At this point and with the situations affecting several countries overseas, you figured that OFW life is not forever. In fact, you need to start looking for alternatives to make sure that you have enough to help you last through the rainy days. At the same time, you want to keep that promise of providing a better life and brighter future for your family.
What do you do next?
There are many ways to help you grow your money and achieve financial stability. One of them is by opening your own business. In case renting a space is too much for you, you and your family can try online first to “test the waters.”
Here is a step-by-step guide on how to start your online business:
Step One: Identify your business idea.
Every business starts with an idea and every idea is rooted at a particular inspiration.
Before you do anything, it is important to establish what you want to sell. It could be any products – clothes, shoes, food, homemade crafts, the list is endless. If you still cant figure out where to start, you can try asking yourself these questions:
- Can I fill the gap that a specific market needs? OR
- What is something I am passionate about? OR
- What products are not available in the Philippines which I can get in the country where I am currently based?
These questions could help you narrow your choices and could even set you apart from the thousands of sellers in the digital world since you penetrated a specific market only.
Step Two: Establish your source.
Now that you know your product, it’s time to identify and establish where to source them.
Whether you decided to go for your passion or re-sell items, it is imperative that you scout suppliers that not only offers products with affordable prices but also someone who is easy to talk to and transact with.
Take note that your source is a trade secret, so don’t divulge any information.
Step Three: Choose your name wisely.
This can be tricky. Choosing a business name, even if it’s online, requires creativity because you need something catchy and at the same time, easy to remember. If your name can be recalled easily, it will also be easy for your customers to recommend you to their friends and friends of friends, which could translate to sales.
There are various ways to choose a name for your online shop. Just make sure the name is related to the product you are selling.
If time and creativity permits, consider making a logo or profile picture for your online business. This will come in handy once your business starts to grow.
Step Four: Decide on a platform.
There are many venues where you can sell your products online. For starters, you can try free online platforms such as Facebook, Instagram, and OLX. These websites can be a good platform to showcase your products and make people aware that you are in the market. Hashtags can help a lot, so make sure you use the appropriate ones for your products.
E-commerce sites like Etsy, eBay, Lazada, and Zalora are also excellent platforms because you are able to introduce your product to a wider audience. Also, you don’t have to put too much effort on website and logistics since they’ll do it for you. On the other hand, be prepared to pay for fees since these sites get a certain percentage for every sale you make.
If budget permits, consider putting up your own website through e-commerce hosting sites like Shopify and Squarespace. You get to save on percentage fees, but you have to consider fees for domain name registration, web hosting fees, and design costs.
Step Five: Take (really good) pictures and post.
This is essential. Online business is all about visual presentation, so make sure you take good pictures to entice people to buy your products. There’s no need to invest in an expensive camera since your smartphone can manage, especially when coupled with good lighting.
Step Six: Advertise.
Now that you posted your products, it’s time to advertise. There are many ways to do this. You can start with asking family, friends, and work colleagues to share your page in their respective walls. Hashtags is another way to advertise your new venture. If budget permits, you can run an online campaign in Facebook or Instagram to reach more customers.
Step Seven: Legitimize your business.
More importantly, don’t forget to legitimize your shop. This means you need to register your business in DTI (for single proprietorship) or SEC (for corporations). Registering your business is important, especially if you plan to grow your business by borrowing money through OWWA Loan or other financial entities.
Are you ready to start your online business? If you need additional funds, Balikbayad is here to help. Send your application now and we’ll get back to you as soon as we can.