Jump to content
skhye01

OFW wants to be financially independent

Recommended Posts

Lee

Wow, that's cool, may I know particularly where in Mindanao?

Valencia Bukidnon. 

Share this post


Link to post
Share on other sites
Headshot

There is no easy way to make real money in the Philippines without bringing in substantial capital. That is especially true if you really do want to become "financially independent" at some point. If that weren't the case, everybody in the Philippines would be rich.

 

If you start a business that is easy to start and doesn't require a lot of capital to launch, then there will be three other people starting up an identical business right on top of you. The competition will squeeze out any profit margin you had, and you will likely fail. People who have never run a business make the mistake of thinking that anybody can do it successfully. Sari-sari stores and water stations come and go rapidly because those running them are usually not skilled enough or disciplined enough to run them long-term. These are NOT high profit businesses. Rather, they are subsistence businesses at best. If you are making a high profit, it is likely that you are cutting corners someplace, and that will likely come back to bite you.

 

You are better off finding good work where the good work is (mostly overseas or at least in the larger metro areas) and saving your money instead of sending it home as remittances. Don't count of anybody back home to invest your money wisely. It just won't happen. Save your money, and once you have enough capital to start a business that you KNOW you can do (as in you have experience in it), but that requires enough skill and capital that not everybody can do it, THEN you can think about starting something closer to home.

  • Like 3

Share this post


Link to post
Share on other sites
Raven

What about freezing the water,  I think you will have to add the cost of electricity

 

 

A water filling station close to where I live in talisay, closed in about a year

 

 

there is a water filling station across from the store....5p per five gal jug...seems like small money but there is some body there filling up a jug as long as he is open...must have two or three hundred a day...and they fill their own jug, only thing he does is supply the water and the hose...

Sari Sari...closer to a mini grocery can make very good money...Ice can also be good...we sell about three hundred tubes a day at 3p per tube...fill it at our deep well so the only cost are the wrappers...

Buy rice wholesale at the farm..take it to the city and you can double your money...requires truck

..and salary ..and electricity for deep well pump ..but ice/ice water is still a part of the sarix2 business as well as cigarettes by stick

Share this post


Link to post
Share on other sites
Raven

Hi guys am newbie in this site, currently working in United Arab Emirates for almost 2 years but life here still so tough so I guest prefer to finish my contract and go home ,start to venture something. Maybe you can share any business Ideas that I can start with small capital? :biggrin_01:

Now when "change is coming", Gen San and anywhere else in Mindanao need Tourism-minded young people, who know the local areas, so I will suggest start as a Tourist Guide in your area. It only require a website and a "brain" :)

 

There are several websites about Tour- Guides, here is one:

 

http://tourguides.viator.com/Listing.aspx?Country=Philippines&

Edited by Raven

Share this post


Link to post
Share on other sites
colemanlee

 

 

.and salary ..and electricity for deep well pump ..but ice/ice water is still a part of the sarix2 business as well as cigarettes by stick

 

Its a hand pump deep well....just so you know, the entire cost for electricity for the store averages 2400p per month that's with one stand up freezer and one glass top chest type..plus lights, tv etc...300 pieces of ice at 3p each equals 900 p per day...which times 30 equals aprox 27,000 per month just for ice...so take worse case, and use the even number of 20,000 per month (just to give leeway ) and you can see considerable profit...btw our kids fill the ice tubes...so no salary involved..the older ones also watch the store...etc...the salary we pay is only to the BIL, who is also the driver for the truck, and his wife who usually watches the store during the day when we are not available.  It might seem that 300 is a lot of ice, but you have to take into consideration that where we live there are hundreds of fishermen and several fish wholesalers who buy ice from us...on a normal day we actually run out of ice in the late afternoon and are considering getting another freezer..I will not go into the beer, tuba, tanduay,cigarettes....but just say, in the right location, with the right management...a mini grocery can be a gold mine considering how much most things here make...a good example I use with the kids, is one of my friends manages the BPI main branch here...his salary is aprox 25k per month

  • Like 4

Share this post


Link to post
Share on other sites
Dafey

Skhye, I salute your desire to change your life and make things better. The Forum has come up with what "they" think are some good ideas for start up businesses for you and also several suggestions not to change your path and continue to down the OFW route to earning a descent wage.

 

A couple of things I think you should think about...

 

Whatever you do will need to be extremely hard work to pay off. There is no easy money. Maybe not physically hard but certainly time intensive. I once talked to an Entreprenauer who said, "owning your own business is great! And if you only want to work half a day, it doesn't matter which 12 hours it is"

 

Also, the fact that you are asking someone else to come up with the idea for your success tells me you may not be the Entreprenauer type?

 

If you want to start a business, find a need and fill it. That is the best starting point for you as you know this country and it's needs better than we do.

  • Like 4

Share this post


Link to post
Share on other sites
Headshot

Coleman Lee, your wife definitely has a mind for business that is unusual in this country. I'll bet she even makes you pay for your beer and drinks.

Share this post


Link to post
Share on other sites
colemanlee

Coleman Lee, your wife definitely has a mind for business that is unusual in this country. I'll bet she even makes you pay for your beer and drinks.

And you win the bet....when she opened it...I sternly told her, no credit, no freebies...and that's how it is...with the exception of our three year old son who can still charm candy out of her with his smile....you are correct about her mind for business...Ive watched her do the books, an area that is not my strong suit...she can tell you the profit per piece of everything in the store, how much she sells on a daily basis and actually charts (on a graph) how much of what she sells on a given day..we generally close the store for a half day once a week and she used the graphs to figure out what day would be best based on sales on an average of three months..I could go on but Im guessing the point is made....suffice to say I got damn lucky when I met her...

  • Like 8

Share this post


Link to post
Share on other sites
miles-high

You heard about “location, location, location”? Perhaps, you could find a small vacant lot close to SM or some manufacturing plant, e.g., Honda, Intel, or even call centers, and build a nice “dormitory” (for singles or small families) for 6 or 7 tenants (one for you or for your trusted “manager”). Vacant lot can be found around 400K to 500K (in NCR), building about 2million. Monthly income of about 25K… You have to do your own detailed cost analysis re size of rooms, kitchen, aircon or not, etc.

 

Just an idea...

 

Good luck! :)

 

 

Correction: Not Intel, TI, Yokohama Tires or other manufacturers...

Edited by miles-high
  • Like 1

Share this post


Link to post
Share on other sites
skhye01

Skhye01, I think you'd be better off not returning at all costs to low pay in any country other than the Philippines and do what you can to make ends meet, unless you have a skill and all the equipment needed to open up a mini fix it shop, the sari-sari store or raising animals is gonna put you in the poor house unless you have money coming in, don't do it, the computer shop and game room, don't do it.  Pool room works but the citizen is hard on the sticks and table so you'd have to be able to fix them on your own in order to somehow turn a profit.  Anything dealing with electricity and reselling items is gonna be a real downer because it requires either transportation costs or the costs of labor.

 

If there's no option to return as an OFW, how about a call center job at least you get paid.

Hi , thank you so much for this , well actually I also ventured an internet café before for almost 3 years and able to get the investment after a year and half but because of rotational brown out , I shut it down and sold it before leaving. I pushed too hard did a lot, ( buy and sell, food stall/mini restau, renting services) but still cash in vs expense was unmanageable . I realized that I worked too hard but did nothing at all , and one phrase had made a big difference " give a man a fish and you feed him for a day ; teach a man to fish and you feed him for a lifetime . '' Decided to work abroad, salary is limited yet happy because it grew a lot. My family learned their lesson, well I'm still providing but not so stress just like before. Also forgot something, I need ~trainings and mentor. :thumbsup:

  • Like 5

Share this post


Link to post
Share on other sites
Davaoeno

Several people here have told you how they make a decent living running a small business here. It is my opinion that they are by far in the minority , and that their success is largely due to being in the right place at the right time with the right idea and enough money to make it work . Many many more people here can relate to you how their businesses failed- some of them many times over. 

 

Please do not assess your opportunites by looking only at the few very successful people .   If you do not have the expertise in a certain business , [ or related business experience] then i strongly urge you DO NOT  put your money into a business no matter how bullet proof someone tells you that it is.

 

You have already tried several businesses and all of them were failures. That does not make you a failure, it just might  however show that running a business is not your forte . At least not without  a savvy partner to guide you

Edited by Davaoeno
  • Like 3

Share this post


Link to post
Share on other sites
Mikala

 

 

Also forgot something, I need ~trainings and mentor.

 

There's a wide variety of experience on LinC, but first you'd have to give some background on what type of training. Medical? Technical? Oil well drilling? Administrative? Do you have a college / university education? In what field?

 

I have to admit that I'm impressed with the outpouring of useful tips on how to be financially independent here! :)

  • Like 1

Share this post


Link to post
Share on other sites
skhye01

Several people here have told you how they make a decent living running a small business here. It is my opinion that they are by far in the minority , and that their success is largely due to being in the right place at the right time with the right idea and enough money to make it work . Many many more people here can relate to you how their businesses failed- some of them many times over. 

 

Please do not assess your opportunites by looking only at the few very successful people .   If you do not have the expertise in a certain business , [ or related business experience] then i strongly urge you DO NOT  put your money into a business no matter how bullet proof someone tells you that it is.

 

You have already tried several businesses and all of them were failures. That does not make you a failure, it just might  however show that running a business is not your forte . At least not without  a savvy partner to guide you

 

 

 

 

 

Hi Davaoeno I respect your post and perception, but for me business can be learned, it's more on discipline, expertise/ knowledge at the same time finding someone whom you can trust. I admit I failed so many times, but I learned a lot from those. I started venturing at the age of 20, I aimed high because I'm the provider and has extended families ~Big family~. During 3rd year was okay, but failed in choosing the right person to manage after I ventured in another business for expansion. Still, I'm not afraid in taking risk. God is with me and he knows my desire. :D 

 

  • Like 1

Share this post


Link to post
Share on other sites
skhye01

There's a wide variety of experience on LinC, but first you'd have to give some background on what type of training. Medical? Technical? Oil well drilling? Administrative? Do you have a college / university education? In what field?

 

I have to admit that I'm impressed with the outpouring of useful tips on how to be financially independent here! :)

Yeah, that's why I'm thankful to those who share their ideas and time. God bless you all.

yes I took nursing ( practical nursing)

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Sailfish Bay Fishing Charters

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..