Make an extra effort to save.
Set aside money that you need to save yourself. Your spouse may be putting part of the money that you send in a bank but aside from that, it's wiser to be doing the saving yourself. What do you do with it? The money that you save will be your investment. You cannot stop working as an OFW unless you have a fallback, and that fallback is your business. It would be unwise to start a business on borrowed capital because interest rates could be very constricting.
Prioritize.
Many migrant workers develop a hang-up for buying things for themselves. Again, it's very important to save rather than let your money go to waste on losing propositions (things that cannot be used as investments).
Set a target date for putting up your business.
It is not enough to dream. You should have a solid and realistic plan on how to make your dream come true. If you need 5 years to accumulate the amount of capital that you need for your business, then start creating your 5-year plan. Take the time to compute. Project how long it will take for you to save a part of your earnings to put up your capital.
Choose your business wisely.
Just because you have money doesn't mean that you should invest all of it in any business. Don't be impulsive. Do your research and learn everything you could before shelling out money.
Be informed.
OFWs should try to link up with industry associations or inquire at government offices abroad to get information about possible businesses that they can go into.
Consider franchising as a major choice.
As a first-timer, you need to learn the trade from an expert, one that is already established and with a proven and tested system to boast of. Franchising is about being in business with somebody guiding you. You have a much greater assurance of success when you go into a franchised business because you don't have to spend on wasteful exercises of experiments.
Establish contacts.
Before going into business, learn and know what it is you want to do. Look at all the businesses or franchises that you want and try to get as much information about them.
Get the support of your relatives.
To make your business work, you, the migrant worker, should educate your immediate families and relatives on how to spend their money wisely and make it grow.
Focus.
OFWs fail in business because they lack focus. Don't ever neglect your business. It's like a baby that you can't just entrust to a nanny. You have to take care of it very well.
Believe in yourself.
One reason why many OFWs hesitate to start a business is their lack of self-confidence even if they have the skills and ability to make money.
Source: www.Trabahobakamo.com
No comments:
Post a Comment