Category: OFW Interest

Did you know that OFW remittances is accountable for 10 percent of the country’s GDP? In 2018 alone, OFW remittances were as high as USD 26 billion. This is why OFWs like you are considered as modern day heroes because of what you can do for the country and as among the huge economic driving force.

Here’s the surprising part: despite earning in dollars, many OFWs are still struggling financially – and the Bangko Sentral ng Pilipinas noticed that. In fact, some still go home with little to empty pockets, thereby forcing them to look for another job abroad.

To address this issue, BSP, in partnership with BDO Foundation and Overseas Workers Welfare Administration (OWWA), launched PiTaKa, a financial literacy program for OFWs that will, hopefully, give them a happy ending – at least in the financial aspect.

What is PiTaKa? 

PiTaKa, which stands for Pinansyal na Talino at Kaalaman, is a forged partnership with OWWA and BDO Foundation, which aims to improve financial literacy of OFWs as well as their families. According to BSP Governor Nestor Espenilla, Jr., the PiTaKa program “aims to change sad stories” of financial struggles into “happy endings.”

For OWWA Administrator Hans Leo Cacdac, the PiTaKa program also aims to change “cultural perspectives about money” as well as “improve the financial standing Filipinos and contribute to the country’s economic growth.”

This program helps OFWs on financial issues such as:

• Better management of remittance
• Effective savings techniques
• How to get out of debt
• Where to invest your money
• How to become a business owner

Consequently, the program will emphasize on values formation, which helps in the development of better behavior and positive attitude towards money to improve one’s financial standing.

Unlike other financial programs, PiTaKa helps not just the OFW but also extends its training to OFW families. In fact, they will be taught and encourage how to spend and save wisely and the things they could do to help augment OFW’s income.

What is the mode of teaching? 

Videos will be used as tools, which will be shown during financial literacy lessons. Since the program is intended for OFWs, PiTaKa will be part of the mandatory Pre-Departure Orientation Seminar (PDOS) and Post-Arrival Orientation Seminar (PAOS). The videos will also be used and shown during the General Orientation for OFW families.

PDOS/PAOS and OWWA training providers will also undercover necessary training to ensure that financial literacy will be taught effectively and efficiently to all OFWs.

Why include financial literacy in the list of programs for OFWs? 

The purpose is clear: to properly educate OFWs and their families on how to be regular savers and investors as well as how to handle money wisely and effectively. This way, every OFW will be able to enjoy financial freedom as well the fruits of their labor.

More so, not all understood terms like bonds, investment, or dividends mean. Through PiTaKa, OFWs and their families will have a better understanding of the concepts and be better equipped with knowledge they need to help them improve their financial condition without a family member going away.

When you attend PDOS, make sure you pay attention to this as well. Take notes and don’t hesitate to ask questions in case something is unclear to you. The more financially knowledgeable you are, the better it will be for you in making financial decisions.

You heard it countless times already – save, save, and always save. OFW life is uncertain and there is always a risk that you might be forced to go home due to unforeseen events. There could also be issues back home that could force you to take three or four jobs to cover the expenses.

No matter how hard you budget and save, your account doesn’t seem to grow. Yet, needs (and wants, which should not always be prioritized) never seem to end. You will always need a house, a new car that will replaced the decades old you have on the garage, prepare for your kids’ education, and the list goes on.

What do you do when your funds are not enough? You borrow money.

Check out the common reasons why OFWs borrow money:

Your family back home needs it. 

This is the most common reason why many OFWs borrow money, sometimes even resorting to loan sharks. As harsh as it sounds, OFWs became the instant ATMs for their family – and even extended family – back in the Philippines. They assume that since you are earning in dollars, you earn a lot. Little do they know the sacrifices you need to make just to fulfill their needs and capriciousness. After all, this is your way of making up to them and the time lost.

Education

Tuition fee doesn’t come cheap. When it comes to your kids’ education, you are willing to make necessary sacrifices, including borrowing money, to ensure that they will get quality education.

The good news is you can prepare for this early. The earlier you save up for your child’s education, the easier for you once your child starts schooling.

Medical Emergencies

Nobody wants to get sick. No one wants to get into an accident. Even if your hospital expenses will be covered by your employer, that benefit does not extend to your family members. There is also a chance that the expenses will not be fully covered, which means you need to shell out your own money as well. In case one of your family members are sick, you have to pay for the expenses straight from your pocket.

In case you don’t have enough funds to cover for the expenses, you tend to resort to lenders. It could be a good way to augment expenses,

In other words, applying for a loan is not all that bad, especially if there is a legitimate reason to borrow. When you do, make sure you could pay on time. Otherwise, it could destroy your credit score, thereby affecting future loan applications.

Purchase of Home, Vehicle, or Any Other Asset

A decent house in Metro Manila will cost you millions. Depending on the model you chose, a car will also have a tag price of millions. In other words, buying possible assets will cost you a lot of money – and applying for a loan is a good way to get that.

You have to be careful on this. Since this involves millions, you have to prepare yourself in paying monthly amortization. It is advisable that you make a bigger down payment so you could reduce the costs every month.

Business 

One of the best products of your hard work overseas is by having your own business. Regardless if you go back overseas or not, having a business, no matter how small it is, gives additional income to your family. You can use the earnings to cover monthly expenses.

Apparently, putting up your own business means you need funds to make it happen. If you don’t have sufficient amount yet and you believe that your product or service could help make the world, then getting a loan would be feasible to make that entrepreneurial dream happen.

Speaking of loan, Balikbayad is here to help with your cash needs. Simply fill out our online application form or download the Balikbayad app on Google Play Store to apply.

Imagine working overseas for 10 years. By now, you should have your own house, sufficient savings to keep you covered during rainy days, and started investing your money to make it grow. Like most Filipinos and despite earning in dollars, you haven’t reached your P100,000 mark yet.

That is not a good sign.

You might argue that a big chunk of your money goes to your family back home and their never-ending expenses. Sure, you want to provide for them and ensure that all their needs (and demands) are met, but this doesn’t mean you should not set aside at least five or 10 percent of your monthly earnings.

Don’t worry. You still have time to fix this situation. Here are simple and effective ways to help you boost your savings:

Tip No. 1: Train your self to be in Saving Mode. 

Saving is about discipline and commitment. If you want to be successful in boosting your savings, then you need to train yourself and your mind to make saving part of your system. It’s difficult at first, especially when your family calls you because they need this and that, but you need to be firm in your decision to embrace saving as part of your lifestyle.

Tip: Immediately set aside five to 10 percent of your monthly income every month. Place it in a container that is difficult to open. This will serve as your savings or Emergency Fund.

Tip No. 2: Know where your money goes. 

This is also important. Your commitment to savings is the first step, but you also need to know where your money goes so you can make necessary adjustments.

Everyday for the rest of the month, make a list of where your money goes, regardless of the amount. By the end of the month, review your list of expenses and see which ones you can get rid of and what expenses are non-negotiable.

By doing this, it will be easier for you to make adjustments in your lifestyle, which eventually leads to bigger savings. This also leads you to this next tip.

Tip No. 3: Live within your means.

We understand that you want to give the best to your family. Does this mean ending up with zero every month to fulfill their wants? Definitely not.

Therefore, live within your means. It’s normal to feel jealous every time you see fellow Filipinos making it big or showering their loved ones with material things. Instead of trying to keep up with them, use this as your motivation to work harder. Don’t let envy get over your system and think long-term.

Tip No. 4: Involve your family in saving. 

Savings should not solely be the responsibility of the OFW. If you want to increase your savings, then this must be a collective effort.

That being said, talk to your family about your financial goals and make sure everyone will do their part to contribute. Explain to them that not being able to send balikbayan box every month or saying no to their request of having a grand birthday party does not necessarily mean that you don’t love them. There are more important things than material possessions and short-term happiness. When you make saving a collective effort, it will be easier for you to increase your savings and reach your goals faster.

Tip No. 5: Monetize your skills. 

Are you good at something, say baking, cooking, or photography? Take advantage of those skills by monetizing them.

Offer your services, sell your works online, or ask your friends to refer you to those who might need. Who knows, this could be a start of something big for you.

Tip No. 6: Learn more about investments. 

Sadly, many Filipinos are not financially literate. Apparently, lack of access is no longer an excuse. Now that you can find information online, make use of it to educate yourself more about investments, especially during downtime. If there are free seminars about investments, then try attending one.

The more informed you are, the better you will be in making sound financial decisions, which could lead to bigger savings as well.

Tip No. 7: Don’t always resort to loans. 

Applying for a loan will make things easier for you. Apparently, there are loans that you don’t really need and push you in the debt pool.

Before you resort to loans, ask yourself if you really need it. Make sure you identify the purpose of the loan. If the money will be used to start a new business or for investment, then that is a good deal. Otherwise, borrowing money to buy new gadgets or so your family could afford shopping is a big no-no.

Speaking of loans, Balikbayad is here to help. Submit your online application now and we’ll get back to you as soon as possible. In case you are an Android phone user, Balikbayad now has an app, which you can download at Google Play Store. The app is a more convenient way to apply for a loan when you really need it.

We said this several times and we’ll say it again – OFW life is not easy. Yes, earning money is easier, but this means you will be thousands of miles away from your family, staying in a country you’re not familiar with, learning a new language for the first time, and embracing a new culture. Plus, there is always a risk of abuse or getting an unreasonable employer that could make “running away” impossible.

Of course, your family back home are not aware of the sacrifices you make. As much as possible, you try to sugarcoat your situation and make it seem that you’re doing fine when in fact, you are eating twice a day and scrimp on almost everything so you could send them more money.

That being said, here are some of the things OFWs wish their families know about their lives abroad:

It’s a Lonely Life 

Yes, OFWs are in a foreign land and see places they once saw on pictures and postcards. Yes, they earn in dollars, which is way more than what they earn in the Philippines. Amidst all these, it’s usually a lonely life for OFWs.

For starters, being in a foreign land means they don’t know anyone. They have to get used to being invisible since finding a “friend” they could count on all the time. Second, even if there is a strong Filipino community, they don’t get to see them as much as they can, except on scheduled day offs. Most Filipinos they’ll bump into are rushing on their way to their job number two (or three).

This is why it is important to maintain constant communication with their loved ones back home. Somehow, it eases the feeling of homesickness and loneliness.

It’s Not All Glitter and Gold 

Sure, you receive tons of balikbayan boxes as often as you can. Apparently, what you don’t know is the sacrifices OFWs need to make just to fill those boxes.

OFW life is not a glamorous life, unless they’re really lucky with their employer. There are many who are abused and treated inhumanely by their employers. There are many who are considered as professionals and board passers in the Philippines but work as factory workers or household service workers overseas. OFWs won’t tell you that they ate once or twice a day or that they have to endure the heat at night so they could save on electricity. You won’t hear them complaining that much because what matters to them is to provide for the family.

Money Doesn’t Grow in Trees 

The advantage of working overseas is earning in dollars or any other currency. With how the peso is doing, it’s safe to say that OFWs are earning big and earning more.

Still, this money is a product of their hard work. This money is a result of two or more jobs they have to take to ensure that you get to pay the bills on time, kids go to school, and make everyone happy.

That being said, avoid asking them to spend on unnecessary things. Don’t force OFWs to sponsor your every baptism, birthday, and whatever celebration in the family. There are more important things OFWs have to worry about and they’ll do that by making the most out of their stay there, which leads you to this next concern.

They Don’t Prioritize Themselves

Every OFW you will meet have different reasons why they want to work overseas. Still, the most common answer is they’re doing it for their family. This is why when it comes to their Priority List, their own selves are on the last.

Most OFWs will do whatever it takes to earn more money that they could send back home – even if it means sacrificing their selves. This includes still coming to work despite being sick or take multiple jobs even if their body could no longer handle it.

There’s No Place Like Home

There are countries that are way better than the Philippines in terms of government services, roads, and overall way of living. Still, OFWs would forget about that in exchange of being back home. Like what many always say, iba parin sa Pilipinas.

What’s the bottom line? Recognize the efforts of OFW family members and be more reasonable. They’re doing their part in ensuring your family’s future. Do your part as well.

Smartphones are important these days. Aside from making calls and texts, you can do almost everything on your phone – send emails, take pictures or videos and upload them on your social media accounts, communicate with other people outside the Philippines, and even apply for a loan.

Yes, you read that right. With the increasing number of smartphone users in the Philippines, First Digital Finance Corporation, the company behind Balikbayad, decided to launch its very own Balikbayad app.

What’s Balikbayad app? 

Not everyone has immediate access to computer. This is why the Balikbayad app was launched on end of January of 2019 to help address financing needs of OFW.

By downloading the app, you can easily apply for a loan from us even without being in front of the computer. The app is also for pre-approval, which means as soon as you completed the online application form, your details will be submitted for review. Thereafter, you will be contacted by Balikbayad representatives within 24 hours and ask you to submit additional documents.

Why download Balikbayad app?

1. Minimum Processing Time – You will be contacted within 24 hours from the time you submitted your loan application form.
2. Easy and Convenient to Use – All you need is to download the app from Google Play Store and you’re good to go. There’s no need to upload documents on the app as well.
3. App is Free – Yes it is and it will stay that way.

How to Apply:

Step 1: Download the app from Google Play Store (Android devices). Don’t worry. It’s free.

Note: The app is not yet available in App Store (for iPhone users).

Step 2: Open the app. Navigate the arrows for the amount you plan to borrow as well as the term of the loan. Click Apply Now. 

Step 3: The app will ask for your permission to access your mobile phone such as contacts and location. The data gathered will be used to compute your score and will determine whether or not you will get past the pre-approval stage. Click Agree. 

Note: Balikbayad values security and privacy of our borrowers. The information you shared is strictly confidential.

Step 4: Input Employment Information by choosing appropriate details from the drop down arrow. Once completed, click Next. 

Step 5: Input your Personal Information.

Step 6: Click and input your current employment status.

Step 7: Complete the details required for Loan Information.

Step 8: Choose a Balikbayad branch – Cebu, Adriatico, Kalaw, and Makati. This is the branch where you will submit your loan documents.

Once you’re done, Balikbayad will check and review your information within 24 hours from submission. If approved, you will be contacted and asked to submit additional loan documents in your chosen Balikbayad branch.

Tips in Using Balikbayad App:

• Complete all the details needed, particularly those with asterisk.
• Make sure to allow Balikbayad app to access your mobile phone. Otherwise, the app won’t be able to check and compute your score properly.
• Apply for an amount that you can pay on time.
• Be honest. Don’t put information that does not reflect who you are or your current employment status.

What are you waiting for? Download the app now and apply for a loan with just a few clicks.

Do you plan on working overseas? You’re not alone.

Every year, hundreds of thousands of Filipinos are seeking greener pastures for bigger earnings that will help secure their family’s future. If you’re new in this kind of world, then you need to be careful. There are a lot of fly-by-night recruitment agencies who take advantage of first-timers like you for their own gain – and you don’t want to be part of their victims list.

Don’t worry. In this post, we will enumerate tips and things to remember to ensure smooth sailing application for your first job abroad:

Tip No. 1: Three Words – Reputable Recruitment Agency 

This is the first thing you need to remember when applying for a job overseas.

The good news is POEA is active in going after unlicensed recruitment agencies and ensuring that the same people won’t operate again. There are several agencies who entice people to apply to them by placing high salary rate or compensation package, which could be tempting for ordinary Filipinos. When you pass your application form and requirements, they will ask you to pay the placement fee upfront, which is not allowed. Do not easily fall for that.

Before you apply, start by checking whether or not the agency is licensed or among those who are blacklisted in the POEA website. This way, you are sure that all of your efforts and money won’t go to waste.

Tip No. 2: Apply on Jobs Approved by POEA

This is why it is important to apply to reputable recruitment agencies. Every job order is approved by POEA, which means the government is aware that such job is needed overseas.

Since you are already browsing through the POEA website, you might also want to check their latest job offerings. From time-to-time, POEA posts job vacancies for certain countries and you might want to try that.

Tip No. 3: Transact Directly with the Agency 

You saw this job ad on Facebook and decided to apply. When you contacted the agency who posted the ad, you were told that you’ll just meet somewhere, say Starbucks or fast food restaurant. That is a red flag.

Reputable recruitment agencies don’t send out a representative to meet a prospective client somewhere outside the office. If you were told to meet somewhere, then there is a higher possibility that the job ad is a sham.

Tip No. 4: Tourist Visa is a No-No 

You apply because you want to work overseas. If you were told that you will be given a “Tourist Visa first” and then they’ll fix it “once you’re there in the country of destination,” then don’t push through with your job application.

There is a higher chance that the agency is not licensed. There is also a higher possibility that Immigration won’t allow you to leave the country. Even if you got past through Philippine Immigration, there is a risk that you will be deported in the country where you’ll be working.

Tip No. 5: Placement Fee is Worth One Month of Your Salary 

One of the expenses you need to pay for when you apply for a job overseas is the placement fee. It’s how recruitment agencies make their money, so this expense is inevitable.

How much, you might ask. One month salary and should not go beyond that. Some countries like Canada don’t even require you to pay placement fee, so make sure you are aware of that.

You might ask when should you pay the placement fee. You can pay only when there is a valid employment contract. There must also be a corresponding receipt that indicates the amount you paid for.

Tip No. 6: Say No to Fixers

Admit it. Sometimes, you are tempted to go to fixers to get tickets or for “faster transaction” when dealing with government agencies. Don’t even think about it when you plan to work abroad.

Processing of documents does take time. This is why it is important to prepare all necessary documents needed and ensure that these are complete before submitting your documents. This could minimize waiting time too.

Applying for a job overseas is similar to looking for a job in the Philippines. The difference is that there are more documents you need to secure, which could take time. Just be patient, remember these tips, and soon, you’ll be flying to a different country to help you secure your family’s future.

OFWs earn in dollars. With the current exchange rate, you are earning more than what you can earn in the Philippines.

Here’s the thing: expenses never end. Even if you are earning in dollars, you end up living paycheck to paycheck because of the many financial responsibilities back home. The challenge now is how to infuse savings and investment when you are working on a low budget.

Don’t worry. Achieving your financial dreams is still possible. What you need to do is to embrace the following money habits:

Spend Within Your Means 

Admit it. You’re always tempted to buy the latest gadget or new shoes for your family back home even if it leaves you with almost nothing. You always feel the urge to give them something because you believe that this is your way of showing how much you love them. Plus, you want people to think that you are ahead in life because you can afford expensive things.

Stop that mentality and always spend within your means. Spending more than what you have is a dangerous habit because you might not notice how much money you are losing – even if the intention of those purchases were good.

Stick to the basics to help you save as much as you can.

Know How Much You Spend

Yes, you are spending within your means, but that doesn’t stop there. You need to know how much money is going out of your pocket and the best way to do that is to track your spending.

Every month, plot a starting balance based on the amount of your salary. Then, deduct every expense, regardless of the amount. At the end of the month, the ending balance should not be negative, otherwise, you are spending more than what you actually have.

Make it a habit to check the list and see what expenses you can get rid of. If you want to prioritize saving and investing money, then make necessary adjustments to your lifestyle – and tracking your spending will help you with that.

Schedule Your Shopping 

It’s understandable that you want to send balikbayan boxes regularly to your family back home. How often should you do it?

As much as possible, limit your padala to maximum of twice a year. Set aside a specific time and BUDGET to do shopping – and it should NOT be every week. Watch out for sales or promos and take advantage of it so you could slowly fill your boxes. Buying items anytime you want won’t help you financially. Plus, there are other ways to show your love for your family without showering them with material things.

Again, if you will do your shopping, then make sure you stick to a budget. This is important, otherwise, you might end up spending all (or a big chunk of it) of your hard-earned money.

Use Your Time to Do Something Productive

Surely, you have off or rest days. Instead of using that day, take advantage of that time to do something productive.

Perhaps, your off days is the perfect time to start your own retail online store, look for job opportunities for extra cash, or replenish your inventory for your business back home. You can also use this opportunity to learn something new or catch up with past lessons you took online.

The bottom line is don’t put that rest day to waste.

Cook Your Own Meals 

It’s tempting to just buy food and make your life easier. If you have a lot of expenses on your plate, then you need to make necessary adjustments starting with food.

Instead of buying food, consider cooking your own meals. Plan your meals at the start of the week. If you don’t mind eating the same viand over and over. cook in bulk to make your life easier.

Any other tips you have in mind? Let us know in the comments section.

At some point in your life, you will be tempted to borrow money from someone to cover sudden, emergency needs. Apparently, not everyone is willing to extend a lending hand to you because let’s face it, these people have their own needs as well.

Who do you turn to? Usually, your next best option is to go to banks and apply for a specific loan facility.

Here’s the thing: banks require that potential borrowers should have a bank account. In case you don’t have one (although we assume that you do have an account under your name), then applying for a loan could be challenging.

Why do you need to have a bank account when applying for a loan? 

The answer is simple: it proves that you are financially-responsible. At the same time, crediting the approved amount of money you borrowed is easier because lenders can simply transfer money to your bank account in a more convenient and secured way.

Having a bank account shows that:

• You are earning money regularly.
• You are responsible enough to set aside money for savings.
• You are less of a credit risk because you have money to pay off the money you borrowed.

In other words, having a bank account shows lenders that you have the capacity to repay the loan.

What if you don’t have a bank account? Can you still borrow money from lenders? 

Believe it or not, the answer is yes. There are still lenders who allow people to borrow money even without a bank account. Still, there’s a catch. Borrowing money may not be as convenient as it seems.

For starters, you may be limited to short-term loans and smaller amounts. If you need a bigger amount, then lenders may be hesitant to extend credit because they don’t have much information as to how you handle money.

Another issue would be lenders will require you to submit supporting documents such as proof of income or Certificate of Employment. Others may require you to propose a collateral just to ensure payment in case of default. There are also lenders who will impose higher interest rate, which could be heavy on the pocket.

What can you do? 

The best that you could do is to open a bank account. Banks adjusted the minimum amount of deposit, thereby allowing borrowers to open an account for as little as P100.

If you can’t open a bank account and you really need to borrow money, then below are your options:

Private Lenders

The good news is there are private lenders like Balikbayad who offer loans to those who don’t have bank account. These lenders may provide personal loans up to a maximum amount, online cash loans, salary loans, and payday loans among others.

The good thing about borrowing from private lenders is that loan application is easier and more convenient. In fact, some even allow online application, which means you don’t have to go out of your home and apply for a loan. Collateral is also not required, which means you don’t have to worry about losing your property or any asset.

Still, there are few issues when you apply from a private lender. Since you don’t have a bank account, you must get the cash directly at either private lender’s office or from a remittance company. Also, be prepared to pay for high interest rate since this is an unsecured loan.

Pawnshops

If you need quick cash and you have valuable item to spare, then you can try pawnshops.

Pawnshops don’t ask for any bank-related accounts when you apply for pawn loans. You won’t be asked about your income, existence of previous loans, credit history, or your loan purpose. As long as you have any valuable item to pawn, then you are good to go. Plus, pawnshops won’t run after you in case you are unable to pay the loan.

There’s a risk on getting pawn loans: there is a possibility that you can’t get your pawned item back.

Loan Shark

This is risky and not recommended. Loan sharks or 5-6 loans allow you to borrow money anytime with little collateral documents as possible.

Here’s the catch: if private lenders charge higher interest, loan sharks are way more expensive. You might be asked to pay the loan in the shortest time possible, so make sure you have cash on hand.

What is your best option? Private lenders like Balikbayad.

How long have you been working overseas? Throughout the entire duration of your stay abroad, have you considered putting up your own business? If yes, then what do you plan to start?

The truth is you can’t be an OFW forever, which also means you can’t earn in dollars until you reach retirement age. Before your contract ends, you need to start something sustainable to ensure that at least, your daily needs are covered. This is why you need to consider entrepreneurship.

Check out these business ideas that you and your spouse can try for additional income:

Sari-Sari Store

Sari-sari store may be an age-old business idea but believe it or not, it is still among the profitable businesses out there. All you need is a space (it can even be in front of your house) and few thousands to buy your stocks, and you’re good to go. A sari-sari store is easy to manage and could be left in the hands of your spouse while you’re still working overseas.

Who knows, this sari-sari store could turn into a mini grocery business.

Carinderia

Aside from sari-sari store, carinderia business is another business venture you might want to consider. All you need is little capital and impressive cooking skills so people will go to you and buy your food products.

If you live near offices, then consider offering packed lunches. Establish your menu by Sunday, get orders from offices first thing in the morning, and have their orders delivered by lunch time. You might be surprised with how much money you could make from this business.

AirBnB Rental 

Do you have a property like old house or condo unit that you are not using at the moment? If yes, then why not turn it into a money-making machine through property rental?

Short-term property rentals through AirBnB are popular these days. It is cheaper and guests have more freedom to do what they want to do (like cooking means instead of eating out). There is also a high demand from traveling foreigners and millenials who are itching to go on a staycation, so make sure you take advantage of it.

You might have to shell out money for renovation because when it comes to this kind of business, looks are everything.

Food Cart

Food cart business are popular these days. In fact, there are companies who welcome franchisers by offering their food carts at affordable prices.

If you don’t have hundred thousands to spare, then that’s fine. You can put up your own food cart, look for a space with high foot traffic (like near school or offices), and sell there.

The key here is selling a product that is both yummy and affordable. You can try to make and sell siomai, burger, or hotdog in a bun. Serving lugaw orkwek-kwekcan be a good idea to. Don’t forget the drinks.

Online Retail Business

Online retailers are on the rise these days. This is because there are available platforms that allow you to sell products for free.

Still, the key in this business is offering a product that is not readily available in the Philippine market. If you could offer products from the country where you are working and sell it in the Philippines, then there is higher chance that you’ll land a sale.

Money Transfer Business

You understand how challenging it is to send money to and from the Philippines. You might want to take advantage of that by putting up your own money transfer business. If you feel this is a big leap, then you could franchise an established remittance center for assistance.

Just don’t charge skyrocket-high fees or else, people won’t go to you.

Which among these business ideas would you want to try?

Starting a business is not a walk in the park. You need to make sure that your business is profitable in order to survive. Then, there are marketing strategies you have to think about to make the people know your product exist. You also have to deal with customers who may or may not like your product. Then, you also need to think about adding new products on your line or possible expansion to make your business grow.

Before everything, you need to think about this important factor: your business name. 

Don’t underestimate a business name. The name of your business reflects not just what you’re offering but also who are the people behind that business and what are the values you represent. This is why it is important to make it right because this is how people will remember you. In other words, your business name is a reflection of your business’ identity.

That being said, here are tips and things to remember when choosing a business name:

Tip No. 1: Make it unique and unforgettable. 

There are a LOT of entrepreneurs in the market offering the same products. In this digital world, you need to make sure that yours is something that stands out and something that people will remember.

Therefore, go for something catchy and could easily stick to the people’s mind. Avoid nonsense mix-up of names or something that is hard to spell or pronounce. Otherwise, you won’t be able to maximize the power of name recall, which could help you a lot in this business.

Tip No. 2: It should reflect your business. 

Let’s say you want to sell sausages. Your business name should tell people that you are selling sausages. Avoid using terms like “technology” or “solutions” because it does not reflect what you’re actually selling.

In choosing a business name, make sure it is a reflection of the product or service that you are actually selling. Do not deceive people by adding popular terms just for the sake of being remembered.

Going back to sausages, you should include the term “sausage” or “food” so people will know that you are selling something of that sort. This will make it easier for people to remember you as well.

Tip No. 3: Simplicity is key. 

Do not create long business names. Believe it or not, your potential customers won’t care that much. Stick to one or two business names and you’re good to go.

Since we’re talking about simplicity, avoid adding special characters to your name, except for ‘s. Remember that name recall is important, so keep it simple as much as possible.

Tip No. 4: Ensure that the name is available. 

This is important. Even if you finally came up with the most brilliant and eye-catching names, you need to check that nobody owns it yet. Trademark infringement is a serious issue, so choose something that nobody has thought of yet.

If you came up with a name that is owned by no one, then register it as soon as you can. This way, you got the first dibs and you are the rightful owner of that particular name.

Tip No. 5: Don’t rush. 

We understand how important it is for you to start your business. Without a name, you won’t be able to start because your social media pages will depend on it.

Still, relax and give it some time. A business name is important in ensuring the success of your business. If you can’t think of a name now, then perhaps tomorrow or two days from now could help in squeezing your brain for the perfect business name. Ask help from family and friends by having a brainstorming session. There are also name generators available online so take advantage of those as well.