11 Tried and Tested Business Ideas for OFWs

“Bagong Bayani” (new heros) – that’s what we call our overseas Filipino workers (OFWs). Indeed, they are. They contribute about 10 percent of the country’s gross domestic product (GDP). That’s quite a lot!

Being an OFW is not easy. OFWs have to endure being away from their families and the insecurities a foreign land, a foreign culture, might present. But the quest for a greener pasture and the desire to improve their family’s’ condition back home motivates OFWs to face the uncertainties of working in a foreign land.

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Payday Fridays mean differently to OFWs that it does to us who work here in the country. Payday Friday is not an opportunity for a lavish night out on the town. For OFWs, it means taking a trip to the nearest remittance center to send the hard-earned money back home to the Philippines.

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Indeed, the money our OFWs send back home is hard-earned. So, it would be unwise not to make something out of it.

Are you an OFW? Or, is your relative or are your relatives, OFWs? If you think your income as an OFW is not enough to help your family live comfortably, or if you want to make much more from what you earn abroad, maybe it is time to seek out other investments for you to earn some additional income.

Yes, starting a business or investing your hard-earned money can be quite intimidating or scary at first. But such is life. You have to take risks. But do so with enough safety nets.

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Sp, in this article, we will provide you with practical choices that you can consider as your next investment venture. Here are 11 good business ideas OFWs can try.

1. Buy And Sell

Buying and then selling goods is a great way to make some additional income while working abroad. You can sell imported products to people back home in the Philippines. And you don’t need to start big with these. You don’t need a big inventory to start selling.

Start by selling on a per order basis. Just be sure you have someone in the Philippines who can manage the logistics for you, i.e. deliveries and whatnots.

If you are stationed in the United States, you could sell authentic sports jerseys or makeup products to fellow Filipinos back home. You could advertise your storefront via social media, social media ads, and word of mouth from friends and family.

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2. Open an online store.

Do you have special skills or talent? Say, photography? Art? Writing? You can use your skills and talent to generate some passive income. For artsy people, setting up a storefront on Etsy should be easy. You can sell clothing, accessories, handcrafted jewelries, craft supplies, and decors among others there! If you love to write, you can write an ebook on topics you love and know about and sell the book on Amazon. Try Amazon Kindle Publishing. If art is not your passion, consider opening an online storefront on Amazon or eBay, where you can sell almost anything imaginable.

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3. Invest in the stock market.

You don’t need millions to start investing in the stock market. As a matter of fact, you can investing online for as little as 5,000 pesos. A word of caution, however: If you want to success in the stock market, you have to be diligent in studying how it works. Do your research in order to gain the basic knowledge necessary to make good investments.  There are plenty of resources online; you can also talk to investment experts.

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4. Invest in real estate.

The thing about real estate is that it’s worth does not depreciate. Generally, your real estate assets’ worth increase over time. Investing in real estate, if done right way, can be quite profitable.

Say you managed to get a condo unit or an apartment. Have them rented out. Monthly rent generated by your rental properties will help support your family back home, and could even provide you with an opportunity to save and invest in additional ventures.

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As always, before you start investing in property, learn as much as you can about how investing in real estate works and what the industry looks like today. Not all property yield revenue. So, make sure you acquire a property that can be profitable.

So, before you purchase any property, make a point to attend some sort of real estate training course, or conduct thorough independent research to gain insight on how to be successful in the real estate business.