Overseas Filipino workers (OFWs) fly abroad to seek for better financial opportunities that would fit the needs of their families. However, not everyone is lucky to earn enough to send to their families in the Philippines.
In many instances, they earn good money but fail to invest it wisely to have better chances in attaining financial stability in the future.
One way to earn more money for OFWs is through venturing in businesses.
Here are some ideas OFWs can try and see if these ideas would fit your style!
1. Buy and Sell
In the social media era, online stores have become huge means to shop. If you’re an OFW, you can try selling imported goods online since some items are relatively cheaper overseas than in the Philippines. You can sell cellphones, clothes, shoes, etc. and advertise them through your Facebook account or you may also set-up your own Facebook page for your store.
If you have a hidden talent, maybe it’s time to show it to the world. You can sell handcrafted accessories or household decorations.
2. Invest in stock market
Investing in the stock market is not necessarily a self-owned business, but it is also a good way to earn some extra cash. The term “stock market” may be hard to process at first but through research, you can learn the basics of the industry. Moreover, you do not have to invest big right away. You can start with a small amount and maybe ask help from professionals who offer their services online.
3. Franchising
Through the years, franchising has become more and more popular in the Philippines. The idea of franchising in a nutshell is “buying” the right to sell the goods of an already established business. Many of these franchising business are food carts. The tip is to study the market first, then seek for business that offer the needs in your market, find a very good location, and earn extra money.
Another advantage of franchising is that it requires minimal effort to operate since the owners of the brand will provide your needs as a franchisee.
4. Bank your money
This is another form of saving money rather than putting your money on business. Despite this, putting your money on bank is also a good way to earn money, although it usually takes longer time to come to fruition. In a few years, your money will grow in the bank compared to keeping a piggy bank . Not only is it prone to being stolen, it will also not grow.
Nowadays, OFWs need to be wiser. You would not want you hardwork to go to waste nor would you want to be an OFW for the rest of your life. Investing in businesses would be a good way to start achieving that secured financial life.
