Each one of us aimed to have the best and provide a comfortable life for our family, even if this means sacrificing to be away from them. Every year, more Filipinos choose to work overseas seeking more opportunities and showcase their skills and talents in foreign countries. Undeniably though, the main reason why many Filipinos go abroad is because of the higher pay other countries offer for their services and a better appreciation of their abilities.
However, working overseas may not be ideal in the long term. Time will come that you will need to go home for good and realize that you have not earned enough to sustain your family’s needs. As early as possible, Overseas Filipino Workers (OFWs) are advised to attend financial literacy programs to learn how to grow their savings and invest their hard-earned money to attain financial freedom. By engaging in these programs, you get multiple ideas that have been proven to be profitable back home. While this is a good thing, it can be a daunting task when it comes to picking the right venture. As such, we’ve compiled the top business tips for OFWs to consider when it comes to setting up a business:
To decide on what business you will jump into, you should consider what you are passionate about. “Find something that you love doing.” – any business consultant or coach will tell you. If you love what you’re doing, you’ll shine, and so will your business. With this, you can apply your knowledge and experiences to help you set your goals. Here are some pointers for basic business concepts that you can invest in that will help you generate some passive income:
A sari-sari store is one common business venture that can start with a minimal up-front investment. Your relatives or family members can run the business at the comfort of your home, and that will save you on expenses related to manpower to space rental. The good side of this business is that your family gets involved, and family members can learn how to manage the business at a young age.
If you have special skills in digital art or photography, you can make money out of it. You can choose to sell pieces of jewelry, accessories, clothes, craft supplies, and decors to special occasions. If you are passionate about this kind of venture, you might get paid endlessly. You can also try out opening an online store for the local or international market to showcase your products.
Filipinos are food enthusiasts. Investing in the food business in the Philippines is a great way to profit from it. There are many food cart franchises available at affordable packages. You need to research how to run a food cart business and assess where to find the best place to put up to. It is suggested to go for a well-established brand for easy patronization and known places like malls and grocery stores with great foot traffic. This kind of business requires minimal staffing,
These are just a few of many business ideas to choose from.
In this digital age and as we are now living in a fast-paced environment, changes are happening every day. Your current situation, practices, and culture are more likely to be different from the Philippines’ setting. Before you decide on opening up your own business, make sure to upgrade, update and upskill yourself first about the latest trends in business by researching and studying the flow in managing businesses. Study on how to find the right market and sell your brand. Visit the mall and observe people on what they are wearing and where they are going. You can apply the current market trend you learnt while living abroad.
Now you probably have made up your mind on what business you want to get into: you have already observed, occupied, and strategize your business plan. The next step you will need to undertake is to get all the required documentation. You will need to identify the laws that govern businesses to avoid a hassle in running your business. This includes but not restricted to:
- Business permits
- Business registration with DTI or SEC
- Appropriate licenses
- BIR Clearance
- Business TIN, for tax purposes
Take note of the processing days and processing fees in filing these documents. For a hassle-free transaction, you might want to educate yourself by reading through their websites for more info.
You have to study the prevailing market to figure out what is lacking and then try to provide the best you can to fill that gap. This could range from an injection molding business that you can start to create all kinds of plastic-based solutions for the people around your area. It could also be something as simple as starting a delivery service for all the food joints in the area or even expand it a little to include grocery deliveries. You’ll never lack people who are looking to have things delivered to their doorsteps.
You need capital to invest and run your business. You may use your savings or get a business loan. Should you decide to borrow capital to invest in the business, prepare requirements for hassle-free loan approval. As we are currently battling a global pandemic, investing your capital is a bit risky, you may shift to online business which may prevent the risk of losses. By doing this, you will have lessened the expenses in advertising your business through paid ads like a billboard: with online marketing, you can reach out to potential customers using different channels.
Building rapport with your customers is a sure way to help your business grow. Social media apps will play a vital role here because apart from marketing your product for free, customers can inquire about the products you are offering. Be respectful in answering inquiries, despite repetitive questions that may be asked. Take good care of valued customers as they can recommend your business to their circles. Remember, one bad review may harm your business in the long run.
With these tips in mind, even the lowest-paid Filipino worker abroad can invest and have their own business back home. This can all be possible if you have a positive outlook in life, sacrifice a little to enable you to achieve those dreams and long term plans to have a better future for your families. Are you ready to start your own business?