Allottee loans, also known as OFW loans, have helped many OFW families get through difficult financial times. Even though allottee loans have many requirements, they are undeniably useful. Since Filipinos are creative, they can use their OFW loans for many purposes. Some have used OFW loan to repay their existing debts, while others build side hustles.
Do you want to build a business with the help of an OFW loan? In that case, here are some popular business suggestions that you can try:
In a typical Filipino community, you’ll see dozens of mini-stores, also known as ‘sari-sari stores.’ A simple mini-store can yield daily income for any family. At first, the earning may come really slow but it will climb over months. It all depends on the products that you want to sell. The best products are those that can be used for daily activities like cooking and washing dishes. Beverages and junk foods are also great options. The location of your store is also a big factor in profitability.
Direct Selling Business
Direct selling companies will never fade out of the market. Many people claim that direct selling is an easy path to success, while others are skeptical about it. Nevertheless, direct selling requires hard work and dedication. Before jumping in, you need to know which company is the best option for your loan or capital. The niche must also be put into consideration. General health niche is already saturated, so you need to find some legitimately creative products. The company’s compensation plan must also be reviewed. This way, you’ll know if the company has a fair practice in paying and rewarding its members. Don’t be blinded by flashy offers and monetary promises. You should rely on solid research materials and reviews.
Dropshipping is another promising business opportunity. You can earn profits by being a ‘bridge’ between the supplier and the buyer. Through your online store or presence, you can sell products and you’ll earn commission with every sale. There are many challenges to a dropshipping venture. First, you must have a trusted supplier who can give you the products on time. Second, you consumer must be trustworthy as well. Many people are just speculators – they’re not direct customers unless you entice or convert them. Once you pull the right strings, your dropshipping business can earn enough money to repay your loan and even boost your savings.
Before you build any of the mentioned businesses, make sure that you have a concrete plan. Your plan must include financial aspects needed for operations, marketing, and logistics. Once your plan is ready, you can now take your business off the ground!