5 Great Business ideas for OFWs
Habang nasa abroad ka, you have to think ahead and plan for your future so you can continue to provide well for your family.Habang nasa abroad ka, you have to think ahead and plan for your future so you can continue to provide well for your family.
As OFWs while still working overseas, we can start a business and get our loved ones involved, as long as they are capable, willing and honest to help run the business.
Here are five (5) investment ideas for OFWs, from OFWInvestments.com, either returning for good in the Philippines or continuing their work in the host country.
Agriculture / Aquaculture supply store
A store where a farmer / fisherman can buy all of his needs for crops and fishes; feeds, fertilizers, pesticides, supplies for technical support. Although engaging in this kind of business may need you to go through some orientation and seminars on how to run it, how to sell products and how to provide know-how to your customers. It will be a profitable business because there is less competition.
Travel and tourism destination Philippines
Former OFWs are reliable persons to start a travel and tourism business, showcasing the beauty of the Philippines. Their OFW experience overseas can be the basis for this kind of business. It is important to choose the right partners to make your travel and tourism business prosper. Be active also online and in social media. Having a reliable internet connection is a must.
Services like laundry shops, carpentry, plumbing, cleaning, housekeeping, electrical among others are very much in demand in the Philippines. OFWs can either get a franchise or start one that provides the same services.
OFWs can start by buying properties and then selling them eventually. Although familiarity and personal connections are good factors in selling real estate, it is still best if the proprietor of the business trains for a broker’s license. Earning from referral connections is possible too.
Buying an existing business and making it grow
This is highly recommended for former OFWs staying in the provinces. There will always be some business to which they have a passion for. It is wise to check what businesses are up for sale and which suits your capital.
It is important that if you intend to venture into this kind of business, you should go to great lengths to train and orient yourself and your staff on how to operate the business.