11 Profitable Business Ideas for OFW’s
Overseas Filipino Workers (OFWs) play an important role in Philippines’ economy, making up to ten percent (10%) o0f the National Gross Domestic Product (GDP). Working in a global perspective, gaining experiences and a privilege to travel are some of the benefits of being an OFW.
However, the most common reason why Filipinos are trying their luck in other countries is the opportunity for a higher salary and the desire to give their family a better life. Here in our country, payday is a time for a night-out party with friends and colleagues, a time to go shopping, but not with the OFWs. It is usually their time to go to the nearest remittance center, sends their hard-earned money back home with a hope of giving their family comfortable lives; or also a time to fill in “balikbayan” box with gifts for families and friends.
If you are an OFW and had experienced that no matter how much you bend your back in providing for your family’s necessities, in the end, it seems that your income is still not enough. There are still many needs to be met. Well, maybe it is time to invest in businesses that can give you passive income! Yes, at first, it might be quite confusing, intimidating and fearful. There’s a fear of losing your money or fear of having no return of investment or no knowledge of what to engage to.
1. Buy And Sell Goods
Being an OFW gives you an advantage of selling imported products. You do not need to have a place to display your products because you can have it on a pre-order basis through the internet or your family. For instance, if you are in the United States of America, you can seel authentic NBA jerseys, Kate Spades bags, Victoria Secret’s lotions and perfumes, Mac’s Make up products among others.
2. Open An Online Store
Do you have a special talent? Are you expert in photography and the arts? Or do you like fashion and design? You can use your talent to earn money. Like for example, you can have your customized clothing and accessories, handmade bags and pieces of jewelry or wedding decors and have it sell online through Etsy. There’s money in doing what you love. A little creativity and a big confidence in what you are doing can bring you great possibilities. Amazon and eBay can help you make extra income.
3. Get Started In The Stock Market
Investing in the stock market will not require you millions of pesos. For as low as P5,000, you can start your fortune here. The important thing is you need to engage in a thorough study and research on how the stock market works. Just don’t allow your fear of taking risks to hinder you. There are numerous help, both online and professional resources that can assist you in getting started.
4. Invest In Real Estate
Real estate is a great investment if you know how to manage it. It is the kind of property that continues to appreciate as time goes by. Say, for example, you invested in an apartment complex. The monthly rental would assure you of passive income for your family, giving you an opportunity to save also and invest in other ventures.
The key factor in achieving sure success in this investment is by proper education on the “hows” of real estate.
You need to study what properties to buy, where the property is located, the market value and the accessibility of the place. Attend seminars about handling real estate business aside from your personal research on this subject. Don’t engage in this business unprepared and unknowledgeable.
5. Safely Invest In Mutual Funds
If you want little-to-no-effort-at-all investment, engage in mutual funds and unit investment trust funds (UITFs). Mutual funds and UITFs are managed by a financial professional. You can start your partnership with them with a capital of as low as P5,000.00. This is a great investment for an OFW because it is almost a hands-free on your part, giving you opportunities to invest in other businesses.
There are some financial institutions that require personal appearances in order to start a mutual fund or UITFs while others allow you to open overseas as long as you have an established savings account. If you are interested, you can check with your bank if they are into mutual funds or UITFs before leaving the country.
If you are really interested but doesn’t have enough savings, you can avail of a personal loan. You can use our cash loan calculator in finding options based upon your requirements.
6. Start A Recruitment Service
There is a high demand for Filipino workers abroad knowing their proficiency and skills in any field of labor. This is a door of opportunity for recruitment service business. This gives you a chance to refer individuals to companies who are seeking for skilled foreign workers.
It is an advantage on your part to open this kind of business if you have acquired a network of professional contacts during every travel abroad. Lest you forget, you need to get an accreditation from Philippine Overseas Employment Administration to run this business.
7. Open A Simple Sari-Sari Store
Sari-sari store is a common business venture in the Philippines. If your spouse or any member of your family is eager to work and assist you in providing for your family’s needs, you can invest in a sari-sari store. You can have it in the comfort of your home if you have space. You can sell basic necessities and even imported items. Make sure however that your place is accessible to many people. Get to know your target customers. If your place is near an office or a construction site, you can consider selling cooked food for snacks and meals. This is also a great way to let your kids involved in business even at a young age.
8. Easily Manage A Food Cart Business
Eating at any time is common for Filipinos. Whether one’s in a business meeting or just strolling around, eating will always be part of it. Food cart business is a good way to cater to this lifestyle. There are lots of food cart franchises around. You just need to consider the demand with regards to your location and customer’s preferences.
If you can afford, choose a well-recognized brand and an established one. It might be of a higher cost, but it is something the public would surely patronize. You will not need to advertise or convince others for the name of the food cart will already speak for itself.
The great thing about food cart businesses is that minimal labor is required to operate. You don’t need to hire many staff members so that would mean fewer expenses for salary. To generate high income, place your food cart business in a mall, grocery store or in places where there are lots of people. Just always consider proper sanitation and the right hygiene.
9. Open A Franchise Restaurant
To have a franchise restaurant as a business for an OFW is an avenue for higher income for you and your family. It is a proven and successful concept as long as you have the right management and good relationship among the staff and crew.
Rommel Juan, the owner of the infamous Binalot Chain restaurants, said “Franchises have a higher percentage of success than start-up concepts. This is because there is already a fixed system, the brand is established, and expertise already exists.
Franchising is working for yourself but you’re not by yourself.” He offers five top franchises to open under ₱500,000.00 budget including Lot’s a Pizza, Plato Wraps, Peanut World, Bibingkinitan, Chicharific, and RBX Rice In A Box.
There are many different franchises available, varying in a different budget. The more famous the name is, the more expensive the cost of its franchise. For example, Jollibee’s franchise is more expensive than a common carinderia, no matter how tasty the food in carinderia might be. The reason is, you are not just paying for the business but also for the name of the franchise which has proven itself for many years. So franchising is a good way to have your money prosper and grow.
Though a big responsibility awaits when opening a franchise, with honesty and right management, the income and success can compensate for all the sacrifices. There are online resources which offer helpful tips for starting a franchise and finding the one that best suits you.
10. Become A Blogger
Blogging nowadays is one way of earning. You can start your own professional blog if you have the passion for writing. You can express your opinion on a certain subject matter and target a specific audience on a regular basis. There are online resources offering tips on how to do the blogging.
Choose topics which you are passionate about. As an OFW you can write about your experiences abroad, the countries you’ve visited, the food common in that place, the tourist’s spot, tradition and practices and the people you met. You can write anything under the sun as long as your heart is in it.
Start promoting it with your friends to build a strong engagement. It might take you a while to be established, nonetheless, continue doing it and soon you will see that your patience and sacrifices will pay off. Then money will come in via advertising sponsorship and marketing affiliate.
11. Start A Travel Agency
Being an OFW exposes you to a life of a traveler. With this, you might consider venturing into the travel and tourism industry. You can start by promoting the country’s tourism. There are lots of beautiful places in the Philippines, many hidden paradises that are yet to be discovered. You can help boost the tourism industry by promoting what your country can offer and what benefits it could give to the tourists.
Having a travel agency, you can offer from simple services like booking of tickets and of tour packages and accommodation to a more complex like passport and visa assistance. The internet is a good means of marketing your business specifically the social media which can reach clients here and abroad.
Things To Think About
Time will surely come when you will stop working abroad and retire in your native land. When that time comes, your passive income will sustain you and your family. So as an OFW, you need to think of investing in businesses that can generate such. Be wise in choosing the right business for you. Study the pros and cons. Invest in businesses with lasting value. Beware of scams and fads.
Finally, do not lose heart if you don’t have sufficient fund to start. Many of the successful entrepreneurs did not have funds but they have the guts to take the risk by applying for a loan. There is always a way for those who have the will to succeed and win.