RachFeed is launching an interview series with some of the best business bloggers in the Philippines to get their opinion as to which business ideas are great for OFWs to start even while they are still abroad. The first blogger who responded to our interview request is Fitz Gerard Villafuerte of Ready To Be Rich blog.
A financial blogger since 2007, Fitz is authority in the subject of business especially because he is also an investor, an entrepreneur, and a registered financial planner. Even back in 2003 when he was not yet blogging, he was already trying to work towards financial freedom – meaning, going beyond what an 8-hour job can provide. He ventured in freelancing and would later invest in his own business which is now among the top reason why he is enjoying financial success and sharing his knowledge to others.
As with all the other bloggers we contacted for this interview series, we asked Fitz this question:
What do you think is the best business an OFW can open in the Philippines even if he/she is still abroad? Do you think this business could be successful enough for the OFW to quit his/her job abroad and return home to simply manage the start-up company?
Here is Fitz’s answer:
If the OFW can rely on the entrepreneurial skills of his family, getting a franchise is an excellent idea because it’s a turn-key business that usually has a high success rate.
The only disadvantage of franchises is really the high cost of getting one, but that’s a small price to pay if the trade off is them being able to come home once the franchise starts earning stable income.
We agree with Fitz! A franchise business could be a good option for OFWs to start earning extra money for their family even while they are still outside the country but the family’s entrepreneurial skills should also be taken into consideration. Of course, the family could always learn how to start and manage a business. This means that it would actually be a good idea for someone in the family to attend business orientations or take up a business course.OFWs don’t even have to drum up a huge capital to start a franchise business since there are small-time options they can try, such as hot food carts [Go Grab your Own Hot Cart!]. But if the OFW can afford a big-time investment, then top franchise options like popular fast food chains make a great choice.