An entrepreneur does not need to be a college graduate or one that wears expensive clothes sipping coffee at Starbucks. "Idea is money" and that is what a business opportunity is all about. The most profitable and long running offices in the Philippines are the ones that sell basic commodities. These are food, clothing lines and shelter. Just about what Abraham Maslow's hierarchy of needs states. Investing for popular or seasonal businesses is not always successful. A capitalist must be wise enough to compute the inputs and outputs of their cash. There is no such thing as 100% no risk in a business. But make sure to have a Plan A and a Plan B before testing the new career that you want to pursue. For instance in food ventures, lechon manok is one of the oldest pick of the masses and there is a high probability for a sellout since it is a common need and Filipinos love this delicacy. Dairy ice cream like Magnolia and Selecta are also the longest running business of ice cream in Pinas. The key to creating an office is the strategic location and mass marketing. Everyone buys everyday and if a product was loved at the customer's first try, a repetition of purchase will be made which makes them a patron of that particular retailing business.
A thing to remember when an OFW or anyone that had save enough capital for investing, is try to research about what kind of business are you diving into. Observe other outlets of stores that have the same concept of what you have in mind. Be a critic so that you can see the positive and the negative side. Aside from the witty spot were the selling happens, studying your audiences is also a must. Make some time to attentively watch what kind of people are there in that place. The main purpose of this is to analyze if these people can afford to buy your products or will they like what you offer in that area. Some professionals even look at the barangay list of population in the area and research about what kind of job these people has or if they have some businesses too. Be careful when buying and that should be an automatic response since we know how hard it is to acquire money. Saving is good but it won't multiply unless you take a risk for a franchise business or an apartment investment perhaps.
Apartments are also a great preview for future passive income. These building are mostly situated along universities or tourist spots for borders and short stay vacation. Whatever it is that is in your head be accurate enough to know the details before paying the price. Try to see the potential of the new career even if it is not set up. Remember that preparation is the most important factor of building an asset. Providing basic necessities is the best business of all time.
The 10 Countries an Overseas Filipino Workers want according to
Philippine Overseas Employment Administration (POEA) :
- Saudi Arabia
- United Arab Emirates
- Hong Kong