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skhye01

OFW wants to be financially independent

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Davaoeno

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 

 

 

As long as you chose businesses where you have to rely on someone else to make it a success is to me not the right business for you .  Thinking that you can't fail in a business because after all " God is with me " just gives me shivers thinking about that being the   Business Plan that you plan to rely on  !

Edited by Davaoeno
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TheWhiteKnight

I didn't read the whole thing did some one already share the old adage...want to know how to make a small fortune in the Philippines?................. Start with a large one. haha

 

OP. Please consider remaining abroad you will be infinitely better off, don't come back to start a piece of crap sari-sari the odds are you will fail hard. You can be so much more successful elsewhere, and then come retire here when you have real money.

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skhye01

1. The profit margin on Ice far exceeds the electricity usage, waterfilling works great here...glad we dont live where Woolf does as nothing seems to work there.

 

2. Indeed most businesses go broke here because of lack of capital and using all the profits for subsistence instead of putting the money back into stock and expansion of the business.  As far as competition expect that as soon as you start making money someone will see that and try to open a business also, if your financed enough, you can weather the storm, as most do not have the money for a price war, we had two stores start as soon as they saw we were doing good but now they are both gone...the wife regularly checks the prices of our competition and keeps her prices one or two pesos less.  People here will walk out of their way if they think they can save a peso.  Also expect the crab mentality to be in full force as soon as you start making money...you will soon figure out who your real friends are.

 

3. Diversify ..as an example (sorry I can only give our own) at present my wife has the following businesses

She owns rice fields, brings the harvest to town where she sells it.  She loans planting money to the farmers, she gets 1.5 sacks of rice per 1k p loaned also sells in town...after deducting transportation expenses generally ends up with something like 80/90% profit on her money

 

4.She owns a mini grocery, most of the profit comes from selling beer, booze, Ice and cigarettes...it also gives her a outlet for the rice she brings to the city.

 

5.She rents the truck she uses for the rice on off harvest season, keeps it busy three or four days a week, pays for the truck and maintenance gives small profit

 

6. She just bought the Pepsi distributorship for this area...too early to tell what the profit will be

 

7.She has a small piggery in the province, also turkeys, chickens and ducks...sells the most for festivals and holidays...turkeys bring great profit during Christmas and New years... 

 

She did all this over the last five years, and yes it took a lot of capitol...we are in a good situation as we live day to day on my pensions...allowing us to put all the profit on various ventures back into expanding the business...but the key is that she started small and reinvested all the money back into the business...

One more thing, you have to have people you can trust to help you...people that will not steal...she started out using some of her family, but they were eating and drinking up all the profits and because they were family at first she was reluctant to fire them, she finally realized she could not run a business with help like them and now out of the fairly large family she only has one sister and one BIL helping her from the family...yes there is a lot of animosity but in the end business is business,,,if your not part of the solution your part of the problem....

 

You can make it in business here...it just depends on how much you want it and what your willing to do to make it happen...She did not have the advantage of family land or anything else...I invested something like 100k for start up...after that I have not put a centavo into it...

My advice, save the money you make as a OFW...as much as possible...if you want to start a business it will take twice as much as you think it will, just the permits etc is a large outlay...then there are monthly expenses nobody seems to take into consideration, electricity, fuel, taxes, salaries etc. 

 

Several here have mentioned working at a call center...a good idea...that would take care of your day to day expenses allowing you to invest all your savings into your business....but remember...you will have to have help and IMHO that is the hardest nut to crack...finding people you can truly trust is a problem here and anywhere you try to run a business....

 

I hope this helps...you can do anything you want to do, you just have to want to do it bad enough...it is not easy...there will be many people that tell you it will never work...do not pay attention to them...most of them will be jealous and Im sure you are familiar with the previously mentioned crab mentality.  

 

So lucky, please take care of your wife always and thank you so much for sharing this ideas and precious time. God bless

As long as you chose businesses where you have to rely on someone else to make it a success is to me not the right business for you .  Thinking that you can't fail in a business because after all " God is with me " just gives me shivers thinking about that being the   Business Plan that you plan to rely on  !

Thank you for your time Davaoeno.God bless you

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Mikala
I took nursing ( practical nursing

 

What a coincidence, my wife is an RN. She worked years (for free) at some public hospital in Cebu and was just going to head over to Singapore to a job that barely paid enough to survive (yet she insisted, it was better than working for free). There's a whole world out there searching for good nurses, but, unfortunately, most of them don't want to pay a decent salary.

 

As my wife loves nursing, the next step for her was to consider whether she wanted to return to school to become a doctor or go the more traditional route of studying for the IELTS / NCLEX exams. She chose the IELTS / NCLEX exams as the most likely way to success. Of course I am sponsoring her efforts to get thru that, even though her career is not necessary.

 

I'd recommend that you find a mentor / sponsor and continue your education. Just don't waste time on countries that won't pay a reasonable salary. Go for the gusto by directing your attention to somewhere like Australia, England or the USA!

 

Edit: Even without an immediate sponsor, you could use online training to prepare yourself for passing the IELTS / NCLEX exams (for free). UAE has reasonable internet (except where I am located), so use your time here in UAE to advantage. Study hard and, while studying, find someone to assist you in paying to take the exams. :)

Edited by Mikala
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A_Simple_Man

 

 

I'm not afraid in taking risk

 

That is a good attitude.  Try something risky while you are still young enough to go back to another OFW job.  If it works, great.  If it does not, you are no further behind.

 

But you also said:  

 

failed in choosing the right person to manage after I ventured in another business for expansion.

 

There is taking risks and there is setting yourself up for failure.  Small businesses only work due to the attitude, hard work, and smarts of the owner/manager.  I cannot think of any successful small business where the owner/manager stepped out of the picture and someone else made it a success.  Perhaps you just want to be the investor and someone else owns and manages the business?  That is a different scenario entirely.

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Davaoeno

 

 

I'd recommend that you find a mentor / sponsor

 

Just so I am clear here - is that what we used to call a Sugar Daddy ?    I can think of noone else who would want to finance the education of someone that he wasnt in a relationship with .

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Mikala

Just so I am clear here - is that what we used to call a Sugar Daddy ? I can think of noone else who would want to finance the education of someone that he wasnt in a relationship with .

There are altruistic folks in the world Ian. I've sent half a dozen guys and gals to school without any sort of relationship or recompense. I've done it in America and the Philippines.

 

Sent from my V2s+ using Tapatalk

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shadow

There are altruistic folks in the world Ian. I've sent half a dozen guys and gals to school without any sort of relationship or recompense. I've done it in America and the Philippines.

 

Sent from my V2s+ using Tapatalk

I have personally taught a dozen or more young men a trade, while paying them to learn.

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Headshot

Just so I am clear here - is that what we used to call a Sugar Daddy ?    I can think of noone else who would want to finance the education of someone that he wasnt in a relationship with .

 

Be careful that this does NOT turn into a dating thread.

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Kabisay-an gid

 

 

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?

 

Nothing ventured, nothing gained. Many small businesses fail because of the "I'll sail my ship alone" attitude of their owners, who don't ask others for advice/suggestions.

 

There are entire books written on giving people suggestions for small businesses and money-making ventures.

 

skhye is showing wisdom by asking for advice/suggestions before attempting to follow that path.

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SumDumJoe

@Colemanlee.. I swear our wives must be sisters.

 

 My wife and I worked in Kuwait, she for ten and me for eight years. In that time she went from being a housemaid with a sixth grade education to running her own running her own travel agency/travel agent school. She managed to stash away a little more than a million pesos in the time frame. 

 

 Now we have been living in the Philippines full time for closing in on three years. 

 

 She has a seven hectare rice farm. She finances ten or so local surrounding farmers that pay her back in rice. She has a thousand square meter lot with half of it dedicated to a concrete slab for rice drying, which she rents out to other farmers when we are not using it, the other half is a warehouse. She takes all the rice that we harvest and all the rice she got as payment from the farmers and stores it until she gets the market price she wants. That is our huge advantage over other farmers in the area that are forced to sell directly at the harvest to pay off all of their debts. Last harvest she decided to gamble a little and rent a truck and try to sell the rice herself in the big cities. She made a few contacts and now has the confidence to buy her own truck and make herself a rice distributor. 

 

 She has now added four pigs into the mix to have a go at running a piggery. She is also shopping around for a location for a carendaria to generate some daily income. The farming/financing is very profitable, but very capital intensive. The other issue is that we only get actual cash back out of our farm every three to four months and sometimes longer if the price of rice stays too low.  She may at any one time have 2 or 3 hundred thousand pesos invested in a harvest. And now she wants to buy an ELF which will consume another 3 to 5 hundred thousand, but will hopefully pay for itself in a few years. 

 

 To Skhye.. As others have said, you can do OK here in the Philippines, but it is a very tough environment. It seems like everything is stacked up against you. But with hard work and enough capital to get through the tough times, and there WILL be tough times, you can do it. 

 

 I would suggest staying abroad as long as possible and save everything you can. Get your money in an interest bearing account and add to it every pay day. Looks like if you have more than 130,000 pesos you can earn 2.25% interest from some of the banks in the UAE. There may be even better offers, I just found that from a quick internet search. 

 

 Best of luck to you and remember, there is no substitute or shortcut for hard work. 

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colemanlee

 

 

And now she wants to buy an ELF which will consume another 3 to 5 hundred thousand, but will hopefully pay for itself in a few years. 

 

I like the ELF, we ended up with the Mits Canter..as we found one with the 14 foot bed in good shape...Ive gone back and forth on whether I thought the truck was too big but now am glad we got that one...a friend of ours has a company that contracts out to Globe...he came over yesterday wanting to contract our truck to haul wire, poles and the like...still working out the details (has to be available to us for harvest) but it looks like its gona be another money maker for the wife...will get a lot more contracting it out than just renting it a few days a week...she also bought a trike with a utility side car yesterday so she can deliver pepsi/coke products in the area's that are really too small for the truck to go...so looks like a win/win again....time will tell...

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Davaoeno

Be careful that this does NOT turn into a dating thread.

 

Not to belabor the point but I assumed that by saying " not in a relationship "   would  automatically precluded dating .

 

So now two members have posted about how they have financed the education of people that they were not involved with .

 

Just what is the OP supposed to do with this new suggestion about how to get an education for free ?  I really see no  purpose in telling her this-  all it does is   give her more false hopes.  [ I am assuming that neither Mikala or Shadow are going to pay for her education .]    And I have seen nothing from the OP that to me indicates that she is looking for a handout .

I believe that there are websites run by and for OFWs ? If so surely that would be a better place to look for realistic suggestions for how to invest her money .

Edited by Davaoeno
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Alfred E. Neuman

Buy wholesale sell retail

Build a shack, rent rooms

Buy low sell high

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Mikala

 

 

I am assuming that neither Mikala or Shadow are going to pay for her education

 

I received a hard life lesson helping others with no recompense. It's not appreciated and generally they all threw away the opportunity after a year or less (except 1). In the future, I'll only consider helping family and have a niece that's going to Science school in Dumaweird that I'll be assisting when she gets to college age.

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