Let’s face it: your work overseas is not forever. At some point, you have to go back to the Philippines because your contract expired or due to some other unfortunate circumstances. Whatever the case may be, one thing is for sure: you need to be prepared for it.
The question is how.
One of the most obvious reasons is to put up your own business, even if it’s still a small one – for now. The challenge now is how to do it to make sure that it will be sustainable.
Here’s how to start your own small business:
Step 1: Establish your business goal.
It’s not enough that you want to put up your own business. Every business starts with a goal. This will serve as your motivation and keep you guided on how you will manage and sustain your business as the months and years go by.
At this point, you should also know what kind of product or service you want to offer. This should address a specific concern in the market to be able to differentiate you from the rest of the entrepreneurs. Consequently, identify your suppliers and establish a good relationship with them as early as now since they will help you in making your business goal happen.
Step 2: Prepare your funds.
This is another challenge. Even if you have a brilliant idea that no one else thought of, the question now is how do you turn this brilliant idea into something more tangible.
Therefore, you will need funds or capital. You can take a risk and use your savings to put put up your own business OR borrow money from lenders, whether traditional banks or private lending companies like Balikbayad. You can also look for a partner to help you finance your business, although you have to be careful in choosing this one.
Step 3: Make noise in social media.
At this point, you established your business goals, identified your product or service, tapped a specific market, made friends with suppliers, and came up with funds to finance your business. The next step is to make your business known to the public, particularly in social media. This is the most convenient way to make you known because it is free and you will be able to tap your target demographic easily.
Tip: Choose one social media account and stick to it. Having too many accounts is not advisable especially if you are just starting your business.
If you prefer the traditional way of doing business, then find a location where you can make it happen. High foot traffic and commercial centers are your best options. Since you cater to a certain market, you can consider putting up your business near them.
Step 4: Develop your marketing strategy.
How do you plan to market your business? What strategies will you use to promote what you are offering to the public? What will you do to sustain your business? These are only some of the questions you need to answer to help you develop your marketing strategy.
READ: How to Write a Business Plan
Step 5: Review your business goals.
Here in Balikbayad, we believe in the potential and skill of every OFW. That is why we opened our doors to the OFW community to help in making sure that your dream to have a better and secured future. If you need extra funds for your business, Balikbayad is here to help. Send your online loan application now for pre-approval and we will get back to you as soon as we can.
Thank you for reading!