OFWs find a job abroad for a variety of reasons. For one, you can earn more than what you would if you find a job locally. Second, you can give your family a better life because of your earnings.
Because working abroad is not forever, finding another source of income while you are still strong could be on your mind. Thus, you would want to set aside a portion of your salary to have a capital for your business. Now that you have the capital, do you know what to do next?
Disclaimer: The information posted here is based on the personal experiences that the OFW shared on the video. Please let this post serve as a guide only. If you have specific questions, you may ask the OFW by commenting on their video on their accounts.
Setting Up and Succeeding in Your Chosen Business
For most of us, having enough capital for the business is the only aspect to hurdle. Thus, while working abroad we will set aside our money and come home for good when we have saved for the capital.
In this YouTube video from Pause, Pray, Simplify, we will learn some valuable insights on how to go about starting and managing a small business.
At the beginning of the video, the vlogger’s husband expressed the sentiment that most of us did not have training in putting up a business. We did not have this lesson in school, because we are mostly geared to become employees.
The couple also noticed that most OFWs have an idea about putting up a business but they do not have a concrete plan on how to go about it. For instance, they don’t have the exact figure of how much they need or what kind of business venture to go into.
Our vlogger, Janice, then shared their lessons as they go about in putting up their businesses while they are still working abroad. Take note of their journey and see whether these apply to you:
Study before starting the business
According to our vlogger, most OFWs have no idea about the business they want to do. If they have the needed capital, they feel that they can start. But the proper way of doing it is to study the business while you are still abroad.
Specifically, you should take note of what your interests are and what is currently in demand. You should also be able to determine where you want to set up your business. It is also important to determine how you can generate income, also known as the business model. You should also know whether you will offer a service or a product.
These are the details that you need to answer even before you start your business. And if you don’t have enough knowledge about your proposed business, you should take time to study it.
Master your carrier
It’s also important to know who will manage the business while you are still abroad. Identifying your manpower will go a long way because they will run your business even if you are not around. Choosing the right staff will also help your business succeed. While the vlogger did not have enough experience running a food business, they were able to hire a trusted family member to manage.
Chart the destination together
With your staff in place, the whole team should have an idea of the goals and aspirations for the business. It is also good to give incentives to the employees to encourage them to work harder. For the vlogger’s business, they practice profit sharing with their manager.
Potential business owners can also look for other alternatives on how they can reward their team’s effort.
Raise Capital and Reserve Funds
Janice observed that OFWs mostly save up for the initial capital, but do not have enough money left over for reserve funds. The reserve funds will come in handy on days when sales are low and there are obligations to be met. Business owners should not use their personal money to fund these obligations, but instead use their reserve fund. It is more convenient to save up for the reserve fund when you are still earning abroad.
Check with the Control Tower
Before launching the business, it would help if you prayed about your decision. You need guidance in every step of the way.
The first flight is always the scariest
Even if it is scary to start the business, go ahead and launch it. But you can only do so when you have gone through the steps mentioned earlier. The reason for this is that you have covered most details that are needed for the business. You can also learn along the way.
The vlogger then shares that she prays about her decision. She also shared a tip that she developed in her previous work. What she used to do is practice in her mind how the scene will unfold. Doing so helped her become more familiar about the task at hand.
Boost to Break Through
When starting the business, it is important to give it your best. Even if you are still abroad, your staff should also exert the same effort. While the journey of starting a business may be difficult at the start, you should push through and never look back.
Expect a bumpy ride
It is true that any business can be challenging to turn. And you can expect to encounter trials along the way. Some of the trials that you might encounter are: low sales, increase in rent, theft, and many more. These experiences might make you want to give up. And when you do, you should remember that you have gone through other hardships and that you can also succeed in this endeavor.
Be willing to do the work, take the cut
Even if you are still abroad, you should also do your share in running the business. For instance, you need to check the sales report or at least find ways to market your product. And when you return home, you should also do your share in running the business.
Let it fly and land only when it’s time
When you are still abroad, trust your staff to run the business in your place. Only then can you decide if the income from the business will be enough to replace your income abroad.
There are some cases where the OFW returns home and that’s the only time when they will put up the business. However, if you are still working abroad, you will have time to save up while you stabilize your business. Wait for your business to grow while you are still away so that you will have the option not to return abroad again.
These are just some of the learnings that our vlogger Janice encountered. In the end, she encourages OFWs to continue getting information from business experts so they can find ways to succeed.
You can watch the full video here: