Top 5 Business Ideas for Overseas Filipino Workers
For most of our overseas workers, enjoying the fruits of their sacrifice and hard work during retirement is already life’s greatest reward.
Sadly, many OFWs end up going home without a single form of investment and hardly any savings, even after many years of working abroad.
So if you’re an overseas Pinoy worker, or if you’re planning to leave the country to secure a better future for your family, there is no better time than now to make sure that your hard-earned money will not go to waste.
You can do this by saving a considerable and fixed portion of your salary monthly; investing in secure and reliable securities and money markets; or by venturing into a small business startup even while you’re still away from the country.
Here are our some business and investment ideas that we believe are ideal for Overseas Filipino Workers:
Buy a property
Investing in a home is still one of the best ways to ensure that your money earns greater value in the long term.
Aside from the constantly increasing values of real-estate, buying a property is also one of the most precious and lasting gifts any OFW can give to their loved ones back home.
Choosing the right kind of property, however, can be very tricky and challenging, especially since there are numerous real-estate developments in the country.
Moreover, many popular developers who are considered ‘dependable’ often charge much higher rates relative to the real current value of their developments.
Fortunately, there are now several new developers that design and grow land for the middle-income market and overseas Pinoy workers.
Lancris Residences is one example. Their new township set in a secure and peaceful village in Better Living in Parañaque offers spacious two-to-three bedroom units that are built to last and are affordable to most OFWs. It is also accessible to top schools, hospitals, and shopping and cultural attractions, as well as new business and entertainment districts like Mall of Asia and City of Dreams.
Property rental or Airbnb
As soon as you have purchased the right property, you can opt to immediately turn your investment into an income-generating venture by renting it out to friends, other families, or even tourists who frequent the Philippines.
Your rental income can help subsidize a large chunk of your monthly payment fees for the property, thereby ensuring that you earn additional earnings and passive income, even as you continue to work for your base monthly income abroad.
A new and fast-growing platform is Airbnb. This online rental community allows you to lease out your apartment or condo unit to tourists, as though it were a hotel room. Airbnb now enjoys millions of users and is considered a good alternative to pricey hotels by many tourists.
In addition, many property owners, especially those who have condo units in Makati, Taguig, and Parañaque, have now listed their properties on Airbnb to enjoy profits that are much higher than regular monthly rental fees.
Start your own food stall or restaurant back home
We all know that dining and eating out are some of the foremost pleasures of Philippine culture, regardless of market segment or location.
Filipinos love to eat, literally all times of the day, particularly in capitals or city centers.
Moreover, OFWs who have traveled extensively and are very familiar with other global cuisines are in a good position to parlay their culinary knowledge into successful food ventures. And with the growing focus today, especially among the youth, in trying out new forms of cooking, starting a food business, such as a food stall, canteen outlet, or small restaurant can be an ideal business startup for many OFWs. This will require much planning, coordination, and dedication.
But as an OFW, you have already sacrificed a lot to earn more income for your family. With a little more push and some extra hard work, you can start growing your seed capital today into a successful food business.
Aside from earning additional income, you also have a preoccupation to look forward to when you finally decide to return back home.
Another feasible business venture for many OFWs is buying and selling online. This used to be a risky and capital-extensive venture, owing to previously probative shipping and marketing costs. But in today’s digital world where advertising, marketing, and selling are actively done online using various digital platforms, any OFW can maximize the benefits of being in a foreign city by engaging in a small online selling business on the side.
Shipping fees and processes, moreover, are lower and much easier to track and accomplish today. You can start by selling particular brands that are hard to find in the Philippines.
As you get more and more familiar with the online market, you can begin to expand your transactions into an online store, or you can partner with some of the bigger online sellers to market particular products that fall under your expertise and interests.
Explore your creative passions
We all know the old business adage that one must always make a living out of what one truly enjoys doing. It doesn’t matter whether your passion is cooking, hair styling, or fixing old cars.
No interest is too limited, too obscure, or insignificant. If you truly enjoy working on a certain interest, hobby, or preoccupation, then you will continue to do it, even for free. And that’s where the beauty lies.
Since you are already passionate about this idea or creative outlet, then you similarly already have the fingertip knowledge to expand it into a formal business venture. All you need to do is to choose a concept or field of interest that you are most passionate about.
Any thoughts? We'd love to hear from you. Email us at email@example.com. If you are an OFW wanting to invest in real estate, connect with us so we could guide you immediately in acquiring a condo property in a strategic location.