AuthorJean Perry

Top 3 Business Ventures recommended to OFWs

Overseas Filipino Workers (OFWs) are considered modern-day heroes due to the fact that their remittances contribute 10% of Philippines’ Gross Domestic Product (GDP). Aside from the immediate purpose of bringing a better life for their families, OFWs ultimate goal is to save to put up their own business that will provide steady income once they decide to come back home. Aside from saving, another option to get capital is getting loan.

One of the easiest types of loan is the overseas filipino workers (OFW) loan or if you are just around Singapore, you can check out personal loan for foreigners in Singapore. The approval period is also fast. Once you are able to pay the outstanding amount of loan, you can apply for a larger amount.

Top 3 Business Ventures recommended to OFWs

  1. Travel Agency

 

If you love travelling, invest your money to start a travel agency. A travel agency offers ticket booking, tour packages, passport and Visa assistance. It allows you to pursue your passion and promote the beauty of the Philippines. Use your experience abroad to attract clients here and abroad.

 

  1. Recruitment Service Agency

 

As OFW, you know the basic steps and information regarding workers recruitment. Of course, you need to apply for a Philippine Overseas Employment Administration (POEA) accreditation before you can start your recruitment agency aside from other necessary permits and licenses. As legitimate agency, you can help Filipino workers find jobs abroad. If you need additional fund for start-up expenditures, find the best licensed money lending agency that offer such loan.

 

  1. Buy & Sell Imported Goods

 

One of the best way to augment your earnings while working abroad as OFW is buy imported items and sell them in the Philippines. In this type of business, your family can help you in marketing and delivery aspects. You can start by per order basis. Once you have established your buy and sell business, you can put up your own store back home or an online store. Promotion is easy, thanks to social media and internet.

These are just some of interesting and lucrative ways to earn money while you are still working abroad. Once it is well-established and gaining profits, going back home to be with the family will be easier.

 

Tips and process before diving to online lenders

In 2015, Bangko Sentral ng Pilipinas (BSP) reported that about 47.1 percent of Pinoys have debts. Filipinos rely on borrowing to finance various personal and business concerns. This results to proliferation of private and online lenders, aside from banks and the traditional source of cash- friends and families. Online cash loan Philippines has become more accessible to everyone, thanks to internet.

Here are the things you need to consider before clicking the online lender’s “Apply Now” button:

  • The urgency of your need

 

If you need quick fund, online cash loan Philippines is the best option. You can get it in matters of hours as long as you qualify for the loan. However, do not forget that you will be paying the loan value plus interest for a certain period of time so borrow only what you need. Huge amount of loan entails bigger monthly payment or longer period which can affect your budget.

 

  • Check the legitimacy of the lender

 

Securities & Exchange Commission (SEC) reminded the public to be wise and careful before availing loan from online lending companies. This is because there are scammers who take advantage of needy people.

 

Beware of these predators by checking the following:

 

  • SEC registration of the company.
  • Physical address and contact number.
  • Website security. The link should begin with “https” and the URL has small, green lock beside it. This means that the company went through proper validation process and was given SSL certification.
  • There is an online loan calculator in their website.
  • A Privacy Statement is present.
  • It has real and positive reviews in website and social media accounts.
  • Finally, it does not require advanced fees from borrowers.

If everything is good, you can proceed to the next step – applying for a cash loan Philippines.

  1. Review the loan requirements. Basically, borrowers must be at least 18 years of age and able to present proof of income, government-issued ID and proof of billing. Submit the requirements online.
  2. Fill up the online loan form. Provide all the necessary information truthfully. The lender will assess your capacity to pay and verify your identity based on the details you give. Be truthful.
  3. Be ready for a call from your lender. This is part of the verification process.

Business Loans practical ways to save

One of the dilemmas of small business is the steady cash flow for the operations. It is important for entrepreneurs to protect their business’ liquidity capabilities. When the revenue and profit are not sufficient to fund the payroll and other vital expenditures, there is indeed a BIG problem. Fortunately, there are credit companies that offer business loan. Compared to banks, the approval period in these lending firms is shorter.

However, despite the convenience of opting for loans to solve business problems, why not avail business loan for more important purposes like innovation or renovation and start looking for practical ways to save.

  1. Buy Second-Hand

Be wise and purchase second-hand vehicles, equipment and office furniture. Look for quality and good stuff which are sold in lesser price. Find companies that sell or auction their old equipment. Make sure that they are functional and without damage.

 

You can also lease equipment for a certain period of time but try to get the best negotiation deal to maximize its use at lower price. Avoid buying anything that you do not need, only what are essentials to business operations.

 

  1. Maximize rebates and loyalty rewards

Sign up for various loyalty programs and corporate cards that give cash rebates for routine purchases or use of services. Accumulated rebates and loyalty rewards lessen the cost of expenses of the business.

 

  1. Utilize Community Resources Support

Singapore is a business-friendly nation especially for new start-ups. Seek subsidy fund, grants or business loans from government initiatives such as SME Go Digital, Startup SG and many more.

 

  1. Learn to Negotiate Discounts with Vendors or Suppliers

Learning the tricks of the business require good negotiation skills. One of them is to get huge discounts from suppliers and sell the items at higher prices. This increases profits and lowers the operational cost. Buying in bulk is another way to get discounts.

 

  1. Defer Payments

Get goods on credit and pay when they are sold. Deferred payment scheme enables entrepreneurs to use cash for other essentials and earn profits at the same time.

 

  1. Barter

Conserve cash by bartering with other business. Exchange your services or products to get what you need. For instance, ask a marketing agency to create ads for your business in exchange of a website design service of your company. The point is to enhance the growth of your business and attract more clients without paying a lot of money.

 

  1. Run Business From Home

Home office is the cheapest way to run your business. This helps you avoid rental fees which cut off a large portion of your capital. Better to start at home then gradually move in to a commercial space once your business is getting steady revenues.

With conscious effort and discipline, you can grow your small business successfully by ensuring liquid cash. A dollar saved is a dollar earned. Make use of fast online cash loans to finance necessary improvements to make your venture more profitable.

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