How long have you been working overseas? Throughout the entire duration of your stay abroad, have you considered putting up your own business? If yes, then what do you plan to start?
The truth is you can’t be an OFW forever, which also means you can’t earn in dollars until you reach retirement age. Before your contract ends, you need to start something sustainable to ensure that at least, your daily needs are covered. This is why you need to consider entrepreneurship.
Check out these business ideas that you and your spouse can try for additional income:
Sari-sari store may be an age-old business idea but believe it or not, it is still among the profitable businesses out there. All you need is a space (it can even be in front of your house) and few thousands to buy your stocks, and you’re good to go. A sari-sari store is easy to manage and could be left in the hands of your spouse while you’re still working overseas.
Who knows, this sari-sari store could turn into a mini grocery business.
Aside from sari-sari store, carinderia business is another business venture you might want to consider. All you need is little capital and impressive cooking skills so people will go to you and buy your food products.
If you live near offices, then consider offering packed lunches. Establish your menu by Sunday, get orders from offices first thing in the morning, and have their orders delivered by lunch time. You might be surprised with how much money you could make from this business.
Do you have a property like old house or condo unit that you are not using at the moment? If yes, then why not turn it into a money-making machine through property rental?
Short-term property rentals through AirBnB are popular these days. It is cheaper and guests have more freedom to do what they want to do (like cooking means instead of eating out). There is also a high demand from traveling foreigners and millenials who are itching to go on a staycation, so make sure you take advantage of it.
You might have to shell out money for renovation because when it comes to this kind of business, looks are everything.
Food cart business are popular these days. In fact, there are companies who welcome franchisers by offering their food carts at affordable prices.
If you don’t have hundred thousands to spare, then that’s fine. You can put up your own food cart, look for a space with high foot traffic (like near school or offices), and sell there.
The key here is selling a product that is both yummy and affordable. You can try to make and sell siomai, burger, or hotdog in a bun. Serving lugaw orkwek-kwekcan be a good idea to. Don’t forget the drinks.
Online Retail Business
Online retailers are on the rise these days. This is because there are available platforms that allow you to sell products for free.
Still, the key in this business is offering a product that is not readily available in the Philippine market. If you could offer products from the country where you are working and sell it in the Philippines, then there is higher chance that you’ll land a sale.
Money Transfer Business
You understand how challenging it is to send money to and from the Philippines. You might want to take advantage of that by putting up your own money transfer business. If you feel this is a big leap, then you could franchise an established remittance center for assistance.
Just don’t charge skyrocket-high fees or else, people won’t go to you.
Which among these business ideas would you want to try?