Working overseas is not forever; at some point OFWs have to go back to their homeland and settle down for good. While they are willing to work thousands of miles away from their hometown, given a chance, most OFWs will definitely save and invest a hefty sum of what they ‘ve earned and will choose to reside here with their families.
Though it will be a huge leap for them from being employed to self-employment—not to mention the sheer amount of money that needs to be invested—what are the possible entrepreneurial vehicles for overseas Filipino workers who want to come home for good?
When it comes to appropriation of their salary, most OFWs will definitely want their extra money to be invested wisely, and majority of them invest their money in properties believing that staking money in real estate is the wisest thing to do. However, little did they know that their properties are just sitting there and an added expense due to real property taxes. Through proper knowledge about property management, OFWs can turn their idle properties to income-generating tools. Depending on the location and size of the property, owners can turn their investments to residential, recreational, commercial, and industrial ventures.
Another possible way to earn with real estate is venturing the industry as a real estate broker or property manager. These opportunities will allow OFWs to become middlemen who can deliver products and services to people who need them the most. However, brokerage requires training and certification to fully understand the ins and outs of the business.
The food industry encompasses a wide variety of business—from a humble ten-seater eatery beside a school to a posh restaurant in the metro—and it is one of the most lucrative business ventures. Since food is a primal need for humans, it will never lose appeal to customers. However, a lot of OFWs who go to the food industry fail to grasp what the people actually want and simply just jump the bandwagon of food trends instead of offering something new or pushing the boundaries of the culinary world.
There are two ways OFWs can start dabbling in the food industry. For people who are more adventurous and want to offer something new to the public, they can open their own joints. Albeit risky and tumultuous in the beginning, this venture can become profitable within a year or so depending on the effort. Another option for those who are not willing to take risks is to buy a franchise from a renowned company. It will be easy for them to penetrate the market since franchisors will aid them on the how to’s of running the business.
Training Centers and Placement Firms
Over the years, OFWs have picked up tools of the trade that will help them in creating future generations of workers who will continue to fill in the demand for workforce around the world. Since these skills are invaluable, they can pass these skills and competencies by opening training centers and placement firms for OFWs. Aside from being a good business opportunity, these types of company allow people to become instruments of employment to other people as well as bridging the gap between employers and employees.
Usually, skills training and job placement are both offered by a single company, and these companies coordinate with labor agencies overseas to look for potential job offers. Since OFWs already have the know-how when it comes to working overseas, they can share their techniques to ease the transition period of potential migrant workers.
When people say franchising, a lot of them primarily think of food stalls scattered around the pedestrian-congested parts of the city. While food may be the most common franchise available, franchising offers opportunities for different solutions like lottery outlets, pharmacies, convenience stores, and others. For OFWs, buying a franchise allows them to have a business setup that is basically pop-up one.
Usually, franchise owners will help buyers in every aspect of the business, starting from training personnel, acquisition of necessary documents, logistics, and others. While there are franchises that can be acquired with modest capital, bigger and more prominent brands require millions of pesos for the initial investment alone. However, these brands are renowned and the probability of success is much higher.
Travel and Tourism
No one knows traveling better than OFWs, since they have already been in and out of the country countless times. Aside from traveling for work, most OFWs who come home also take a break in different parts of the country to savor the few weeks of vacation they have with their families. Since travel and tourism is such a lucrative business, OFWs can take advantage of this because, after all, they know traveling better than anyone else.
Tourism in the country is continuously growing for both local and international. This is a good take for those OFWs who are exploring for opportunities. There are many ways if they want to venture this industry. With the rise of low-cost tourism, the demand for affordable accommodation and transportation follows. Finally, people with huge properties can convert their idle lands to resorts, hotels, and even restaurants. Sky is the limit when it comes to satisfying tourists.
These are just some business ideas up for grabs for OFWs. With enough determination and persistence in learning the trade as well as being financially smarter, any overseas worker can succeed in whatever business venture they enters.
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