assurance that you are a tad bit more capable of holding accountability for something that is your own.

That said, we’ve taken into consideration the trends that have come and gone, what works and what doesn’t.

Here’s a list of business ideas that we think are perfect for Filipinos in their 40s :

1. Food Truck or Food Stall Franchise

Food is always the first concept that comes to mind because we Filipinos LOVE to eat. Albeit a little tricky, a food business is bound to flourish as long as it is strategically located. More so, when it comes to thinking of your food concept, it’s important to strike a balance between being creative and sticking to what already sells. But one thing is for sure: there will always be demand for food.

Tip: If you have friends who are kitchen experts (or enthusiasts) by profession or by choice, it might be a great idea to consult with them as to what twists or gimmicks you might be able to capitalize on for your food business. On the other hand, if you want to play it a little safe (because let’s face it – you can never be 100% playing safe when it comes to business), you may want to consider franchising a food stall. Franchises already have the concept figured out and a system set in place so there’s relatively less you’ll have to worry about.

2. Coffee Shop

Times are continually changing and one of biggest shifts this change has brought about is the digital nomad culture. Albeit the Philippines being quite new to this concept – there has been a significant rise in the number of Filipinos, especially millennials, who go into the freelancing route.

As work-from-home and flexi-time are becoming more widely accepted arrangements, there is also a significant rise in the need for work spaces that are comfortable, not very office-like but still conducive to work. In simpler terms: more and more people are choosing to work from outside the office – taking their laptops, tasks and to-do lists to a coffee shop where there’s fast internet, comfortable seats and possibly good food. This is what makes a coffee shop a suitable business idea.

It’s also a good avenue to help out our local farmers and food producers. Come up with a solid list of drink options, a few snack offerings, fast WiFi and you’re good to go. Extra tip: make the place easy on the eyes and Instagrammable and you’ll be surprised with how much FREE advertising you’ll be getting.

3. Vegetable, Fruit and Local Produce Delivery Service

Another pivotal shift we’re experiencing is our rising consciousness when it comes to our health. Maybe it’s because of the readily available information at our disposal when it comes to nutrition. Maybe it’s also the influence of a lot of prominent public figures speaking up about their health conditions and calling upon everyone else to make better lifestyle choices.

Regardless, perhaps the biggest problem everyone who wants to make the switch to a healthy lifestyle is time and convenience. You can address this problem through a vegetable, fruit and local produce delivery service which will make healthier options available to those wanting to make the switch readily available at their door step.

Not only will you be making extra bucks – you’re also helping people make better lifestyle choices.

4. E-commerce Retailing

Thanks to the internet, it’s possible to start a business with a few clicks of a button.

If you’re still testing the waters – you can start with coming up with an e-commerce business making money out of used items which are no longer being used at home but are still in good condition: house-ware, clothes and appliances. There are several platforms which are designed for this purpose so it should be quite easy getting started. Once you’ve gotten the hang of it, you can take it up a notch by choosing a specific product line and creating a brand out of it online.

5. Business Investment: Investing in a Small to Medium Enterprise (SMEs)

If you’re really serious about the transition and keen on really immersing yourself in business (bonus factor if you have a substantial amount of money at hand) then investing in a small to medium enterprise might be your best bet. The concept is already thought out, there’s a system set in place and there are already people running the business. There’s lesser risk and you’ll be able to help other entrepreneurs take their endeavor to the next level – with you, also having a significant gain from it when it booms.

At the end of the day, it’s best to keep in mind that success doesn’t come overnight. What matters is taking the first step.

Experience and be equipped without swimming in the endless paradox of overwhelming information and get your start at the entrepreneur life with a loan that’s right for you.

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