Business Tips For OFWs

For the majority of Filipinos who are working abroad, there will come a time when, either voluntarily or not, they will be coming back home to the Philippines. Hopefully this will be after having earned enough savings for the family to be able to retire. But for many of them, it is still too early to stop working. Some go back to the workforce while others prefer to start their own business. For our returning OFWs who have now decided to stay and put up their own business in the Philippines, here are my tips:

1. Think about your objectives and your risk tolerance. What do you want to achieve and how much risk do you find acceptable? Do you want to start a business empire, or on other extreme, would you be contented just to make ends meet? For most people, what they want lies somewhere in between. We all know that a business has risks, but among the different types of business there are those who are riskier than the average. Take into account all the relevant factors like your age and if there are still kids studying.

2. Reacquire the culture. While you were away, changes have occurred. These happen continuously. This means, for our returning OFWs, that a lot of things are now different – from what we watch to where we go. The first thing you must do upon arriving, and the most critical of all, is to relax. Rushing will be the worst mistake you can do in setting up your own business. Relax. Visit the malls and observe what people are now doing, buying, and wearing. Catch up on the latest trends. This immersion part is important in reacquiring your “Filipino citizenship” in terms of culture.

You must first be updated on the current environment. Your understanding of the modern Filipino culture will help you a lot, not just in understanding what can be profitable, but also in crafting your customer service methods and marketing techniques. I’m not saying that you need to start forgetting about life overseas. In fact, some trends, especially new technology, you have acquired abroad might be useful in your business.

3. Learn the requirements. A lot of OFWs will be very excited to put up their own businesses, in fact, most have included this aspiration in their savings back when they were working abroad. Before setting up your own business, it is best to get to know first the laws that govern businesses, just like any Filipino entrepreneur. This includes business registration, accounting and taxation, and other permits and licenses. Take note of the processing fees and days. You can learn about these from seminars and on government websites. However, it would be best, to also get expert advice on these matters as a mistake may cost you far more than the professional fee you would save by doing it yourself.

4. Involve your family. Starting a business locally is more challenging for OFWs who have just returned. This is why it is a good option to involve reliable and close family members in putting up your own business. You start it with your spouse, your sister, or even your child who is currently taking his college degree.

5. Be resilient. While income may not be as good as your previous salary at first, you need to be resilient in nurturing your fledgling business. Do not be disheartened if you are not able to recoup your investment in the business as soon as you expected, because it happens to everyone, even to the seasoned entrepreneurs to make an error in projections. Quickly adapt to your clients’ wants based on their feedbacks. Find out new trends that you can integrate in your business. You might also consider using what you learned abroad if you think the Filipino market will be attracted to them.

You can also attend trainings and seminars specifically for the business you want to put up. By doing so, you get to understand how the industry looks like for the business, learn up-to-date techniques, get contacts of potential suppliers, and know if there are special legal requirements. Attending trainings is an effective way to be oriented with everything you need to know with the business you want to put up in the Philippines.

To our OFWs finally returning to the Philippines, especially to those planning to start their own businesses: we believe in you and your unwavering determination to provide a better life for your loved ones. We hope for your success.

*Originally published by the Manila Bulletin. Manila Bulletin, C-6, Sunday, April 24, 2016. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.