Being an Overseas Filipino Worker is never easy.
Contradict to what others believe that going abroad will give a family a comfortable life, is the reality that there are sacrifices that has to be made. Imagine a father, missing his baby’s first steps; a mother who became a stranger to her own child; and a son or a daughter who had to miss every family gathering. Think of the time they lost while they are working in a foreign country, struggling to adjust in a different culture and language just to give their families a better living. And this is a very tough challenge for the OFWs.
That is why most of them are now thinking an exit plan – and that is to go into business, just like our #WednesdayWins winner, Ms. Analyn Bontilao. She enrolled herself in an entrepreneurship program for OFWs at the Ateneo School of Gov., where she will be able to present her business model.
The following are some tips on how to take a leap from being an OFW to a full-time entrepreneur:
Before you make an exit as an OFW, make sure you have enough savings to support your family and of course, for the business. This would mean that you will have to cut your lavish lifestyle and start to be practical in order to save more from your income. Remember, you don’t have to spend all your savings as an OFW to start the business. And that is not the way it should be.
You have to have a separate fund for the business, which you are willing to put at stake (given that running a business is full of risk). Invest an amount in which you can earn back immediately. Don’t ever spend all your savings for the business.
Entrepreneurship is not just a walk in the park. It will require you enough knowledge to actually start a business.
One way to help you be familiarized on starting a business is to enroll in short business courses. There are a lot of courses offered online that you can take to provide you the information you need to know about business. You can also check out books or online articles for more practical tips and steps that will guide you in your endeavor.
Do your research about the business you want to get it. Learn it’s basics and other important aspects that will affect the business. This will take a lot of effort from your end. But if you are really serious about this venture, then you should exert some effort.
Once you have the knowledge and the fund, it’s time to start your business.
Since you are still working overseas, you can ask your relatives to manage the business for you. Remember to ask someone you trust to look over the business and not just to anyone you hired. This can make or break your dream business, so you really have to consider this aspect.
And also, whether you start from scratch or you franchised the business, it is important to test the business’ profitability. Do not leave your job immediately. When the business is already stable, that’s the time you can finally take the leap.
Hopefully these three basic steps will help you successfully transition from being an employee to entrepreneur.