Working abroad usually means improved living standards for OFW families. The higher salary offered oversees is incomparable to the salary rates in the Philippines. This is what usually attracts Filipino workers to use their talents and skills somewhere else; it sends the children to school, pays the bills and provides a little luxury on the side.
If you’re an OFW, chances are, you don’t want to spend your working days away from your family forever. Luckily, you have the option not to. Your family back home can start doing efforts to secure the family’s long-term sustenance by putting up a profitable business. As you earn money, they can generate income, too. This will require the family’s full cooperation, commitment, and dedication. The time may come that you won’t have to leave for abroad anymore.
Here are some exciting business ideas for OFW families.
A food business is always a good idea as Filipinos always love to eat. A small and affordable restaurant or a carinderia is a good start off point. The crew can even come from the family. You can also consider meat, fruits, and vegetables for dealing.
Franchising an existing food business is a good source of income as well. It might be more costly, but the brand recall will help you bring in customers. The cheaper alternative is investing on an established food cart. The cost of a food cart ranges from 30,000 to 300,000 pesos.
Clean and purified water is a necessity for every Filipino home. This demand created a good business opportunity for water refilling stations.
The capital investment for a water refilling business will include costs for the machine (approx. 250,000 pesos), store renovation of at least 20sqm (75,000 pesos), delivery service (75,000 pesos), initial supplies (bottle slims, bottle rounds, heat gun, stickers, etc. = 40,000 pesos), business permits and other legal documents (10,000 pesos), totaling 45s0,000 pesos.
Real estate in the Philippines is a low risk and rewarding venture. OFWs who saved enough money to buy properties can penetrate the industry and be a property leaser. The property can bring income through rent and can also be used as a venue for family vacations. It will require diligence to know which properties are good buys, and OFWs will need to build a network comprised of people who might be interested to buy properties.
Buy and sell
With social media and the internet, it’s easier to peddle goods and services. You can avail of reseller rates or wholesale prices when buying in bulk. The main thing is to find a supplier and an efficient delivery service provider. Other options are selling clothes, makeup as well as tech gadgets and accessories. With an OFW family member, you can also buy designer items and original branded items abroad and sell these online at a higher price.
Souvenirs and other trinkets are always present in every Filipino occasion. For this, you can use printed mugs, t-shirts, and even key chains. A small printing service can live up to that demand and it requires a capital of 20,000 pesos or less. A good supplier and solid market niche is a key to this. If you live near a school, you can set up a printing and photocopying business.
While it’s sad that Filipinos need to be away from home to support their families, they don’t have to for long. OFWs and their families can and should work together to build a better future for themselves. This can be achieved with a little innovation, and by being resourceful.