How OFWs can Stop Working and Start a Business?

Are you an overseas Filipino worker planning to go home for good and become an entrepreneur?

If you are, congratulations! You’re about to take a big step towards a happier and more stable future free from homesickness. As one of the country’s modern day heroes, you deserve the bright future you are about to build. And to help you move one step closer to your goal, here are a few tips. how-ofws-can-stop-working-and-start-a-business

When you come home, do not splurge. This first one should go without saying. Many OFWs are unable to pursue their entrepreneurial dreams because of their own spending habits. If you want to grow your savings or build healthy credit to take out a business loan, it’s time to get serious about your finances. Learn to differentiate needs from wants. Instead of splurging every time you visit the Philippines, focus on your business goals. That should enable you to avoid unnecessary expenses and enjoy the simpler joys of life such as spending quality time with your family.

Start investing. No matter how small, putting a chunk of your income into an investment vehicle will help grow your wealth faster. Unit investment trust funds (UITFs) and mutual funds are excellent programs because they are quite easy to understand. From there you can work towards more complex vehicles like real estate, which can also become a source of passive income. Be sure to work with a trusted financial adviser who will consider not just your entrepreneurial goals, but also your risk tolerance and time frame.

Think long-term. You need to have a long-term mindset. Focusing on short-term goals can guide you to make smart financial decisions in the present, but what happens when you finally achieve them? To build a solid foundation for the future, you need to focus on long-term goals as well. What will you do when you stop working overseas and go home for good? Find a balance between your future and your present self.

If you’re still looking for OFW business ideas, try these:

Travel and Tourism – Since you have overseas work experience, you are in a uniquely great position to find more tourists for the Philippines. This type of business will open up jobs for local tour guides and travel specialists.

Real Estate – As I mentioned earlier, this is a good option if you’re looking for passive income. You can make quite a fortune selling and renting out property in the Philippines. This industry is known for its competitiveness, so don’t venture into it unprepared. Aside from attend seminars and training programs, you might need to obtain a broker’s license.

Franchising – Becoming a franchisee of an already successful company is a smart decision. Many OFWs invest their savings into a franchise because it’s a safe route that allows them to learn valuable entrepreneurial knowledge from franchisors.

E-commerce – This type of business is booming now that more Filipinos prefer to buy goods and services online. It typically doesn’t require as much capital as most business and can be done almost anywhere if you have a stable internet connection. With social media, you can communicate with suppliers, partners and customers as easily as brick and mortar stores.

Entrepreneurship is without a doubt an excellent path for OFWs who want to go home and reach financial prosperity in their motherland. Once you have the necessary capital, knowledge and skill set to venture into the industry you want, success will be just around the corner.

 

About the Article: The article is a guest post from Kash Avena. Kash has been with Loansolutions.ph in marketing and business development roles since 2014. Now based overseas, she is happy purveyor of financial literacy for OFWs and their families.

P.S. Have you grab our free e-book entitled “How to Understand OFWs and help them go back home”?, If not yet, grab it here

PS. We are opening again our Workshop for OFWs who wanted to know more on how to go back home. We will be conducting again a one-on-one Workshop for those serious kababayans. Read more here: The Five Year Plan Workshop

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