5 Business Ideas for OFWs (While Abroad)
5 Business Ideas for OFWs (While Abroad)
Overseas Filipino workers (OFWs) are known to sacrifice a great deal just to provide their families a good life. In exchange for a brighter tomorrow, you lose time and miss out on special occasions—moments that could never be replaced—all for the sake of the family.
Though, the situation may be difficult, the Philippine Overseas Employment Administration (POEA), a government agency responsible for employment programs abroad reports that over one million Filipinos are working overseas.
In some scenarios, despite the hardships you have to endure, the salary you receive is not enough to give your family the life they deserve. Sometimes, instead of being away for only 5-10 years, you end up staying for 20 or 30 years more.
Fortunately, today’s commerce industry has changed, and you are no longer confined to operating in areas that are within the proximity. By venturing in other businesses on the side, you can earn a few extra thousands to support your family. You don’t have to establish a startup to do this.
In this article, we share with you four business ideas any OFW can do even while working abroad!
Selling on the digital platform is called eCommerce, and this trend is slowly but surely growing. In the Philippines, eCommerce revenues are expected to reach 1 million dollars by the end of 2016.
The Department of Trade and Industry (DTI) views eCommerce as a great equalizer of the market. It offers endless opportunities and opens a big business potential, even for those living outside the country.
Through the help of social media channels like Facebook, Instagram, or Pinterest, you can sell just about anything online. The most important thing to consider is the supply and demand of a product.
Ask yourself; is it available in the Philippines? Would it be more expensive to source it abroad? Can I sell it lower than other competitors?
If you think you have found a product that Filipinos will love and that only you can supply, go for it. What’s more is that you do not have to set up your own website. You can even auction it on online pawnshops.
Food Cart Franchise
Franchising food carts is a great business opportunity for starters, especially those who have limited- to zero-knowledge on running a business.
This kind of business model allows you to study the ropes of handling a business while ensuring a process or system is already in place. For P25,000 or lower (depending on the franchise), you get to
have a hands-on experience and exposure on how business operations work.
Real Estate (Buy and Sell)
One of the advantages you have as an OFW is foreign exchange. For instance, if you are earning in dollars, the amount you have is automatically four to five times its worth in peso. This gives you a comfortable leeway to invest in other commodities like real estate.
You can opt to buy and sell, where you purchase properties at their pre-selling price and put it up in the market once the value goes up. But, do not just buy and buy every real estate property offered to you. In the long run, your investment could turn into underutilized expenses. So, study the market well before jumping in the game.
All you need is a computer, an internet connection, and a creative writing voice to start your own blogging business. With blogging, you can start anywhere in the world.
Bloggers earn through advertisements, sponsored posts, or affiliate marketing. Working overseas is already an advantage because you get to find unique inspirations.
Since the job entails you to travel and be away from the Philippines, why not monetize on the experience?
You can establish your own travel agency to help promote your country. Just include booking and ticketing services, hotel reservations, and tour itinerary planning.
Do not let the distance wear you down. Instead, try to make the most of your home away from home. You might be surprised just how many opportunities are waiting to be opened.
As the more you invest in the future, you can reduce the time you need to be away to reach your financial goal. Start building your own dreams today.
is a consultant for PawnHero.ph, the very first online pawnshop in the Philippines.
A writer at heart and a social media enthusiast, she finds personal finance, investment and money matters interesting topics.