How many times have you heard of the term “financial freedom?” Surely, several times, Here at Balikbayad, we always emphasize the importance of attaining this because we want every OFW to live comfortably even after life overseas.
There are many ways on how you can achieve that. Investing your money in UITF, mutual fund, or stocks is a good option. In case you want something that is more sustainable, you might consider opening your own business.
Check out these business ideas you can try this year, both in and out of the Philippines:
1. Online selling of RTW clothes
Everybody needs clothes because everybody needs clothes to wear. Why not capitalize on that by selling clothes that you can find in the country where you’re working? You can stick to basics – shirts, shorts, skirts, or dress in basic colors. Ask your customers for suggestions and look for them. Who knows, this could lead to something bigger.
Tip: Consider selling clothes and shoes for kids. Mothers are more willing to spend on their children than themselves.
2. Discounted authentic perfumes
Unfortunately, perfumes can be expensive in the Philippines. Malls are taking advantage of the people’s need to smell good, so they charge a higher amount since people will always buy. This can be a good business to start with by offering perfumes that are more affordable.
It would be great if you can find a supplier in the country where you’re working. Otherwise, you can buy perfumes in stores and sell it online for a slightly higher fee (but make sure it is still cheaper than the ones sold in malls).
3. Food catering
Do you love to cook? Have you perfected several dishes that people can’t stop raving about? If yes, then use your skill and turn it into cash by starting your own food catering business.
You can start by sponsoring food during your get-togethers with the Filipino communities or parties. Leave your contact details so that people can reach out to you. Post your food offerings If you find food catering a bit overwhelming, you can try packed lunches first and sell it to your colleagues. This can be a good start to grow your catering business.
4. Handicrafts
There is something about homemade products that makes it appealing for customers. The idea of turning “junk” into something useful or products crafted by hand will always have a special place in people’s hearts. If you have that skill of making something out of scrap, then go ahead and give handicrafts business a try.
Keep in mind that when you start this business, the burden, time, and effort will fall on you. Maximize your downtime and post your finished works on social media. If the company allows it, consider selling your items to your co-workers. Make sure you leave your contact number so people will know who to call when they want to buy more.
5. Food cart
Let’s face it: starting your own business from scratch can be overwhelming and stressful. If you don’t know where and how to start or still figuring out what type of business you should try, then consider franchising a food cart.
Here’s the thing: people will eat – all the time. Maximize on that by selling food and/or refreshments. Known brands like Potato Corner offer franchise to start-up entrepreneurs like you at an affordable price. Still, the key here is to find a location with high foot traffic so people can see you easily. The best part is your family can manage it even if you are abroad.
READ: What you Need to Know about Franchising
What business would you like to try this 2018? If you need additional working capital, Balikbayad is here to help. Submit your online loan application now and we’ll be happy to assist you with your cashflow needs.