4 Business Ideas in the Philippines for OFW’s (Even While They Work Abroad)
The Overseas Filipino Workers or OFW for short are considered as the country’s modern day hero. They do not only provide financial comfort to their immediate family in particular but are the biggest contributor in the economy (through their remittances) in general. However, if you think about it, these OFWs are only good as their last contracts and as normal human beings; they also get tired along the way. So, the fact still remains that the future is still uncertain. The saying, “Strike while the iron is hot” is very much applicable in their situation. Consequently, most OFWs are literally living alone in a foreign land and with this; they still can do a lot of other things. In their spare time they can engage in other opportunities that will generate additional income intended for the future so they will not be forever away with their loved ones. Besides, there is really no place like home.
Below are four (4) interesting and simple start-up business ideas that will help OFWs gain extra income while still working abroad considering that they do not have demands from family and friends. These exciting ideas only needs commitment, time and understanding but will surely guarantee a brighter and better future for you and your family. Read on and start thinking big after.
This is an interesting kind of business opportunity as it combines what you like (such as a hobby or interest) and an extra income. In today’s digital world, proximity is not anymore a barrier when one wants to engage in the exchange of goods and even services. Thus, think of unique products that can be of interest to a lot of people.
With the social media outrage, you would be surprise that you have already captured the world in your hands. Consumer products are a good way to start and remember shipping is never a problem. So, if a customer likes your products and services, he or she is ready to pay you in any way possible.
The Stock Market
To many, this may be a BIG word (indeed it is) but if you start from the basic, it is not that hard to learn (promise). It only takes a lot of patience and (definitely) a lot of readings and assignments to do. With correct practice over time, you will surely speak and understand the entire process. Investing money in the stock market is very much suitable for OFWs as this will only require you few and little resources as a start.
There are a lot of sites in the internet that will help you how to get started. You can even subscribe to e-books if you want to be scientific about it. Take note that this is also a kind of business, the more you take risks, the higher your returns are and vice-versa. The only question that you need to ponder before plunging is: How much am I willing to lose? Because gains are expected yet when one loses, the acceptance is hard. The windows for both are just the same. It all depends on you. The decision to give all in or not is on your hands.
But one thing is guaranteed though, if you want to invest, this one will give you higher returns as compared to only saving it in banks. When emergencies and challenges, arises, you are liquid enough to get hold of it. If all goes well, then bigger and higher returns are expected. This is a good way to prepare for your retirement.
Food Cart Franchise Business
To date, the country is getting significant growth in terms of this venture. This is also a way of honing the family’s entrepreneurial spirit which will eventually inspire each member to make it a family business. Franchising offers a lot of opportunity in terms of acquiring knowledge, skills, hands-on experience and exposure when it comes to the business world. This also develops the value of hard work, persistence and commitment as you grow together with your business.
The best part is that this kind of business model requires you to start small. With only around P25,000.00, you can already have a small food stall to start with. You can ask an immediate family member to help you get started and consistently monitor the operations and you will never know where this small business will take you.
It is always a popular knowledge, that when one is working abroad, he relatively earns a fairly good amount of salary that generates the ‘extra’ for the family. The trend therefore is to divert these ‘extras’ into acquiring properties with the belief that it will be an ‘investment’ later. However, this is not the case for all OFWs as these so called properties become an expense in the long run. Thus, education and training on property management or the real estate business must be a requirement before acquiring properties. If you think you understood the entire system, then this is the time to engage. Big returns are actually guaranteed if you know the ins and outs of real estate. You can even use this skill in influencing and guiding a fellow OFW to get the best deal in terms of acquiring a property. You are not only helping out but at the same time you are also earning on the side.
Commitment and Determination Expands Your Biz
These four recommended businesses mentioned above still requires capitalization and a lot of commitment and determination to make it big. The goal here is to help OFW plan on how to earn, save and eventually invest their money for their future. As most OFW will agree, it is not forever that you will want to work abroad. So, start thinking now.