OFW Business: Sari-Sari Store

One of the common businesses that we OFW is eager to have is Sari-sari store because it is easy to start. Yes it is easy to start but many business like this is bound to bankrupt because of mismanagement. We never learned how the Chinese managed their business and become rich. It need discipline, attention and focus.

Here I will share to you on how to run a business like this and good luck.

The number one reason why most owners put up sari-sari stores is because they want some nice profit while providing the daily needs of the family. Yet most of this fail and become bankrupt in less than a year. Here are some tips to make you sari-sari store successful. You should consider the store as if it’s not yours. Buy what you want to take in the store with your own money. Consuming your own goods will make you lose your initial capital, no matter big it is. The problem is not that you take from your stocks but that you don’t pay for it. In simpler terms, you have to make yourself pay your credit even if it is your store because you are spending away your capital.

10%
You should only take 10% of your profit for each day. Make a plan on how to do this because this is very important on how to manage your gains. The common misconception of most store owners would be taking away a definite amount each day. This is in fact effective, if you’re talking about a business that don’t have “poor days” or those days where you have very low sales. The problem would be cutting on you capital. Some stores use a computerized program to compute their gains for the day. You could also solve this manually by using calculator and taking 10% off your daily sales. This is used to prevent you from taking too much from the profit.

 Do not overprice
Your customers would probably be your neighbors and the both of you would probably be going to only one supplier. They actually know how much your product really costs. Much more so that we have technology with advertisements always saying the product SRP. You have to think of how much your prices should be. Enough to make a profit as well as affordable that your customers will still buy. Be reasonable with your price. Keep in mind also those products which use electricity. The only time you could probably overprice will be if you are in a remote area. It is because they have no other choice and because of the transportation expenses.

Stock up on the basics 
Start by basics first and observe what your customers wants to buy the most and which they don’t so you have an idea of how many you will buy for your store. Some of these are cigarettes, bottled drinks and beverages, toiletries, canned goods, noodles, cooking aids, sachet products and snacks. 

Always open 
People will always want to buy on one store only and if you let them down, they would have to go to another store. If you are always out of stock or always closed, by and by people will not buy from you because you have lost credibility as a store.

 Quality 
Don’t ever try selling expired products, you will lose your customers that way. Always clean your store, and protect it from rats and insects. Wipe off dust regularly.

 Repack 
If you have already established your store you can start repacking large amounts of items into smaller amounts. Most of these are sugar, salt and other cooking aids. Just make sure you do it in a clean and sanitary manner so that people would still buy from you.

 Learn the seasons. 
On hot months, invest on cool drinks and beverages and expand your selection. On cold months, invest in canned goods and noodles. Also stock up on insect repellants and emergency rations like flashlights and matches. Toiletries are always in demand and so is cooking aids.

 Don’t allow credits 
Unless of course it is you or your immediate family and closest friends or those people whom you trust to pay for it on time as a whole. Some people would say they will pay but will not pay on time. This also makes stocking up harder because you could lose your capital.

 Stack 
Put your old stock in front or up top so that it will be the first to go when somebody buys it.. this is a standard in every market.

 Be kind to your customers 
It is mostly the patronage of customers that make your business grow so be sure not to lose them. If possible do not let them wait or else they will have to find another store. Follow the techniques because they are tested and proven. Keep on growing your business using discipline, attention and focus.

Read More

Sponsor Links:

5 Tips on how to Save and Invest for OFWs

Many Filipinos left their love ones to earn money abroad even if they don't want to leave. They do this because they have no choice. There is no job opportunities in the Philippines. Right now millions of Filipinos are in Middle East, United States of America and other countries to work. They are not there as tourist.

 I felt sad for some of these Filipinos who became victims of abuses and some of them even died without a fight. Maltreatment from their bosses and loneliness make them pathetic. I think it is just right that they should know where to put their money for savings and investments. Most of the OFWs went home without money and even poorer after many years working abroad because they don't know how to invest and start a business.

 For OFWs, the need to invest smartly is particularly urgent since your opportunity to raise funds is linked to the length of your contract. Once your contract of work is over, it is possible that you would find yourself without having a source of income, until you find a contract again. For this reason, you need to come up with the right investment choices that match your circumstances and make your money work harder for you. Essentially, OFWs should be guided by the same investment principles as Filipinos who are working and based at home, save for a few considerations to reflect your circumstances, in particular not being in the country.

 Here’s a simple five-step guide to help you in making your investment decisions: 

 1. Consider liquid and professionally managed investments. Shop for investment products that are easy to purchase and dispose off even if you are not in the Philippines. The nice thing with today’s technology is you can scan online, start by looking at the individual websites of financial institutions.

Your choices include the following:

Mutual funds – These are pooled funds invested in different types of assets to match your desired time frame and level of risk. Some may have the potential for high gains but will also come with higher risk. These are available to retail investors for a beginning account of as low as P5,000. ·

Unitary investment trust funds – These are also pooled funds invested in various assets to match your risk profile and investment horizon. These are available to retail investors for a beginning account of as low as P5,000.

Insurance-linked investments – This is an insurance product combined with an investment fund, fulfilling your need for protection and capital gains. Your monthly payment would depend on the amount of coverage you purchased, as well as the type of asset you chose to invest in.

Equities – These shares represent shareholdings in a company. You profit from the trading of these shares in the stock market. Online brokerages can facilitate your trades, with some of them requiring an opening balance beginning at P10,000.

Bonds – These represent debt taken by either the Philippine government or companies. They usually have a fixed return and are therefore safer. They may be purchased through most banks for as low as P5,000.

 2. Keep your papers in order. Ensure that you have proper documentation to open and maintain these accounts, either while you are visiting the Philippines, or from abroad. Download their online forms, then mail a clear copy of your required IDs. Before sending these documents over, it may be helpful to personally contact the financial institution through their emails so that they can review your signed forms and requirements before you send these. This will save you a lot of time and effort.

 3. Use safe and direct channels for sending money. Find a secure and cost-effective way to put money into your investment from where you are. Online banking services, which are now available to those with accounts in local banks, are among the safest channels you can use. You can also use bank-to-bank transfers. If you wish to go through remittance channels, consider companies with long track records and recommended for customer service if something should go wrong. Unsafe ways of sending money are physically through people, no matter how much you trust them; through other people’s bank accounts; or by sending the money in the mail.

 4. Make your payments or remittances regularly. If you send money to the Philippines, it would be good to do so following a schedule, so that you and your loved ones back home can plan your cash flows better. Have the discipline to send money on schedule so that your loved ones can make payments on time, letting you avoid penalties in the process. Luckily, major financial institutions all allow you to make payments or transfers online.

 5. Ensure the legality and integrity of your planned investment. OFWs are often the target of investment scams. Check out the site of the Commission of Filipinoshttp://www.cfo.gov.ph/to read the latest news and updates on legitimate and illegitimate business deals. You may also have relatives luring you into get-rich-schemes that offer nothing but false promises. While you may trust your loved ones, it is but prudent to check out everything about the proposed investment deal before you turn over your hard-earned money.

Read More

Sponsor Links:

Recession Proof Businesses for Expatriates to Start

Many Expatriates are still working abroad away from their family sacrificing because they are afraid to loss their jobs and end up nothing. Many of them spend more than ten years while some still working abroad for more than 20 years because they do not have business to support their expenses if they resign. Like me who has a buy and sell business experience before when I was working in my country, I have second thought of resigning because I don't have concrete business plan about what business to start. Majority of us are afraid to fail.

Well while searching in the Internet I found out that these kind of businesses are good whether the economy is good or bad. These businesses are not easily affected by recession so you have a big chance of success.

Here they are and not in particular order:

Candy, Cosmetics and Contraceptives 

Candy

 If anyone likes a quick pick-me-up, it's the stressed out American worker. If you're lucky enough to keep your job during a recession, then you're probably bracing for the next round of layoffs. While heavy drinking at the office is frowned upon, nearly everyone can get behind a big bowl of jellybeans. Candy consumption in the United States went through the roof during the Great Recession. The New York Times reported that Cadbury's profits were up 30 percent in 2008, and Nestle saw a 10.9 percent growth. Inexpensive, sweet treats provide a necessary break from all of the bad news. Indeed, during the Great Depression, treats like Snickers, Tootsie Pops and Mars Bars were all invented, and are still enjoyed today. Cosmetics and nail-care businesses also do well during recessions as women look for inexpensive ways to pamper themselves. In fact, some economists point to rising lipstick sales as a reliable indicator of a sagging economy. The bedroom is also an excellent (and free, in most cases) treat during the recession. But budget-conscious couples make sure to avoid any unplanned expenses. During the first two months of 2009, contraceptive sales were up 10 percent.

 Luxury Retail

Luxury Retail

Recessions don't affect everybody equally. According to Newsweek, the total number of worldwide billionaires jumped 20 percent in 2008. Forbes counted a record number of billionaires in 2013 — 1,426 — while several parts of the economy were still recovering from the recession. Many of these über-rich live in Russia, the Middle East and Asia and have no problem splurging for a jumbo private jet or their very own sun-soaked island in the Mediterranean. The number of millionaires in India grew 22 percent over 2007-2008 and China witnessed a 15 percent bump in millionaires in 2011. In the U.S., sales of ultra-luxury goods like $1,500 pairs of shoes or diamond-encrusted handbags slumped sharply in early 2009, but companies like Hermès and LVMH more than made up with Chinese sales. As early as 2011, luxury retailers were some of the first to bounce back in the U.S., with brands like Gucci and Yves Saint Laurent boasting a 23 percent increase in sales while more modest retailers were starving for customers. One luxury car dealership in Manhattan specializing in Lamborghini, Bentley and Rolls-Royce models — each retailing in the low six figures — said 2011 was one of its best sales year ever.

 Repossessions and Removals 

Repossessions and Removals

 Some industries act like financial scavengers during a recession, feasting on the rotten remains of the rest of the economy. For the man -- whose job is to repossess vehicles and other property when the owner fails to make payments -- bad news is big business. During the 2002 recession, car repossessions jumped 60 percent over 2001. In 2008, during the worst of the Great Recession, a total of 1.67 million vehicles were repossessed, a 12 percent increase from the year before. Junk removal is another service industry that profits from the misfortune of others. When a bank forecloses on a home, some indebted homeowners skip town and leave all of their possessions behind. For businesses like Miss Junk in Los Angeles, this means monthly revenues of $150,000 during the recession of 2007-2009, 10 times what it earned in its first month in 2007. Bankruptcy lawyers also keep busy during a recession. More than a million individuals filed for bankruptcy in the United States in 2008, prompting 30 percent more bankruptcy lawyers to enter the profession. Even with the economy in slow recovery, 1.2 million individuals filed for bankruptcy protection in 2012, which means there is still plenty of bankruptcy business to go around.

 The Federal Government 

Federal Government

 A report by USA Today found that workers in many federal agencies are more likely to die than lose their job. The federal government job security rate was 99.43 percent in 2010, meaning only about half of 1 percent of the federal workforce was fired or laid off. In the private sector, an average of 3 percent of workers are fired for poor performance each year, and that doesn't include layoffs. And despite the recession and spending cuts, the federal government is actively hiring new employees. In 2012, the government hired about 90,000 people, and there were still nearly 8,000 open job listings on USAjobs.gov, the federal government job board, as of October 2013. A major reason for the hiring boom is a rapidly aging federal workforce; more than 260,000 federal workers are older than 60. State and local government job security is an entirely different story. During the Great Recession consumers cut spending which affected state and local tax revenue. Faced with budget crises, many states enacted steep budget cuts. Even as the economy slowly recovered in the first half of 2010, state and local governments cut 95,000 jobs while the private sector added nearly 600,000. By late 2013, however, local and state jobs appeared to be bouncing back, especially in the education sector. 

Education 

Education

 Public school teachers in the United States -- who are essentially state employees -- have traditionally enjoyed solid job security. The Bureau of Labor Statistics (BLS) projected a 17 percent growth in demand for kindergarten and elementary school teachers from 2010 to 2020, even in the face of state budget cuts to public education. In the post-recession job market, there is still incredible demand for teachers, but aspiring educators need to go where the jobs are. For example, in 2013 there was a huge shortage of certified math, science and special education teachers nationwide, but a surplus of general elementary school teachers. College students considering a career in education will greatly improve their job prospects, starting salary and job security by focusing on these high-need subject areas. Also, teacher demand is higher in areas experiencing strong population growth like the West and South. Statistics show that college enrollment remained steady before, during and immediately after the Great Recession, making higher education one of the more recession-resistant businesses around. There was a sharp rise in community college admissions during the Great Recession as laid-off workers returned to school to upgrade their skills. However, college enrollment actually fell slightly in 2012-2013 for the first time in two decades, a combination of fewer college-age kids and more adults opting out of school to enter the improving job market.

 Vices 

Vices

 The traditional logic is that sin wins when the economy loses. Like candy, cigarette sales skyrocketed during the Great Depression, and tobacco stocks are still a smart buy in any recession. But in contrast to popular wisdom, people tend to spend less on so-called sin industries like alcohol and cigarettes during recessions. The reason, some experts say, is not that people stop indulging during lousy times, but that they cut back some or downgrade the quality of their favorite vice.For example, the National Restaurant Association reported that wine sales "by the glass" rose sharply as whole bottle sales slumped in 2008. And the Beer Institute said that beer sales in restaurants dropped in 2008, while wholesale beer sales from cheaper stores went up. Tattoo parlors, on the other hand, boom through both recession and recovery. According to a Harris poll, one in five Americans (21 percent) had a tattoo in 2012, up from 14 percent in 2008. People get tattoos during recessions because they are a relatively cheap way to express yourself creatively and boost self-confidence. On the flip side, tattoo removal services also boom during a recession as laid-off workers erase conspicuous ink to appear more professional in interviews.

 Discount Retail 

Discount Retail

 Wal-Mart has more than its fair share of critics. The superstore has spread across the world quickly, knocking off smaller competitors in its path. But no matter what you think of its business tactics, low prices trump politics during a recession. While nearly every other large American retailer suffered significant losses in the first months of 2009, Wal-Mart reported a 5.1 percent increase in profits, more than doubling Wall Street's expectations of 2.4 percent. Not surprisingly, dollar stores and thrift stores also thrive during recessions. The three biggest American discount chains — Dollar General, Family Dollar and Dollar Tree — became Wall Street darlings during the recession as they each added thousands of stores from 2008 to 2012. Thrift stores and trendier "resale" shops also drew in new customers. According to the America's Research Group, 20 percent of people in 2012 said they shopped at thrift stores "regularly," up from 14 percent in 2008.

 Information Technology 

Information Technology

 Despite the bursting of the information technology(IT) bubble that played a key role in the recession of the early 2000s, information technology was the fastest-growing sector in the United States economy during and after the Great Recession of 2007 to 2009. That's because the information technology sector isn't confined to traditional tech companies like software makers and server manufacturers. Among the top growth businesses of 2011 were Voice Over IP providers, wind and solar power manufacturers, video game designers and Internet publishers. The biggest growth areas for IT jobs are in software design and development, networking and systems administration, software implementation analysis, testing and QA, and database administration.Systems analysts and administrators appear to have some of the greatest job prospects, since the nature of the work is more collaborative and more difficult to outsource overseas. One of the reasons information technology continues to be an in-demand job sector is because there's an overall lack of qualified IT workers. As older IT workers retire, there simply aren't enough younger workers to take their place. The percentage of U.S. college students graduating with a computer science degree has declined since 2005 to its lowest level since 1986. That trend has led some analysts to predict a 15 percent decrease in the supply of IT workers between 2008 and 2038, while the demand for experienced workers increases 25 percent.

 Health Care 

Health Care

 For years health care has topped every list of recession-proof businesses. The logic is that people continue to get sick, even in bad economic times. But does that automatically translate into profits for the entire health care sector? Let's take a closer look. From 2008 to 2012, a span that covers the Great Recession and early recovery, health care spending in the U.S. grew at a sluggish 4.2 percent annually. Compare that to the 8.8 percent annual growth experienced from 2001 to 2003 after the early 2000s recession. Analysts believe there is a direct connection between the stagnant overall economy and lower spending on medical services. But the industry still managed to grow during a time when many other sectors saw revenues plummet. Total health care spending in the U.S. — by both individuals and government programs like Medicare and Medicaid — represented 16.2 percent of gross domestic product (GDP) in 2007 and increased to 17.6 percent in 2012. And this percentage is expected to grow under the Affordable Care Act. According to Bureau of Labor Statistics, the health care and social assistance sector will add more than 5.7 million jobs from 2010 to 2020, far and away the largest projected job growth of any industry. The fastest-growing profession is registered nurses, but other areas of nursing are also strong. The BLS predicts a 70 percent growth in demand for both home health aides and personal health aides to serve an aging baby boomer population during 2010-2020.

 Noncyclical Businesses 

 If you're looking for a truly recession-proof business, then there are a few old standards that might not be sexy, but they sure are reliable. These noncyclical businesses survive through good times and bad because they provide basic, necessary services. Funeral services are a good example. Funeral homes see a steady stream of business no matter how the stock market is performing, although funeral directors in every state reported a significant rise in cremation requests — a far less expensive procedure than burial — during the Great Recession. And since we're on the subject of death, we might as well mention the other of life's guarantees: taxes. As long as the IRS keeps things confusing, there will be plenty of work for accountants. One group that struggled during the Great Recession, however, were small, one-man accounting firms that mostly served small businesses. The big national chains were fine. Public utilities like electricity, gas and waste disposal are necessary for the clean and comfortable functioning of society. If a city government tried to save money by only collecting garbage once a month, it would cause a stink, to say the least. Other industries that fall under the noncyclical banner are religious organizations, the military,pharmaceuticals,veterinary services and repair technicians. So if you lose your job as a hedge fund manager, you might consider a career as a vacuum-repairing priest.

I hope you enjoy and find some ideas to what business you will start. 

Read More

Sponsor Links:

11 easy steps to have an entrepreneurial mindset

MANILA - What is an entrepreneurial mindset? This refers to the specific state of one's mind in creating and focusing or harnessing to the best of one’s ability successful factors related to entrepreneurship. 

 In today’s world, what matters most is how one can develop the ability to think beyond what can be perceived. 

It is never too late to neither start nor revitalize. All it takes is a strong desire to change or improve. As the saying goes, “If there is a will, there is a way.” 

These tips are meant for the serious people who like to embrace change and success: 

 1. Create your new entrepreneurial mindset. 

 Before you can become successful, you have to create a new mindset to achieve the things you want in your life. 

 Examine your current mindset, and how that way of thinking has gotten you to where you're at right now. 

 Be honest with yourself when looking over your current results, because this will give you an accurate measure of the choices that you have made over the years. 

 Only then will you begin to see for yourself that it is time for you to work on your new mindset in order to start living the life you want to experience, regardless of your current circumstances. 

 Once your new entrepreneurial mindset is in motion, you will start making very creative choices to move you faster to your desired goals. 

 Find three to four successful entrepreneurs that have the lifestyle that you want, and ask them if you can interview them individually to understand the reasons why they are so successful at what they do in their current business as an entrepreneur. 

 While you are listening to them, take notes, examine what they say to you about themselves and their success, and grasp what type of mindset they have now in their lives. 

 This will propel your own success in so many different ways because you will be able to apply what you have learned to your own mindset. 

 2. Take out three blank sheets of white paper and a pen or pencil.

 You are going to write down your new mindset as an entrepreneur on your sheets of paper. 

Writing down what you want (and what you are going to achieve as an entrepreneur) is a very powerful activity that you are making a habit of now. 

 Taking out your sheets of paper right now is a serious gesture that you are making to let your subconscious mind know you are a person of action. 

This step will help propel you on your new journey, the journey of taking the necessary steps needed to achieve your desired goals. 

These three blank sheets of paper represent your future. As an entrepreneur with a new mindset you can paint any picture you want to on the three sheets of paper, regardless of your current circumstances. 

 3. Write down all of your new ideas as an entrepreneur on the first sheet of paper.

Label the first blank sheet of paper you have as number one. You have been spending some time changing the way you think, and creating a new entrepreneur mindset: 

 Start writing down all of the new ideas that you have as an entrepreneur now. 

The ideas that you are writing down now are the ones that you have been thinking about in your mind that you want to create and achieve in your physical presence now. 

For example, if you have a burning desire in your heart to start your own daycare center, restaurant, hotel, or create a product for people to buy, then write down all of your ideas in every detail. 

 Write down how big the daycare center is going to be, where it is going to be located, what color the building is going to be, how many children you will allow to be kept in your daycare, how many people you will staff, what type of services you will provide to the parents and children coming to the daycare. 

 This is a perfect example of how you can start writing down all of your ideas as an entrepreneur on the sheet of paper now. 

 4. Write your short-, middle- and long-term goals down on the second sheet of paper.

A short-term goal is something you want to achieve in one day, one week or one month. 

 A middle-term goal is something you want to achieve in ninety days to six months. 

 A long-term goal is something you want to achieve in one year or more. 

5. Write down what you want to achieve as an entrepreneur on the second blank sheet of paper. 

 List them in the categories stated above as short-, middle- and long-term goals. 

At the top of the paper, you can have your short-term goals, in the middle section of the paper, you can have your middle-term goals, and at the bottom of the paper you can have your long-term goals (if necessary use the back side of the sheet of paper). 

 6. Be creative when writing down your goals because this is your life that you will be experiencing in the near future. 

 This is one of the biggest reasons why 1% of our population is earning around 96% of all the money that’s being earned in our world today. 

They set goals, and they keep at them until they have seen them through into their physical manifestation.

7. Write down 50 things you want to experience in your life now on the third sheet of paper. 

 Write down 50 things that you want to experience in your life now on the third blank sheet of paper. 

You can start really having some fun in this step by writing down 50 things that you want right now regardless of your current bank account, job, business or relationships in your life now. 

Those 50 things that you write down will help you to understand that you can have whatever you want in your life as an entrepreneur. 

However, you have to first know what you want in detail. Start applying personal development every day in your daily life. 

With the new mindset you have now, you should continue to feed your mind everyday with personal development. 

For instance, you can take out three minutes in a day and meditate on goals or just clear your mind of everything for the moment. 7. Give yourself a command and follow it. 

 Now that you have been thinking and writing about your goals, the things you want, and your ideas as an entrepreneur, give yourself a command on what you want to achieve first as an entrepreneur, and follow it until you see it through to the finish. 

Then you can move on to something else that you want to focus on and achieve. 

You will continue the same process over and over--whatever you decide you want to achieve, give yourself a command and follow it until it is achieved. 

 8. Keep your new mindset positive by hanging around like-minded individuals. 

 Hang around more like-minded individuals daily, monthly and yearly to keep a positive mindset. 

Hanging around individuals that have the same entrepreneurial concepts that you do will keep your mindset in a positive state, and on the right track to achieve your goals. 

You can hang around like-minded individuals by either listening to a group of individuals on the phone via conference calls, attending seminars, being part of an online forum of positive people like yourself, and keeping in contact with the positive like-minded people you have formed a relationship with on your journey in achieving your goals. 

 The more positive like-minded people you associate with regularly, the more it will certainly keep moving you in the direction of becoming successful as an entrepreneur. 

 9. Take seven minutes out of every day to visualize the end result of your goal in your mind. 

 Take seven minutes out of your day to visualize the end result of your goal that you have decided to achieve within a specific time frame (as mentioned in step number three). 

For example, if you decided to own your own daycare center, then you could spend seven minutes in the day visualizing about every aspect of your daycare center as if you currently owned it in the present moment. 

 You can also start off visualizing everything that you wrote about the daycare center in step number three. 

Then you can work your way to the end result of having the daycare center in your possession now. 

 For instance, visualize the amounts of checks that you are receiving from your customers now that you have the daycare center, visualize different cars parked at your daycare center parking lot, visualize the joint ventures that you have created with other daycare center owners in your area in providing better services in your city. 

 Before successful entrepreneurs became successful, they first visualized the end result of their goal, and continued to dwell on that end result a few minutes of everyday until it became a part of their experience in life. 

 10. Sign your name to the sheets of papers with your new ideas, goals, and the things you want in your life as an entrepreneur. 

 Put your signature on the end of the sheets of paper where you have written down all of your new ideas, goals and the things you want to experience in your life as an entrepreneur. 

 By doing this step, it will promote a sense of seriousness within yourself, that you mean business in accomplishing your ideas, goals and what you want. 

You also will feel that you have already completed your aspirations by signing your documents of personal achievement. 

Your signature represents a decided heart and a new mindset. 

 11. Make a decision to yourself that you will never give up on your new ideas and goals until you see them manifest in your life. 

 Do yourself a huge favor right now and go ahead make the decision to never give up on your new ideas, and goals until you see them manifested in your life as an entrepreneur. 

 Many unsuccessful entrepreneurs in today’s society give up on their goals and ideas at the first sign of temporary defeat. 

There is no such thing as failure, only temporary defeat in life, period. 

 When a successful entrepreneur has a temporary defeat, he remains calm, relaxed, and confident in his quest to achieve his goal because he understands that every temporary defeat is backed by a great or equal number of successes in his life. 

That’s why many successful entrepreneurs always get what they want in life; they never give up on what they want.

Taken from ABS-CBN.COM

Read More

Sponsor Links:

How to go from OFW to entrepreneur

MANILA, Philippines - Working abroad isn’t a walk in the park. Lots of Filipinos believe that if you’re working abroad, it means you’re living comfortably in a magical land where money is coming in non-stop.

But in reality, that’s not true at all.

OFWs are struggling with their life situation abroad and some even skip meals just to get through the day.

So to avoid going broke, you need another source of income. And starting a business here in the Philippines is your best option.

So, here’s how to make the leap from OFW to entrepreneur.

Save
Before you dive into entrepreneurship, you must save a portion of your income for your business. However, saving is not easy especially if you have a lavish lifestyle. But if you’re really serious about starting a business here in this country, you should practice simple living. Stay away from fancy things and save your money to fund your business.

Put the word "NO" in your vocabulary
You must learn to say “no” to your family and friends. They will always ask you for money and gifts, but if you always give them what they want, there will be nothing left for you and your business. So practice saying “no” to their requests. It may be difficult at first but you’ll get used to it. Be strong-minded and focus on funding your business.

Familiarize yourself with the Philippine market
Starting a business here in the Philippines is a different ball game. What sells abroad might not sell here in the Philippines. So you need to be attuned with the local market. Give yourself some time to do some researches and study the local market. Identify the top trends first before you start your own business.

Invest in a lucrative business
Once you have the funds and you’re familiar with the local market, you must pick a profitable business that will suit you. Choose something you’re interested with so you won’t get bored when you’re running it.
Here are some excellent business ideas you might want to check out:
1. Food Business
2. Rice Retailing
3. Laundry Shops
4. Digital Printing Business
5. Pharmacy
6. Logistics Handling
7. Shuttle Services
8. Convenient Deliveries To Condominiums
Encourage your family and friends to set up their own businesses too. In that way, they won’t ask money from you anymore. Think and explore franchising. It is a way of doing business under the guidance of a franchiser. However one needs to be careful in choosing the right franchise business. As I always tell people -- “investigate first before investing.”

Be persistent
“Inside of a ring or out, ain't nothing wrong with going down. It's staying down that's wrong.” – Muhammad Ali
Entering the world of entrepreneurship isn’t for the faint-hearted. There’s always risk involved in business. Sometimes things won’t go your way. And when things go sour, you need to find ways to stay afloat. So learn how to adjust to any situation, have faith and don’t give up easily.

Support organizations
There are a number of organizations who are supportive of the OFWs. In the recent 4th OFW and Family Summit held at the World Trade Center, around 5,000 OFWs came seeking advise on getting into business. Mentors from GO NEGOSYO, Association of Filipino Franchisers Inc., Villar Foundation, Blas F. Ople Policy Center Foundation were all present. There were as well OFWs who are now successful entrepreneurs who spoke how they survived challenges.

Look back
At times when you feel things are not moving the way you wanted it to be, just try to look back. You will realize the many hundred fold improvements in your life including your family as well. Think of the various experiences you learned. Surely you can apply some if not all in becoming an entrepreneur.

Finally, always wear that positive mindset. Avoid self-pity. Emotions can be a tool to bring you down. Turn it around and use it to strengthen your willpower.
Pray and have faith! We just entered the year 2015 and keep those chin up high! Better yet try humming the song “Walk With Faith.”

From ABS-CBN.COM

Read More

Sponsor Links:

Japanese will relocate their 200 companies to the Philippines

This is a good news for Filipinos out there. With 200 companies coming to the Philippines, many jobless people will be happy. Most of these companies are in China. Japan realized that Filipinos are hard working people and better than Chinese who could not even speak English. I have a friend who worked in a manufacturing company in the Philippines and he said that their company branch in China was closed because of product output quality. He said that out of ten product items only four passed the quality control inspection while in their branch in Cebu only two most of the time were rejected.

Adding more companies in the Philippines will help alleviate its economy. This will also lessen the Filipinos migration to other country to look for job if there are many jobs available in the Philippines. Micro-businesses will also prosper that will cause domino effects.

Here is the news from The Philippines Pride:

Japan is making sure that the bully will pay its due when time comes. The world is losing interest in China. The recent announcement of Microsoft to close its two factories and transfer to Vietnam could cost 9,000 Chinese jobs. The same thing can be devastating in the years to come as Japan announces moving at least 200 factories from China to the Philippines.

Electronics Factory

According to South China Morning Post, six Japanese and Taiwanese companies turned down China and preferred Philippines for their next factory locations. 

 “Japan’s biggest printer maker and electronics giant Epson has no plan to expand its production plant in China due to increasing labor cost and deteriorating quality”, Epson Philippines country manager Toshimitsu Tanaka told reporter. Epson is currently building its biggest manufacturing facility in its current site in Batangas. The completed factory will be Epson’s biggest ever with 10 hectares of total floor area. The facility will likely to operate next year according to Tanaka. 

 Based on the statement released by Nobuo Fuiji, head of the Japanese Chamber of Commerce and Industry of the Philippines Inc., since last year there are some Japanese firms started moving their operation in the Philippines. They believe that Philippines is a growing country and it is competitive enough to cater big investments from them, according to PhilStar. 

 Japan announced last week that it is seeking permission from the Philippine government to use the country’s military bases to support US military pivot forces. The details are not yet clear but a possible agreement between the concerned parties can be done sooner or later according to a PH military spokesperson. 

 Japanese bicycle maker Shimano has just opened a P1.2B facility in Batangas, and dozens more factories are likely to follow according to the Japanese Embassy. 

 Mitsubishi Power Industries is another giant who is scheduled to move to Philippines according to latest news. 

 Japanese watchmaker Citizen also shut down its China factories and the fate has yet to be decided whether it will move to the Philippines or Vietnam. 

 Another 300 Chinese workers lost their job after electronic giant Panasonic closed one of its Chinese factories. 

 Both the Philippine business sector and the government is expecting a stronger democratic and economic ties with Japan amid growing Spratly tensions. Both countries, including Vietnam share the same views against China’s illegal land-grabbing activities in South China Sea.

Read More

Sponsor Links:

Investment for Expatriates

I decided to write about investment because this is where most of us expatriates are lacking. I have many friends and acquaintances who went home for good but still poor. The purpose of going abroad and be away for a long time from our family has failed! Those sacrifices and homesickness that we endured for long time should not be wasted by ignoring investment.

I think we just need to study investment and invest money so that we have enough money when we retire. 

There are many ways to invest our hard earn money while we are still away from our family, with the time where we can do business online by using internet, we can invest too while working abroad. 

Here are some investments aside from real estate:

Mutual Funds- This investment are good for people who are too busy monitoring and studying stock market. This investment is not too risky compared to stock since it is composed of many stocks. When one of the stocks of the mutual fund is down, still the others are not so the average is not affected well. I have tried this kind of investment and I observed that my money is doubled every four to five years. If you want to learn more about mutual fund, you can make a research in the internet. There are many articles about it and where to invest. By the way this investment has three types of investment: bond investment, bond and equity or balanced- fund and the aggressive which is purely equity investment but with higher returns.

Stock Market - This investment is where you buy a share of a company. This means that you become a co-owner of the company. First of all you have to study the company, its assets, plan and who owns it. Familiarize yourself about the totality of the company because you are buying part of the company. Why would you buy or co-own a company which are not familiar? As the share price of the company goes up, your money increase too but remember there are times that the economy is not good or there is a recession your share will also be affected and it may go down. Stock is riskier but with good return compared to mutual fund so it is up to you to decide but historically stock is still a good investment, it is a long term investment.

Read More

Sponsor Links:

Money Tips for Expatriates or OFW

Many expatriates or OFW in particular forget to save money when they are already working abroad. In the Philippines there is a seminar from PDOS before leaving to work abroad. The main topic of the seminar is about how to save money while working away from the Philippines away from their family. But most of the expatriates return home only to realize that they are still poor and even poorer before they went abroad. One of the reasons of this is that the OFW forgot to save while away working hard in foreign land. Some were tempted to spent too much money more than what they were earning by buying unimportant things like electronics gadget, gambling, going to nightclubs and even forget their family in the Philippines and even make their own new family abroad.

If you are working abroad you will encounter many trials and hardship, loneliness that will ruin your plan and dream. My advice is to have a constant communication to your family in the Philippines. Make concrete plan and save money for your future in the Philippines.

Here are some money tips for Expatriates or OFW:

1.0 Know what your monthly income and assess if you could invest on something in your country of origin. Maybe you could buy a house or condo unit. Real Estate is a good investment because it appreciates its value faster than other form of investment. It is also a pride to have a house which is the product of your hard work.

2.0 As an ofw you will see many appliances that you could not afford before to buy. Tighten your belt and go for longer gratification by saving and investing your money. You can invest in government securities and mutual fund too. Another thing to avoid buying cars, watches that are very expensive. Just say no to these temptation.

3.0 Spend your money wisely. Always remember that you have a goal to fulfill. Do not change your lifestyle like when you are earning small amount of money when you are in the Philippines.

4.0 If you think that your wife is not a good saver then do not send all your money but just send money for their monthly budget. Do not let your dependent in the waste your hard earn money.

5.0 Tell your wife about your plan or you should update them about your present money status and your future plan so that they will understand to avoid problem.

For more money tips read Earn and Invest Money in my other blog.

Read More

Sponsor Links:

OFW Should Save and Invest

Many OFWs including myself are working hard in a far away land in order to earn more money and hope that someday we can start a new life in the Philippines with business or savings but I think only few people will realize their dream. Why is it that it is hard to do it?

When I was young it seems to me that saving money is very easy but now I have a hard time doing it. Mulling myself I realized that many things has changed since I was a toddler living in our province with simple life and simple things around. Now the world is full of many unnecessary things that are widely promoted by media. Ads are there to persuade people to buy. In short you could not save and invest because life today is about receiving salary if you are employed and buying things which are not important. If only everyone could go back to simple life, I think they can save money and start a business of their own.

As an OFW or Oversea Filipino Worker, it is hard for us to save money because there are lots of temptation like buying jewelries, electronic gadget and the pride of being an OFW that when spending a vacation, many relatives and friends are expecting us to shower a party and lend money without paying in return. But I think it is not too late not to save money today. You just need to stand and be reasonable. The hard part is when you start saving money. Many people don't save money because of many unreasonable reasons like I have a small monthly salary, I will save later, my wife is working too and she has a retirement plan and so on. My question is when are you going to start saving money?

My answer is now and stop buying those unnecessary things that you don't really need. You have to identify the asset from liabilities. What are these two things? Assets are things that when you buy they can give you more money like real estate, business and retirement plan. You need to study these things too before you buy. Liabilities are things that do not generate money for you like luxury car, expensive cellphone, laptop, very big house. These things that I mentioned in fact will need more money for maintenance.

Start saving by paying yourself first. What is this means? You have to set aside 10% of your gross monthly income. If you could not do it with 10%, start with 5% and readjust it later to higher percent value when you feel comfortable. By the way don't wait for that comfortable moment to come! It is not bad to enjoy your money because you earned it but let us not forget that you are not only living for today so you have to save and invest because as you go older you will have a hard time to cope up. Employment is shaky, it is not a secured source of income. What if you get fire? There are many younger people who can do with your job but are willing to accept low salary.

There are so many things to cover with this topic but I discussed here the basic of financial freedom. Start saving now and invest your money. Do not rely others for your future. Start today and as OFW we should save and invest.

Read More

Sponsor Links:

Earn and Invest Money: Top Ten Money Saving Tips

To all expatriates out there here is another article that I want you to read. It is about saving money tips, I am sure all of you will want to save money so that you can leave where you are now and go home for good earlier than what you expect. Saving your money by following this Earn and Invest Money: Top Ten Money Saving Tips will help you a lot. Start saving money today and invest it in your country.

There are many ways to save money and you can make a comments here and add what other way to save money. My friend retired at the age of 40 for good because he has lots of money already and able to start a lucrative in the Philippines, I myself want to follow what he is doing and I start investing in real estate.

Read More

Sponsor Links:

How to prepare candy as an Expatriate

Living abroad is always boring especially if the place is Middle East. Being expatriate here for more than 10 years I myself can attest that life is very boring because there is no alcohol, theater, church or other places where we are accustomed. Nevertheless you can entertain yourself with other things like learning to cook and maybe writing or having an online part time job. Here is a simple recipe that might interest you. It is how to prepare a candy. I just read this one from a website where I just read just now. How to prepare candy? | Health And Wealth is a website that I just read and although there are many articles in it, I chose this one for you.

Next time I will share to you other important articles that I will read along. What is good with cooking is that most of the ingredients are available locally. Maybe you could try to cook foods and when you are tire of working abroad you can use it as a business vehicle. My friend who is now based permanently in the Philippines started a pastime on how to cook. Right now his business is prosperous and he told me that why not explore with new idea. Many dreams started from scratches and now they applied them in business.

There are many other thing to ponder as an expatriate so start now and learn new things while you are earning.

Read More

Sponsor Links: