Professional Small Business Ideas and Inventory System Tips

For some of us, a 9 to 5 office job is just a means to an end, with the goal of being our own boss. This is why more and more people are freelancing or starting their own businesses.

In fact, 2% of the Filipino population are self-employed as of 2018. Small businesses also account for more than 9% of the total business in the country. And since the pandemic began, the number of registered online businesses in the country has also increased from 1,700 (from January to March 2020) to 75,000.

Maybe it's time you explore those home business ideas and start one today. Like any business, it can be a challenge. You need to consider your skills, target market, and capital before starting a business. But if you want to jumpstart your dream of becoming your own boss, you can start exploring some profitable home-based small business ideas.

Why should you consider having a home business?

There are so many advantages of home businesses. In addition to having the skills, resources, and motivation to start a home-based business in the Philippines, here are more reasons to start one.

1. No need to travel or drive to work

Since your office is in your home, there is no need to get up so early to avoid morning traffic or catch the next bus. This saves a lot of time, which you can spend on more valuable things. Since you don't need to travel to work, you also save money on gas, tolls, and fees.

2. Lower initial costs

Since you are running your business from home, you do not need to spend a lot of money to start your business. Compared to opening a physical store or office, your startup cost is low when you start a home-based business.

Some small business ideas Philippines don't even require capital to start, especially if you already have the necessary skills or equipment. When you have the equipment, furniture, telephone lines and internet connection installed, you can start your business.

3. Lower overhead

Unlike having a physical store, starting a business from home means paying only your utility bills, rent, or mortgage. There is no separate office to manage, which means more savings on your operating expenses. You are using resources you already have to make money.

4. Less risky

Since having a home business means lower startup capital, you don't need to shell out hundreds of thousands to get it up and running. There's no need to build, rent, or run a physical store, so your investment is also less.

5. More freedom and flexibility

Another advantage of home-based businesses is enjoying greater personal freedom. You can multitask during your downtime and set your own schedule. Since you are your own boss, you can take breaks or vacations whenever you want and make the business decisions that seem best to you. Also, there is no dress code or office policies!

What is Inventory System?

An inventory management system (or inventory system) is the process by which you keep track of your products throughout your entire supply chain, from purchase to production to final sales. It governs how you approach inventory management for your business.

Inventory Management System Example

Carlos starts a business selling food baskets. He has several suppliers who sell him food in bulk, some of which must then be portioned and repackaged.

Carlos creates an Excel spreadsheet, which he updates each time he orders more stock, builds a basket, or completes a sale. This is his inventory management system, and it's entirely up to him to know how much stock he currently has, when his food items might expire, how many baskets he can sell, and more.

Why does he need an inventory system?

Any company that handles stock will need a system to accurately track and control it. Without one, you'll be working entirely on an ad hoc basis and quickly run into situations where your business is overstocked or understocked.

Inventory System Philippines tell you how many components or ingredients you need to create or assemble your final product. Without this information, you can end up with overstock, eroding your bottom line, or with insufficient stock to meet customer demand.

But while you will need an inventory management system, which one you choose is entirely up to you. There are countless different systems you can adopt, ranging from simple approaches to comprehensive solutions.