Are you an overseas Filipino worker planning to use your savings or take out an OFW business loan to start an entrepreneurial venture? If you are, then you’re on a good path towards financial growth.
Investing in a business in the Philippines while you work abroad is not just a smart move to grow your wealth. It’s also a worthwhile way to pay back your motherland for all her blessings.
With the knowledge and experience you’ve been gaining overseas, success will surely come when you try any of these lucrative business ideas.
Online shopping is now more popular than ever, with more and more Filipinos opting to buy goods and services over the internet. An e-commerce venture typically doesn’t require a lot of capital and you can sell anything from furniture and appliances to jewelry and apparel.
Online selling can be done anywhere with a good internet connection. Thanks to social media platforms such as Facebook and Instagram, you’ll be able to interact with customers, business partners and suppliers as easily as any brick and mortar establishment in the Philippines.
2. Travel and Tourism
You are in a uniquely advantageous position to start this type of business. You understand what foreigners are looking for in a travel destination. You know global quality standards. A travel and tourism venture may require little capital, but it’ll open up a number of job opportunities for Filipino tour guides and travel specialists.
3. Manpower and Recruitment
A placement agency might be difficult to establish and expand if none of the proprietors have work experience outside the Philippines. On the other hand, OFWs with years of experience may have an easier time connecting foreign companies with Filipinos looking for overseas employment.
If you put together a team that can handle networking, scheduling and coordination, you can build a bridge between the Philippines and countries like Hong Kong, Singapore, the United States and Canada. Just make sure your company will be duly accredited by the Philippine Overseas Employment Administration (POEA).
4. Real Estate
If your income and savings allow you to safely invest in real properties in the Philippines, a real estate venture may be for you. You’re in a good position because you may know some OFWs in your circles who are looking to purchase property in the country. This type of business may require more time and commitment than other ideas on this list since you will need to be well-versed in the intricacies of real estate. Getting a broker’s license will also help.
This is without a doubt one of the safest entrepreneurial paths. Many prospective Filipinos who work overseas prefer franchising because of its unique perks. Franchisors usually handle most of the legwork – they teach franchisees the ins and outs of running the business and see to it that all bases are covered. Franchising puts you in a unique position where you can learn a lot from experts.
Aside from making time for training sessions and seminars, perhaps the biggest challenge for prospective franchisees working abroad is finding the right franchisor. Since you’ll be overseas most of the time, you need to find a company that’s dedicated to guiding its franchisees in every step of the way.
Article by 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.
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