Being an OFW is not easy. In fact, there is no certainty. You could be sending dollars this month and then the following month, you are on your way back to the Philippines. This is why here in Balikbayad, we constantly push for financial freedom to help OFWs like you become sustaining even after your stint abroad.
There are many ways to do that. Investing your money is one way to grow it, but if you really want to sustain the lifestyle, then putting up your own business can be your ticket to success.
Here’s the thing: not all OFW entrepreneurs are successful in business. In fact, there are many who fail even before they reach their first year – and don’t blame it on time difference or distance between Philippines and whatever country you are assigned to. A lot of factors could attribute to such failure, including these five common mistakes:
Mistake No. 1: Unable to identify skills, talents, or something you love to do.
They say pursue your passion while others say focus on something you are good at. Regardless, your business should also be a reflection of you, which is why you are encouraged to identify first what it is that you really want instead of just jumping in the bandwagon.
Keep in mind that the most successful people are those who love what they do. Identify that one thing you want to pursue and work on from there. You will be able to enjoy what you’re doing if you love your business from the beginning.
Mistake No. 2: Getting into a business you are not familiar with.
There is a reason why OWWA requires Enterprise Development Training before you proceed with your OWWA Loan application. The EDT helps you determine the viability and sustainability of your chosen business and at the same time, give you an idea on what to expect and how to handle various business situations.
Therefore, don’t go into a certain business you are not familiar with. There are many training courses you can enroll at to give you an idea on how a certain industry works. Make sure to read tons of articles and watch videos about your chosen field to give you an idea on what to expect once you start your business venture. The more informed you are, the more capable you will be in handling the business.
Mistake No. 3: Lack of entrepreneurial spirit.
Getting into business can be promising, but the question is how serious are you in handling it. The more important question is do you have what it takes to be an entrepreneur?
Having your own business is not easy. In fact, one of the reasons why many OFWs fail in their ventures is because they are not prepared for it not just financially but also mentally and emotionally. You need to have that spirit and drive going in order to make your business grow. Otherwise, you might have a hard time sustaining your business for long-term growth.
Mistake No. 4: Lack of to no motivation to make the business grow.
You’re earning in dollars, your family is living a good life, and you are able to provide more than what they need. Why would you still want to risk your money and open your own business?
Well, for the simple reason that OFW life is not certain. Unfortunately, you don’t realize that – yet – because income is continuous. This explains why you are not motivated to make your business grow and become less aggressive in marketing it. This shouldn’t be the mindset because at the end of the day, there is a possibility that what you have might be lost.
We understand that there are financial constraints involved in opening a business. If you need working capital, Balikbayad is here to help. Send your application form online and we will get back to you as soon as possible.