Whether you’ve been in the business or entrepreneurship industry for years, or have just started toying with the idea of putting up a business as another (or sole) source of income, knowing the financial and economic trends could become a factor to how well your business could do this year.

In an article called “The entrepreneur’s gut feel for 2010” by Ned Roberto and Ardy Roberto for Inquirer.net, they discuss some scenarios that will most likely happen to the business sector that will affect both sellers and consumers. One such scenario is that from a wide perspective, money will continue to flow in from OFWs all over the world as opposed to what the World Bank predicted for this year, says economist Bernardo Villegas. In fact, there’s even an increase in remittances. Why? Because among all the workers laid off in a number of countries around the world due to the recession, Filipino OFWs are not among them.

Another piece of good news is that Banks are reporting that Filipinos are becoming more “savings savvy”. There has been a noticeable double-digit growth in savings deposits, which is indeed a good sign for us Filipinos who have previously been dubbed as one of the worst savers in Asia. On the spending side, ironically, trends point towards an increase of sales in luxury products this year. Particularly “feel-good” products will most likely be popular among middle class consumers, such as those affected by the recent flooding brought about by Pepeng and Ondoy. Concerts and movies are also predicted to make a comeback this year, so for music and film aficionados, this year looks promising (especially for those involved in this industry, sales are going to look pretty bright for them in this aspect).

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Are there some business ideas brewing in your head but not equipped with the necessary tools on how to get started? Entrepreneurs Accounting Academy is eager to help you out – register for our Entrepreneurship Seminar which we will be offering for free. All you have to take care of is a fee of 500Php (for snacks, lunch and training kit), and you will be receiving a comprehensive yet practical guide towards a booming career in entrepreneurship. In this seminar, you will be informed about all the necessary requirements needed to start up, manage and turn your business idea into an income-generating enterprise. Click here to register and find out more about this seminar.