What Is A Good Business To Start?

"What is a good business to start?"

This is one question people often ask me. I remember asking advice way back then from my relatives. My dad and uncles said, "If you want a constant and steady type of business, go for what the people need, like food or clothing." Good piece of advice from them if you want to be sure that you will have a steady stream of customers. But is that a guarantee?

Yes, food is a good business to go into. However, I can't overlook the fact that a lot of restaurants which look promising close down due to inefficient business systems, high rental costs and fierce competition.

The garments industry is another good business. People need to wear clothes everyday, and the women in general are very particular in terms of keeping up with the fashion trends. The downside? If your brand isn't as popular to create a stir in the high end market or you can't compete with the low prices in 168, Baclaran or Divisoria, your chances of being wealthy in this industry is slim.

So what is a good business which can give you a significant amount of profit?

There are lots of specific businesses which can do so, but let me emphasize an amazing tip we often hear from our Marketing or Economics professors: In starting a business, capitalize on the market trends. And the ones dictating the biggest trends: the Baby Boomers.

The Baby Boomers are people born between 1946-64, and based on research, are 1/3 of the entire human population and control 65% of all the money. For more information and tips on good industries to target the needs of the Boomers, please watch the video below.