On the fourth installation of RachFeed’s interview series to discuss top business ideas for OFWs, we invited Romy Miranda to answer the standard questions we sent to the previous bloggers we had already featured – but Romy would like to point out that he is not a blogger or a writer. He’s just a person who enjoys doing business, who loves sharing his knowledge with others, and is a great pick for someone who can help OFWs get new ideas to start a business.
It is worth mentioning, though, that even if Romy is not a blogger or a writer, he’s actually the business development and community manager at 199Jobs.com, a popular Filipino job marketplace where freelancers “sell” a job or offer services for Php199.
Let’s take a look at Romy’s advice for OFWs…
What do you think is the best business an OFW can open in the Philippines even if he/she is still abroad?
The question is a bit tricky for me. If we’re talking about a busy OFW and a business that can be a cash machine later on, then there are franchising businesses. Meaning an OFW can just be a financier or investor of the business operation which can be passed on to their “trusted” relatives, friends or love ones. But the OFW has to make sure that the franchise should be systematic or has a system that checks cheating or fraud on handling the sales. One good example is the lotto franchise.
But if we’re talking about entrepreneurship which simply means to manage their own business, then the best business for an OFW is thru online business which is kind of mobile for them to manage it. This is why business blogging is all over the place – for OFWs who can write. I’ve seen many OFWs who are now into e-book selling business. Some are into webinar business where they can teach their expertise. Others have an e-commerce site.
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?
It may take a while to establish one business. There are a lot of considerations before quitting. Sometime it takes guts, too, especially if the start-up business is not profitable yet.
When one business is starting to make a profit, more focus might be needed; meaning, if they are into franchising, they have to leave the work and do the business themselves. If they are into online business, make sure it has a good and stable monthly income before going back home and see how they can expand the business.
So, there you have it, guys! Patience and hard work appear to be the key to success in the business. Before OFWs come home for good, they need to make sure the business is already established, as Romy advised. Of course, some people are lucky to have taken the leap of faith and succeeded in the business even if they quit their OFW job early to start a business in the country. Whatever your choice might be, we wish you good luck!