Jefanie Genilla
Being an OFW is not forever. Eventually they have to come home to the Philippines to retire. But earning should not stop from retirement, nor should the income be solely their salary. OFWs can start a business, and they can apply for a personal loan in the Philippines for OFWs to use as their capital if their savings are not enough.
Being an overseas Filipino worker is tough: one has to work long hours, sometimes two or more jobs just to make ends meet and support everyone back home, not to mention the loneliness from being away from the family. Being money wise is important to secure the family’s future. Starting a business to supplement OFW income is a good way to do so.
Practical Business Ideas
There are several business ideas you can look into if you are planning to put up a business while you are working abroad.
- Food Carts/Kiosks. There are a lot of food carts and kiosks that you can apply a franchise for. They are affordable and require minimal capital and manpower to operate. You can place them in malls, groceries and wherever there are many people such as in parks and such. For as low as PhP50,000 you can already start a food cart business.
- Water Refilling. Clean drinking water is what every Filipino needs, so if there is not much refilling stations in your area, you can look into this business. You can even set it up in your home if there is ample space for a station.
- Internet Café. Internet has become a necessity for many, so you can’t go wrong with an Internet café. Although almost everyone has a smartphone or laptop/desktop computers at home, a café can still be profitable, especially if situated in a strategic location such as a school, where students can make their projects.
- Carwash/Machine Shop. If you are fond of cars, you can capitalize on your interest and put up a carwash or machine shop. You can also sell car accessories. You can create a network of your friends and acquaintances who also share the same interest as you.
Things to Keep in Mind Before Starting a Business
You cannot go into a business without having to learn about your target market, the location, etc. You have to make a feasibility study if your chosen business and location will be well-received by your target market. You also have to have knowledge of your chosen business venture. Since you will be abroad, you have to hire competent and trusted workers to do the job for you. Trainings may be in order to ensure a smooth operation.
Applying for a Loan
If you do not have the money for the capital, you can apply for a personal loan in the Philippines for OFWs to get your business up and running. There are banks and lending companies you can apply a loan from but they take more time and effort to apply separately. Your best bet is a loan comparison site such as Loansolutions PH. Their website, loansolution.ph is a one-stop shop where loan applicants can submit their requirements, get matched and wait for their loans to be processed.
Both land and sea-based OFWs can apply for one, provided these requirements are met:
- Flight details and ticket, to assure the lender that the loan can be repaid.
- Applicant must be under an agency.
- Passport
- Certificate of Employment
- Marriage Contract or Birth Certificate
- Seaman’s Book
- Copy of Payslip
- Latest Allotment Certificate and others
These are just some of the things that you have to take care of if you want to start our very own business. When you come home for a vacation, dedicate your time in looking over your business.
