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.
