Author Topic: From OFW to Business  (Read 11350 times)

Noylabmay

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From OFW to Business
« on: December 01, 2013, 02:24:28 pm »
Hi Sis & Bro

Almost one decade na kami ni Hubby as OFW he's mid 30's and early 30's naman ako
baka meron po kayong ma sshare tips para maging successful ang pag switch namen

Here's my list

1. We're currently building our passive income (Apartment Rental) equivalent sa one month Expenses namen nasa 30% pa lang ang meron kami

2. Paying all debts nasa 40% of loans na lang natitira

3. To  build Emergency fund mag sisimula pa lang talaga

4. Savings para sa Capital ng Negosyo eto wala pa talaga puro research pa lang kung anong negosyo itatayo naming.


Mejo matagal tagal pa ata kaming magiging OFW pero I need some tips para naman nasa straight path kami
*****Life is a Beautiful Struggle*****

joban99

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Re: From OFW to Business
« Reply #1 on: December 03, 2013, 08:38:52 pm »
Hi sis, were in the same boat here kasi my wife and I are both OFWs and wed like to make the transition to business owners as well. Kaya Id like to read what tips our other sisses can share with us. Kakapagod rin ang rat race and eventhough we make good money abroad, there really is no place like home. Also, we have two young kids and we live in Kuwait which really isnt a nice place to raise a family in my opinion, iba talaga kapag lumaki ang kids sa bansa mo and grow up close to family. But unfortunately the only way to live comfortably in the Philippines is to have a business and not to be an employee.

We also have a house thats being rented out and we also have an outstanding loan for our house so our goal is to pay off our loan muna (which is until 2015 pa). We dont even have an emergency fund or invest in anything else until our loan is paid off kasi I think no type of investment can make more interest than the interest youre paying in a loan. Also, same as you and your husband, wala rin kaming capital for our proposed business. What we plan to do is once we pay off our loan, well get another loan to start the business. Were gonna go with a franchise (check out BPI ka negosyo series sa youtube, its nice) as franchises are the best thing for people like us making the transition to the business realm with not too much experience in business. Its good kasi it has a tested system and marketing isnt a prob as franchises are known. The only thing you need to worry about is the location. We plan to get a known franchise, but of course the more known, the more expensive. So were still at the planning phase as well.

One main thing I can share with you is our plan. Once we finish our current house loan, which was a 5 year loan and will end on 2015, Ill get another 5 year loan which will be used to set up the franchise. My wife and kids will go back to the Philippines and shell run the franchise. We own a house so we dont have to pay for rent and their monthly living expenses will come from our other house which we are having rented out. So whatever net income my wife makes from the business will be rolled back into the business in order to ensure its growth. Ill stay here in Kuwait in order to pay off the loan and just keep working for 5 more years to make sure that at least one of us has a stable income.

Kasi even if its a franchise like Jollibee (which of course I wont get kasi it costs like 25-35M, hehe..) the success rate is naturally high, but there is always a chance of failure. Kaya for the five years Im paying off the loan, this will be the 5 years for my wife to learn the ropes and make our franchise (and hopefully other businesses we have during that time) succeed and become very stable. Once Im done with the loan and we see the business is stable, than uuwi ako and we become full fledged business owners. Pero for the meantime, I think its always better that one person has a steady flow of income.

Kasi I had married friends and relatives who both gave up their jobs and went into businesses or franchises. Some succeeded, but some didnt and of course syempre if you dont succeed, then you have no fallback and it may take some time to look for work again. So for me, this is the best way to go wherein one person still works while the other builds the business. This way, very secured kami. Also syempre we need to be cautious and make sure were secure as we have young kids.

Another thing about choosing a franchise, Id go with known franchises as the success rate is of course much higher. Kasi why buy a franchise with no name? Thats why youre buying a franchise, for the name. Eventhough its more expensive, if one of you is still working, its worth it naman. Konting tiis lang as Ive never been far from my kids (my wife and I were apart for more than a year and it wasnt that hard), but I think 5 years of sacrifice and being alone is really worth it when you are thinking of the next 20 years of your family's future. Another thing is you really have to plan, but more importantly move and stick to the plan. Kasi syempre pure planning and being too cautious will lead to "analysis paralysis".

Sorry medyo mahaba, hehe.. Again, I hope other people give their input as Id love to get some tips and ideas from others. :)
« Last Edit: December 03, 2013, 08:54:22 pm by joban99 »

letters_to_cleo

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Re: From OFW to Business
« Reply #2 on: December 03, 2013, 09:49:36 pm »
Hello! I am also an OFW working abroad and I almost came close to not renewing my contract here (Spain) and just go to Pinas. May soulsearching moments ako a few months ago and I realized that only in Pinas can I juggle all the things I want - my dayjob (which I love), a small biz (which i want to grow) and time with my family. but nagrenew ako because a Very challenging proyect was dangled to me and I know that in a year's time I will have more leverage Sa aking salary Sa pinas Kung mainvolve ako sa project na ito kaya one more year pa. Then I will try na to open a biz.

By the way, nagsisideline na ako now while abroad through my online shop. not super big Ang returns pero it at least instills some discipline on my part to allot time for the biz. Parang practice for the food biz I hope to open in 2015.

Thankfully, wala aking debts and kahit papaano may Investments na pero ayoko silang galawin,as these are for my retirement, so this year my goal is to allot half of my salary for the food biz. Instead of pasyals, which I did ng sobra sobra in 2013 ( 7 countries plus 12 cities in Spain) kaya wala akong ipon this year, I will concentrate on my goal of planning for my food biz: short courses in pastry making, making my biz plan and observing the new food trends here in Eu which I can adapt in Pinas.I have started testing out recipes na and having my friends rate them. So this is my biz plan for 2014: tuloy pa rin Ang online shop Ko, magtipid at MagSave with max of only 3 pasyals this year, And do muck Work for The long-planned food biz in 2015. Good luck to us!

joban99

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Re: From OFW to Business
« Reply #3 on: December 04, 2013, 01:40:20 pm »
 
hi! thinking the same thing, daming plano. kaso ang hirap pag nasa pinas nadederailed na. here's what i've learned, bayaran muna ang mortgage ng bahay, ng sasakyan, other loans, then tsaka iexecute ang plan.

Hi sis, I agree with you. That's one thing Ive often heard (from the show ANC on the money) na dapat before getting into any new business or even investing your money in a MF or UITF or any type of savings/investment is dapat you need to finish off paying your loan kasi no fund can give you higher interest than what youre currently paying for in interest in your current debt. I did this online thing a few months ago wherein it showed a pie chart of me and my family's expenses and almost 50% of our monthly expenses went to our loan. Pinapayaman ko ang banko ko! hehe.. Kaya before anything else, we really have to finish off our loan muna.

By the way, nagsisideline na ako now while abroad through my online shop. not super big Ang returns pero it at least instills some discipline on my part to allot time for the biz. Parang practice for the food biz I hope to open in 2015.

Yeah, I actually should try doing a sideline while Im abroad, pero I think I need more of a push to start. Sa totoo lang, siguro my laziness is stopping me, :p

Noylabmay

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Re: From OFW to Business
« Reply #4 on: December 04, 2013, 02:37:41 pm »
@ Bro. jobann kung laziness stopping you ako naman my fear stopping me madalas akong nag reresearch kahit breaktime lang and pinakapahinga ko na ang pag reresearch pag pagod sa work
tapos ang maiisip ko paano na pag biglang nag laho ang ipon ko paano na ang future ng baby namen
dami kong mga plans puro plans lang talaga....

@ sis letter to cleo and sis toinks toinks thank you for the insights hope coming years will be very good to us.
*****Life is a Beautiful Struggle*****

joban99

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Re: From OFW to Business
« Reply #5 on: December 05, 2013, 02:31:38 am »
Hi bro toinks, tama ka, thats what our plan is ng wife namin. Once we finish paying off our loan, Ill get another loan to start our business and send my wife and kids home to the Phil and Ill be staying here abroad to pay off the loan and keep working para may isang steady income para secure and safe talaga kami whereas my wife will start our business. Tapos once the business is very stable na and our loan is done, then thats the time uuwi na rin ako. Yeah, maganda talaga ang sa palengke or sa food biz. My mom has a poutlry farm and grabe nga talaga ang pera. Gusto ko rin sana ipasok ang biz na yan pero unfortunately my wife doesnt wanna get into it and shes really the one who will start our business.

aquacharly

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Re: From OFW to Business
« Reply #6 on: December 05, 2013, 04:29:41 am »
We are not OFWs, but business owners.

We had the same strategy:  employment & then, business.  We did not have any loans.
It is risky to have loans, kids, a business & no significant fixed income.
We maxed our funds generation & savings the first couple of years.
Purchased properties in high-end villages for rent to expats (of banks, embassies, schools --  never to expat businessmen).
Established our business, plowed back all profits to the business.
Had kids ...  And here we are, by the grace of God.  Thank you.
Business is good; properties ok (walang na-Ondoy) & increasing; kids ok & never a burden; zero loans.

Based on our experience, Eto ma-share ko:
    If you can postpone having kids, do it.
    Go into a business you understand well and the demands of which you can live with
(Why do you think the wise Chinese make their kids go work in somebody's business first before helping them set up their own business?).
    Have zero loans, or very minimal fixed obligations.
    Have a source of  cash inflows for your living expenses.  Do not drain your business.
    Provide a contingency fund for your business --  when the unexpected happens or times turn difficult -- it will be hard to get reasonably priced loans. 
    Live beneath your means. Never drain your business. 
    Watch your business cash flows.  Even if sales are fantastic if collection is troublesome -- your business will flop.  (For all those fancy financial analysis stuff learned in grad school -- mas okay pa rin what my Lolo said:  Plus  Minus lang simple arithmetic ang negosyo.  Ikayod mo ang pasok ng pera at higpitan mo ang labas ng pera.
     Kahit piso piso, bantayan and save. It all adds up.

Good luck to all. 



ms.j

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Re: From OFW to Business
« Reply #7 on: December 08, 2013, 11:11:22 pm »
hi mga sis suggestions naman ng magandang i business? TIA  ;)
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aishen1208

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Re: From OFW to Business
« Reply #8 on: December 11, 2013, 03:46:55 am »
Same with sis Aquacharly, we're not OFW's but business owners... from being employed to running our own business... actually, I am still an employee since I just started my foodcart franchise about a week ago and we're still testing the waters... so we would still be needing my fixed income...

We started doing real business five years ago and hubby was the one managing it full time while I'm still employed... it's an ink refilling business at RFC Mall... and just last year (December) we opened up another branch at Puregold and now offers other items aside from ink refill like printing shirts, etc.... hubby takes care of our house amortization (now fully paid), car amortization, lot investment and making our business grow... no more loans right now except for the car amortization...

Since our ultimate goal is for me to resign as well, we got a franchise and opened it last week at SM... I still have my 8 hour job (to cover our daily expenses) while I manage our foodcart business... I have no plans of resigning very soon, not until we reach the ROI... which I think, based on the volume of sales we're getting now, will be between 6 months to 8 months...

It's quite hard considering I am still working full time... i have two employees on my foodcart business while hubby has four employees on his two shops... despite our very hectic schedule nowadays, we see to it that we still have time bonding with the kids and we still have our moments together...

So cheers to those planning to be business owners as well!  Hardwork will be paid off once you see that your business is growing and you can now afford to provide a better life to your family...

Goodluck to Everyone  ;)

kolinetongue

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Re: From OFW to Business
« Reply #9 on: December 16, 2013, 05:13:59 pm »
some OFWs i've encountered bought land (bukid) in our province and cultivate it, yung iba naman invested sa resort, rental business and lending. ;)
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mameejhy

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Re: From OFW to Business
« Reply #10 on: November 12, 2014, 02:41:46 pm »

Purchased properties in high-end villages for rent to expats (of banks, embassies, schools --  never to expat businessmen).


Ok pa rin ba na business ito hanggang ngayon?

FRC

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Re: From OFW to Business
« Reply #11 on: March 13, 2015, 01:02:42 pm »
why don't you try investing in stock market for long term investment hindi [textspeak!] trading. kasi compared to bank interests mas malaki naman [textspeak!] makukuha naten na interest sa stock market lalo na if di pa naman naten gagamitin [textspeak!] pera instead na sa bank naten ilalgay why dont we try to invest our money. anytime naman na kailangan naten [textspeak!] money pwede naman naten ibenta [textspeak!] shares naten. i was also an OFW, i resigned late last year and umuwi na ako dito sa pinas. dont be intimidated kapag sinabing stock market kasi for as low as 5000php makakstart na tayong mginvest. try visiting COL FINANCIAL site. and this book ( MY MAID INVESTS IN STOCK MARKET by Bo Sanchez - you can download it for free) will be helpful for you to understand stock market long term investing. madali lang intindihin, kailangan naten magkaron ng passive income its important for us para if gusto na naten magstay sa pinas di na tayo magwoworry pano [textspeak!] buhay naten dito.

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Re: From OFW to Business
« Reply #12 on: March 13, 2015, 02:31:58 pm »
kami naman ni hubby, this year we are paying off debts.  hopefully next year we can start to really, really save up na kasi kahit kami din nahihirapan na mag-work, ok nga kita pero super stressed naman sa work (both of us are in the field of IT). 
"Experience is what you get when you don't get what you want!"

sweet angel

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Re: From OFW to Business
« Reply #13 on: December 17, 2016, 10:03:26 pm »
any update for those who wrote  here?   did you execute your plans?  ;)
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joban99

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Re: From OFW to Business
« Reply #14 on: January 11, 2017, 04:25:03 pm »
Hi sis sweet angel, wow! 2013 pa pala ang last comment ko dito, nice to read back on what I wrote and see what happened. Quick update from us, we finished off our house loan and then also took another loan (here abroad as the rates are much much better). But we didnt push through with buying a franchise as my wife and I decided well all stay here abroad as a family so we decided to built an 8 door apartment near to our house in the Phil and our in laws will manage it. We just went home last Dec to have it blessed. Itll be completely finished/furnished by Feb and well also start advertising on Feb/March as well.

During our vacation, I was really contemplating to send my wife and kids home again as syempre, its really better sa Phil and Id like my kids to grow up there. Pero sayang talaga ang sweldo ng wife ko dito and everyone I asked for advice said this as well. So well stay for the time being, but hopefully my family and I will be able to stay in the Phil na. While typing this, I really started missing the Philippines tuloy! hehe.. :)

tahimik_24

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Re: From OFW to Business
« Reply #15 on: January 20, 2017, 09:06:07 am »
I am planning to start a business. Nag reresearch pa ano ngang business maganda  ;D.
Currently I am in LDR status. If mag settle na kami ayoko naman forever sa abroad.
Mas masaya talaga sa Pinas.
Gusto ko din sumugal parang play safe lang ako sa finances ko. Good thing wala ako utang. Pati credit card prefer ko prepaid para iwas utang.  ;D
the greatest mistake you might make are the risk you will not take
GOD is good all the TIME,all the TIME GOD is good

Noylabmay

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Re: From OFW to Business
« Reply #16 on: February 28, 2017, 02:20:30 pm »
Hi Sis & Bro

Almost one decade na kami ni Hubby as OFW he's mid 30's and early 30's naman ako
baka meron po kayong ma sshare tips para maging successful ang pag switch namen

Here's my list

1. We're currently building our passive income (Apartment Rental) equivalent sa one month Expenses namen nasa 30% pa lang ang meron kami

2. Paying all debts nasa 40% of loans na lang natitira

3. To  build Emergency fund mag sisimula pa lang talaga

4. Savings para sa Capital ng Negosyo eto wala pa talaga puro research pa lang kung anong negosyo itatayo naming.


Mejo matagal tagal pa ata kaming magiging OFW pero I need some tips para naman nasa straight path kami


Update  sa mga daidagdag ko:


1. nadagdagan ang apartments ko,  nasa 50 percent ng expected passive income namen.
2. Yung dating loan nabayaran ko na lahat but we acquire new loans pero good debts naman.
3. Ang emergency fund at negosyo fund na naipon ko ay back to 0 dahil nag invest ako  sa stock Market, uitf at goverment bond dito sa bansa kung san kame.



Good thing lang nadagdagan ang income ko halos doble ng sahod ko since my last post.

Balak kong bumili ng farm lot at yung lupa na magiging bahay namin pag umuwi na sa pinas

*****Life is a Beautiful Struggle*****

joban99

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Re: From OFW to Business
« Reply #17 on: February 28, 2017, 04:37:20 pm »
Nice! Congrats Noylabmay. :)

regineee

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Re: From OFW to Business
« Reply #18 on: July 13, 2017, 01:52:42 am »
Hi All! I'm an OFW as well, sobrang relate! I feel like hinahabol ako ng kabayo - nasa mid 20s plang ako and I became an OFW at the age of 22. I bought a new car for my parents na binabayaran ko pa ngayon until I reach 28. Di ako masyado mabili ng gamit at magtravel kasi I prefer na makitang may pinupuntan ang pera ko.

My plan is to get a company loan (that will last for 3 years) by the end of this year, may partner ako sa business so sila ng bf ko ang maghandle nun whilst I'm here until mabayaran ko yun car at loan din. The business is in preparation for me and my parents needs din kasi kapag umuwi ako for good. Kung malugi naman  yung business - wag nman sana - atleast I'm still abroad, may mas maayos na sweldo at pwede pa magplan ulit. Kug maging maayos naman, thank you Lord and magttry pa ko ng iba pang pwedeng business.

At this age, feeling ko kailangan kong maging wais kaya wala munang YOLO. Parang I feel like it's an obsession na nga, whenever I hear people talking about business, sobrang naiinspire ako. Madami din tao yung nagsasabi sakin na wag ko daw madaliin lahat dahil bata pa ako pero syempre, doors will only open if you are bold enough to knock. Goodluck sa ating lahat na mga OFW, I hope we find success sa mga napili nating business.

Sorry po ang haba.  ;D
« Last Edit: July 13, 2017, 01:59:35 am by regineee »

GoodSamaritan

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Re: From OFW to Business
« Reply #19 on: September 07, 2017, 10:44:22 am »
same here! :) Problem ko din noon yung pag create ng plan how to escape the cubicle world. too glad, di din ako natuloy sa pag work ko abroad. instead, I started Investing na lang into Stock Market. Okay din naman pala mag stocks lalo kapag guided ka kung ano ano yung bibilin. at then End, si GOD pa din talaga ang pwedeng magbigay satin ng lahat. If maniniwala lang tayo. :)

 


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