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

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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.

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Why most OFW still poor despite working abroad for a long time

Why most OFW still poor despite working abroad for a long time? This is a question many people are asking me many times. I asked them the same question why is it so? I asked the same question because I have been working abroad for more than 15 years already and yet I don't have lots of savings. Yes I paid my monthly SSS and bought a house plus some thousands of money in the bank but it is worth enough if I retire? These are some few questions that I want to be clear.

Here is a News from abs-cbn why many ofw still poor after spending many years working abroad. I am fortunate that I am not included in this bracket.

While most Overseas Filipino Workers (OFWs) earn better in other countries, some of them still experience financial problems despite years of hard work due to inefficient money management. 

 The Commission on Filipinos Overseas (CFO) has identified over-dependency of families and relatives of OFWs as one of the common causes why workers abroad struggle with their finances, despite their higher pay. “People tend to think that once you go abroad, it seems that you get a higher income and that will solve all your problems,” said Andrea Anolin, CFO executive assistant for joint migration and development initiative.

 Anolin added that an OFW may already have financial problems even before leaving the Philippines, such as the accumulation of debts due to over-borrowing in the belief that the money can be returned once hired overseas. “The families who are left behind and also the migrants themselves have very unrealistic expectations. 

They equate going overseas with an automatic improvement in the quality of their lives,” she said. In addition, some OFWs are said to easily give in to the requests of their families and relatives for remittances and gifts from abroad, thus the failure to save sufficient money for the future. “We don’t really save for the rainy days. We don’t really think long term. Our plans, our objectives are vague and we don’t really know how to get from one place to the next. So it’s easy to be lured by commercial spending,” Anolin said. 

According to Bangko Sentral ng Pilipinas (BSP), eight out of 10 Filipinos don't have bank accounts -- an indication that financial literacy among Filipinos is not high, as CFO pointed out. 

While it is not that bad for OFWs to spend for their families with imported commodities, CFO stressed that they should not let themselves end up without savings and should not forget to save more than they spend in order to achieve a common goal of creating a sustainable income in their homeland. “It’s not the lack of money to save eh. It’s the lack of the will to save,” said Warner Dawal, senior emigrant services officer for Peso Sense Program.

 “The most common misconception is the families here in the Philippines think that the remittance they receive is forever,” he added. I conclude that the reason why most of our expatriates including me are still poor is because we don't have the will to save money. We have this "come what may" attitude. Start saving today and invest it back home or open a business.

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