It’s important for us to spend our money wisely because we are not going to be young forever. There is going to be a time when the same work we can do now might not be viable for us in the future. Besides, who would want to be an employee forever?
As an OFW, let’s try to think about our future and learn how to invest in other businesses. Making the most of our free time, we can help our money grow beyond what our salary allows us. This will let us to save more and do more both now and for when we retire. That said, let us explore our options.
7 Business Opportunities You Can Consider as an OFW
Here are some good investment opportunities for you to earn more for your future.
1. Online Shop
What you may consider a simple hobby or an interest could be a good source of funds. You can turn that into another income stream through setting up an online shop. And when it’s convenient, you can rent a booth and sell at bazaars and conventions.
2. Recruitment Service
Many recruitment agencies are started by former OFWs aiming to help others into becoming OFWs themselves. For this, however, it is important that you start building your connections now. A good network is vital for this business to be profitable and reliable.
3. Travel Agency
Another business that requires good connections, starting a travel agency ⸺ especially with packages geared towards countries you are already familiar with ⸺ is another good way to utilize your status as an OFW. Start by familiarizing yourself with transport services and tourist attractions.
So many companies offer dealerships for products these days. Getting a dealership with a product means you can buy them at a reduced price for you to sell with a markup after. If you can match a product with a suitable market, this can be another good income stream.
When franchising an established brand, whether it is a simple food stall, a store or even a restaurant, it is important to study the franchise very well, and match that with what the market wants in the area you wish to cater to.
6. Real Estate
Buying and selling real estate is a lucrative source of income. With the right investments and sales, real estate is a popular business. Property value only goes up too so it earns even while dormant.
7. Stock Trading
What better way to invest in Philippine businesses than buying stocks? With thorough research, trading stocks is very profitable. With established major companies, it is even profitable to just buy them. Receiving dividends is a low-risk form of income.
There are many other ways to gain income streams. The possibilities are virtually endless. They can even rival or exceed the income of a job abroad. Earning money does not always have to mean eight or more hours of hard work, working for a boss. You can become your own boss, and take charge of how you use your resources.
The best part when you a have other income opportunities? You become in charge of your own time. But, that can only happen if you start making smart investments now.