What Business is Good to Start Today?

As we save up money in the bank, it's natural to think of ways to multiply our money by investing.

Many suggest that investing in mutual funds, bonds, stocks, or time deposits are the best place to put our money. However, if you want to multiply your money faster, starting a business could be another option. Depending on the type of business you start, you may be able to double your money in 2 years or less. But you can also loss them if you fail.

Higher return of investment yields higher risk. Lower risk investment also yields lower return. That is a fact. If you want to make more money you will have to move closer to the right side of the continuum and become a little more agressive in investing. Starting a business is risky but it can yield a better return when you hit the right opportunity.

What is the best business to start today?

I had been asked this question almost everytime I stand in front of people to talk about business. I could see the mindset expecting me to suggest a few of the many businesses operating in the world as if I were an expert about every business that stands: Restaurant, Pharmacy, Cellphone Shop, Pre-School, Lodging House, etc.

The truth is all of these businesses could be good or bad business depending upon the owner's personality, vision of the future, marketing and management skill, financial capability, discipline, commitment, and ability to identify the opportunity or the niche.

So the best person to answer this question is actually you. However, let me suggest a different mindset to approach this subject.

Begin by identifying the most critical need of a particular segment of people you want to serve. Then, think of a solution. And then, figure out how much will it cost you to provide the solution. And lastly, you calculate how much would people be willing to pay if you provide the solution.

The difference between the cost of providing the solution and the willingness to pay by those who need it as well as the number of people who need the solution spell out the kind of opportunity there is for you.

If you begin by choosing the array of business ideas presented to you and not think first about the people you will serve, you have actually jumped to the second step, which is the prescription of solution without going through the first step. I'm sure you would agree with me that it's odd to think of a solution when you don't know exactly what the problem is.

Rule of Thumb: No business can exist without being able to solve a particular problem or need.

Most often, people get attracted to a particular business idea because it made other people rich. So they start exactly the same business and fail and wonder why they failed. Why? Because they failed to understand the opportunity. The fact is the opportunity of others may not be our opportunity. We need to find our own opportunity in business--a need that we can fill or a problem we can solve that would yield an income for us.

To identify a need, I suggest you think about what irritates people, what kind of things people look for but scarce, what tasks need to be done badly that people are not willing to do, what process needs to be improved, etc. You would be surprised to see how much the world is in trouble and how simple the solutions are supposed to be. Not only that. You would also be surprised to see how silly are the solutions currently being provided by the current industry players.

In order to create an effective entry strategy you should be able to find the niche. But for you to be successful long-term, your solutions should fall under one or two of these three added values: faster, cheaper, and better.

Rule of thumb: No business can survive without constantly providing value added products or services.

So there you go. Start now to observe and investigate. Who knows the opportunity you had been waiting may just be right in front of you, also waiting for your attention.

If you want to start a business through franchising, be sure to start from the first step in your investigation process--what needs or problems are out there among the people you want to serve? The franchise business that can best provide the solution could be the right franchise for you.

How Do I Operate a Franchise Business Without Quitting My Job as OFW?

This is a legitimate question.

Aside from the fact that many things can happen in any employment, "there is no place like home". So a Filipino will eventually come home. It would be nice if there is a good business opportunity waiting at home so your hard earned money will multiply instead of vanish. You could also help create employment opportunities in the country.

But let's face it. It's risky to quit your job and start a business at home. What if the business fails? Could you still go back and enjoy the same employment opportunity you enjoy today? I hope so. But what if you can no longer go back? It would be a tragedy indeed. We've seen so many of this happen to our friends and relatives and it was heart breaking.

So I recommend you go ahead and buy a franchise. Statistics show that 90% of franchise businesses in the Philippines succeed while the same percentage fail in start up business within the next 2 to 5 years. This is because a franchise business has already put together a business concept that works, a proven effective system, and a support group among existing franchisees.

But before you buy a franchise, be sure you have a combination of these four factors to succeed:
1. The franchise company should have an online Management Information System to provide you with reports of the daily operation.

2. You should have the commitment to monitor the daily business' results of operation and to frequently communicate to ALL your outlet staff.

3. You should be able to have honest and capable business manager with whom you trust a lot.

4. Your Franchisor's support structure should be strong enough to support your daily business operation.

Information System
Having access to business information everyday will provide you with some level of control in your investment. Remember, knowledge is power.

Cellular City Franchise is an example of a franchise network that provides their franchisees with an information system that automatically sends report on a daily basis through the internet. Since the report is sent automatically, the data that the franchisee or financier receives is unaltered.

Aside from the MIS, the franchisor should also be able to assist you with setting up an Internet Banking account, if you still don't have one, so you can view the daily cash balances.

Commitment to Monitor the Results of Operation
But just like any other tool, the effectiveness of the system lies on how well it is used. If you do not watch the information and analyze them carefully, they're useless. Your commitment to monitor daily sales, inventory, people, and cash is an important requirement.

Aside from your franchisor, try involving other people to check your cash and inventory levels occassionally without telling your staff the schedule. Provide them with some data to base from. Remember that it's not what you expect that happens, it's what you INSPECT. Good system makes honest people honest.

But understand that no matter how many people you involve, the responsibility to monitor your investment lies on you.

If you have trusted people to work with at home coupled with an independent access to business information, you can establish a good investment control. You no longer have to worry about waiting for 6 months or 1 year to find out what happened to your investment, which in most cases is already in bad shape.

Trustworthy Partners or Employees
Fraudulent practices can surely be detected by practising tight control system. But systems are just good at that--detecting fraudulent practices effectively. They do not prevent a theft from stealing. So it is important to begin with honest people with whom you truly trust.

Responsible Franchisor
Your franchisor should be able to provide your frontline staff with the guidance to operate within the business concept and help them establish sales at desired profits. Find out about their franchise support organization and facility. Study their marketing strategy and how well they implement them.

Good franchisor will recommend you do not buy their franchise if you are not yet ready. Why should he do it? Because your success or failure is directly connected with him in a major way, unless the franchisor is only after for your money and doesn't care about your success. Bad franchisor will get you to buy their franchise no matter what.

So spend adequate time to get to know your franchisor. Know their background and talk to their franchisees. Existing franchisees can provide you with unbiased information that will be helpful to your decision to buy or not to buy.

But be careful with whom you take counsel from. I suggest you talk to the best performing franchisees who follow the franchisor's systems and advices. Problematic franchisees who do not follow the prescribed systems normally bad mouth their franchisor and would push you out from an opportunity that might just be best for you.

Be Involve in the Operation
With this set up you can now start your franchise business in the Philippines and be virtually involved in the operation like you were in the country with your staff. Communication to and from the franchisor or your own franchise staff is no longer a problem today, thanks to the internet. Long distance conversation through YM or Skype is now free anytime you want it.

So, yes. Why wait if you can start to build your franchise business now while you still have your opportunities abroad? The opportunity that you had been waiting for may now be knocking at your door.

For more information about Cellular City franchise offering, visit http://www.cellularcityfranchise.com/ .