Working overseas is one way Filipinos earn more for their families. The plan is for them to work abroad in order to save up enough cash and then go back to the Philippines to be with their loved ones. This means that there is no room to be complacent. After all, what you’re earning now is only as good as the effectiveness of your employment contract.
Looking on the bright side, there are some things you can do to ensure a continuous and steady stream of income for your family. In this article, we’ve listed 8 business ideas you can invest in and then make your money work for you. Who knows, if the business works out for you, you don’t need to go overseas anymore.
1. Online Shop
What you can sell is endless. You can start by showcasing the products from your hobbies or interests and then selling them through various channels online. Take advantage of the Internet and social media to reach out to people and make them aware of your product or service. The good thing about this is you’re able to do something that makes you happy and make money out of it at the same time.
2. Food Cart Franchise
This business is a great way to start if you’re interested in doing food business. You don’t have to worry about the business concept, what dishes you’ll be serving, and rent out a big space where your customers would dine.
A Php 25,000 investment allows you to start your own food stall. A business like this can also help you develop and experience entrepreneurial and managerial skills while earning a steady income from your work overseas. Keep in mind that selecting the location and the food stall for the franchise is crucial, so make sure to weigh your decisions.
3. Buy and Sell
If you don’t have the privilege of time with your work overseas, buying and selling of goods can be a great option to help you earn extra. You can do this by buying items from the Philippines such as Filipino delicacies and selling them to the country where you’re working, or by buying imported products and having them shipped to the Philippines.
One thing to consider if you’re looking into doing this business is you might need some extra hand for the inventory of products and logistics for shipping.
4. Sari-Sari Store / Mini Grocery
A sari-sari store is present on every street here in the Philippines. It may be common but it definitely adds a steady stream of income to your household. The business can easily be managed by you (when you’re in the country) or by your loved ones.
5. Room for Rent
If you happen to have an extra room in your apartment abroad, why not rent it out for your fellow OFWs? You can save more with the rent money you’d be receiving and there is little to no effort with this side business. Just make sure to do the proper background check before accepting any roommate.
6. Food Retail
So, you feel like franchising is not really your thing. Fear not, you can still invest in your own food business. For starters, you can set up your own criteria or consider delivering food to various business establishments. Baking goodies is also another option, especially if your family has skills with pastries and cakes. If you’re more of a risk-taker, venture into a food business by opening your own stall or restaurant.
The laundromat business is another fast-growing business idea here in the Philippines. A few years ago, we only had the serviced laundromat but most recently, more and more self-service laundromat businesses have started to pop out. This type of laundromat offers the advantage of cost since it’s a lot cheaper to use self-service laundromats than serviced ones.
8. Stock Market
Believe it or not, investing in the stock market is not that complicated. There will definitely be reading involved to help you understand how the system works but over time, understanding how it works can help you see the results of your investment. Similar to other businesses, be patient should you choose to invest in stocks. Make sure you won’t invest all your hard-earned money into stocks as well.
These are just 8 business ideas for Filipino OFWs to earn extra money. Choose a business that you or your family can handle and give the business enough time to earn. It’s important to be patient. Return of investments doesn’t happen overnight.