Ask what an OFW wants to get after his or her return. It’s very likely to get these two big answers: their dream house and a big capital for a profitable business venture.
For the latter, OFWs can save a big amount of money in a span of 10+ years, and then come back home to start their dream businesses. This is the part of the story where we stop and call it a happily-ever-after.
The reality for some OFWs may be this: After investing their life savings on capital-intensive businesses (for example, a restaurant franchise or a fleet of taxis), somewhere along the line, they make a wrong turn. They might have misjudged the market demand or trusted the wrong persons. Everything crumbles and the ex-OFWs go back to the job market for another overseas opportunity.
If you’re an OFW really into starting your own business and still see yourself retiring in the Philippines, cyberpreneurship can help you get started. Here are some of its advantages.
It teaches you the fundamentals of running a business
Why should you wait until your contract expires or that X amount of savings before you find out if running a business is for you? When you start an online business, you’ll know more about your entrepreneurial characteristics (or the lack thereof). It can prepare you for the dream business that you can establish back home.
You can learn new trends from your host country
Your host country can offer you new trends and ways of doing things. Evaluate if such trend is something you can flourish in the Philippines. Maybe you can start selling it online, create a similar service, or learn the technology behind it.
It can be set up flexibly
A cyber business could be a full-time business, but you can mold it to fit your schedule through iterations and milestones.
For example, building on your niche website for an affiliate program requires you to produce SEO articles and other content, which you can work on after your 9 to 5 job.
Just be sure that you’re on top of your schedule as you wouldn’t want your overseas life to be all about work!
It requires less capital
Unless you plan on creating a system with your own offshore development team or building a server farm, you can start your cyber business with a small amount of capital and then you can slowly scale up.
Are you an OFW planning your return to the country? Share with us what cyber business you want to set up!