4 Medium-Scale Businesses for Your New OFW Loan

Business Tips Finance Tips

As an OFW, your journey will be full of challenges and adjustments. It’s not easy to work for strangers in a foreign country. Many Filipinos were even abused by foreigners due to simple mistakes or just the whim of it. Even though the OFW’s path is hard, you can’t help but smile upon seeing the bounty of your hard work. To maximize the full returns of your savings, you should try building medium-scale businesses with the help of OFW loan. This type of personal loan is known for its strict nature, but the allowed amount is usually huge. If you can be approved for such loan philippines, you only need an idea to get started.

Here are some medium-scale business ideas:

 

Merchandise Shop

A merchandise shop is a good option because many people have different daily needs. You shop can have numerous food items, as well as utility tools and accessories. One of the best things about a merchandise shop is that you can start small and expand it along the way. Every week, you can also change your inventory to deal with the needs of the people.

 

Machine Shop

Machine shops are great businesses that should be placed in highways and roadside areas. A machine shop will always be operational since travelers will need repairs and maintenance checks for their cars. If you have passion for automotive and machines, this business is meant for you.

 

Small Eatery

A small eatery has lower capital requirement, but manpower can be challenging. You should seek the help of your relatives or friends in order to run your eatery properly. There’s always the option to get hired hands, but the expenses will go up. Expertise in cooking can greatly help. If the business is profitable, you can expand it in just few months.

 

Grain and Feeds Supplier

Depending on your location, a shop that supplies grain and feeds will gain exceptional profits. If you plan to build the shop in the province, the potential is high. You just need to adjust your products and prices according to the current demand of the townsfolk. At first, your overhead costs may be high, depending on where your grains and feeds will come from. After few months, you can recoup your initial investment.

 

With these medium-scale businesses, you can now jumpstart your road towards entrepreneurship. Any of these businesses will keep your hands full, unless you hire some people to manage everything for you. However, you must minimize your costs and oversee the growth of your business.