Why Franchising is the Best for OFWs
Being an overseas Filipino worker (OFW) can be really hard yet very rewarding. It can help you sustain your family because of a decent income abroad. However, it has lots of consequences because it will compromise your ability to be with your loved ones especially on special days of the year.
This is why many OFWs would want to invest some of their earnings abroad in businesses. But the problem is their presence in the Philippines is a major concern. So if you are an OFW and would want to conduct business even if you are abroad then franchising is the best option.
In franchising, there are several options that you can take to earn a decent amount of living. Especially if you are an OFW, you have the capital but the problem is your absence.
What to do now?
If you are the type of OFW who is business-minded and the only problem that you are abroad and no one will manage your franchising business here.
Well, once you know about the ‘business options’ you’ll become excited. This is another type of franchising that allows you to operate even if you are abroad.
The Business Options
Since you are abroad, business options can be the best way for you to reap the benefits of franchising business. The franchising company will provide you with the products that you can sell to earn money.
Since the products that you will sell carries the name of the franchising company, then most probably the products will market itself. But it does not mean that you don’t need to do anyways to promote your products.
You still need to but chances are higher that people will trust the products because of the brand name that it has. This only works though on more popular brand names. Well, this speaks for the reason that famous franchising companies charge significantly more compared to the lesser-known ones.
Why should you start right now?
The financial crisis might strike anytime that is why you should be ready in case it happens. One way of doing it is by starting a business as early as today. This is because the longer you delay the process, the competition will become stiffer.
So it is a must to establish your presence in the business world to get customers as quickly as possible.
Benefits of Business Options
Believe it or not, there are lots of benefits to trying business options. In this part of the article, we will try to unlock its benefits.
- Lower risk. In business options, you can do business even without having a physical store. It only means that you can sell your products using various mediums such as word of mouth or also known as offline marketing. And most importantly, the most effective way of marketing ever is online.
- You can do business anytime and anywhere. There is no limit on when or where you can sell your products. As long as you can sell your products you’ll be fine.
- You are the one who makes a decision. Since you are abroad, you can integrate your marketing strategies compared if you have a physical store in the Philippines.
How to become ready in case of unforeseen scenarios?
There are times wherein businesses experience downturns. Just like what is happening today, because of the COVID-19 pandemic many enterprises have shut down their operations.
So the big question is how you can handle such scenarios and we will tackle it down below.
- You must be creative. If your business is experiencing a decrease in sales then use new techniques that will make your sales back to its normal range.
- Have emergency funds ready. In times wherein, the business is not in a good situation, you must ensure that you have backup plans. One way of being ready is by having extra funds. It will help you sustain not only the business but also your daily living as well.
- Consider getting a business loan. Do not be skeptical when you hear loans because sometimes they are beneficial in business downturns. But be sure to find the best deal with the lowest interest rates.
How to make your franchise a success?
Small business franchise selling in Philippines is a very rewarding business thus needs dedication as well just like any other business. If a franchise company is reliable enough, it will provide you with the right tool to be successful.
Here are some tips to get you started.
- Know your passion. It is always better if you have the enthusiasm for what you are working on. As a result, you’ll have higher chances of becoming successful.
- Patience is a virtue. Well, success does not come overnight that is why you should persevere no matter what.
- Be serious about your goals. Never underestimate the power of goals. It will help you reach it eventually just in time.
- Ensure that you will follow all the business protocols on your franchise. You do not want your franchise contract to get terminated because you invested money on it. So ensure that you are doing things right.
- Be flexible. There are times that you will experience problems with the business and you must know how to manage it. By being flexible you will be able to succeed in handling those kinds of situations particularly right now that we are in a pandemic.
Well, we all want to achieve financial freedom that is why we want to have a prosperous source of income which is business. Now we know that franchising can be a good opportunity that you can use as an OFW, you’ll need to take action though. The most important thing is you should try.