Tue. Jul 14th, 2020
Domestic helper now owner of successful business

4 Important Things to Reflect for OFWs to Succeed in Business

Overseas Filipino workers leave the country not only to earn a living for their families but also keep some of their earnings as business capital. They know for a fact that working overseas offers no assurance of permanent income and investing in a business can be a great plan when OFWs return home.

Convert passion to livelihood

According to business experts, anyone has the potential to earn big from his or her own talent and passion. This principle works for OFWs with business minds and personal goals to progress. A lot of start-up businesses and new concepts emerge as technology continues to advance these days. Together with the Philippine government, there are OFW programs available to help former or returning OFWs choose the appropriate business suitable for them.

Improved spending discipline and controlled expenses

A good spending habit while working abroad can become a great head start before an OFW opens his or her business someday. An organized financial management is the key for any OFW business to prosper or even expand in the future. Business experts also expressed that OFWs should learn how to separate personal expenses from business funds allocated for business operations. Attending seminars, conferences or trade fairs is also suitable to increase awareness and to acquire more knowledge about business trends at present.

Focus on long-term development

It is a common knowledge that all business ventures have short-term and long-term goals. OFWs should make a plan on what they supposed to do first or what to achieve in the coming years. They are expected to become prepared and fully determined to sustain their hard-earned business for the longest time possible. At the same time, OFWs should not lose patience and be determined to add more investments or make room for expansion in the long run.

Stay for good

Personal business monitoring is still the most effective way to help an OFW business to be established. A former OFW must also be determined not to grab the opportunity to work outside the Philippines no matter how good it is. Leaving the responsibility of handling the business in the hands of family members will not be a good idea since it will only create operational problems and misunderstanding. Most successful OFW businessmen have opted to stay in the Philippines for good and be with their families.

Working in a foreign environment is not an assurance for a lifetime progress and sustainability unless the OFW plans to migrate later on. The Philippine government continues to extend assistance by providing programs specifically designed for returning OFWs.

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