This is somewhat ridiculous. I should not write these but it might help you anyway. I am working abroad for the past 8 years and I have heard and experienced these kind of businesses one way or another.
Here are the List of Businesses You should avoid if are an Expatriate:
Computer Internet-
I have lot of friends who were sorry to have this kind of business and this business that they have are all closed now. Here you have to pay for the place rental, electric bills, Telephone connections and DSL. Also you have to upgrade your PC every now and then especially when there are new programs and new games that need big memories and processor for computer speed. Aside from that, there are lots of competitors in this business, customer services is a must. One of my colleagues here sold his Computers and changed his business. This business needs your presence so don't do it if you are working abroad, somebody will benefit from it. Remember, it is not an investment if the business needs your presence. If you are not sure about the loyalty of your business manager who managed this business then don't do it.
Jeep or any car business services for commuters.
Lot of OFWs are thrilled to buy this, thinking that it will yield good income. My answer is a big NO! I have lot of experiences about this. I have a jeep and multi cab. This business is okay if you invest in quantity and again need your presence. You need to have a good mechanic and drivers. My friend cried a lot and felt sorry when he bought one. His driver abused the jeep and was able to own a Sari-sari or mini grocery store while my friend is away working hard to pay the mortgage of the jeep. In business my motto is " don't trust anybody". The Chinese are known for this motto. I observed when I work in a Chinese department store that the Chinese owner only trust their employee if he has been working with them in at least TEN YEARS! This business has a flaw. Your capital will be affected.
Sari-sari store or mini grocery-
Anyway this one is tolerable if the capital is very small. Don't give a big capital like more than one month of your salary. Remember business should start small especially if you don't have any experience or the one who will manage it. Sari-sari store is good if it is manage properly. Again if you have someone who is trustworthy.
Piggery, poultry,Fish Pond-
Another dangerous businesses. It it easy to say that this business is attack by a pest or disease. Actually when it is true, everything will perish including your capital. Fish kill is another problem. These business again needs your presence so again it is not an investment. My advice is don't go for big returns. Do it slowly but surely. The fastest way to get rich is to do it slowly.
Planting Rice
Planting rice is not fun or accepting a rice plantation as collateral for loans. You can accept other plants for collateral that are not prone to damage like when there is typhoon. This may sound nasty but again I have experienced this and the problem is, there are lots of works to do like sowing, cultivating the soil, irrigation, applying fertilizer, cleaning the rice field, harvesting, drying the rices and dressing it. A lot of works. When the typhoon strikes, everything is gone.
Restaurant-
This is a good business because everybody eats right? But be careful, your capital might be eaten alive by somebody. This business needs your extra time and care. Don't trust it to anybody. Why would they care if you don't care. Even relatives are not honest now a day. My two cousins never talked to each other ever since they closed their business.
Water Refill-
This business sprout like mushrooms lately. Before I can have one, there are four of them right now in my small hometown.
Please add more if you believe that there are more businesses which are not for OFW or you think not a sure winner. I know business is trial and error but I have experienced these kind of businesses and I knew some of my friends businesses are like these as well. You can criticise this post too if you think that this is a nasty post.
Think of business which will generate money without your presence. That what we call investment. 15% to 20% yield a year is healthy and okay.
How to Make Money
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| List of Business Expatriate should avoid |
Here are the List of Businesses You should avoid if are an Expatriate:
Computer Internet-
I have lot of friends who were sorry to have this kind of business and this business that they have are all closed now. Here you have to pay for the place rental, electric bills, Telephone connections and DSL. Also you have to upgrade your PC every now and then especially when there are new programs and new games that need big memories and processor for computer speed. Aside from that, there are lots of competitors in this business, customer services is a must. One of my colleagues here sold his Computers and changed his business. This business needs your presence so don't do it if you are working abroad, somebody will benefit from it. Remember, it is not an investment if the business needs your presence. If you are not sure about the loyalty of your business manager who managed this business then don't do it.
Jeep or any car business services for commuters.
Lot of OFWs are thrilled to buy this, thinking that it will yield good income. My answer is a big NO! I have lot of experiences about this. I have a jeep and multi cab. This business is okay if you invest in quantity and again need your presence. You need to have a good mechanic and drivers. My friend cried a lot and felt sorry when he bought one. His driver abused the jeep and was able to own a Sari-sari or mini grocery store while my friend is away working hard to pay the mortgage of the jeep. In business my motto is " don't trust anybody". The Chinese are known for this motto. I observed when I work in a Chinese department store that the Chinese owner only trust their employee if he has been working with them in at least TEN YEARS! This business has a flaw. Your capital will be affected.
Sari-sari store or mini grocery-
Anyway this one is tolerable if the capital is very small. Don't give a big capital like more than one month of your salary. Remember business should start small especially if you don't have any experience or the one who will manage it. Sari-sari store is good if it is manage properly. Again if you have someone who is trustworthy.
Piggery, poultry,Fish Pond-
Another dangerous businesses. It it easy to say that this business is attack by a pest or disease. Actually when it is true, everything will perish including your capital. Fish kill is another problem. These business again needs your presence so again it is not an investment. My advice is don't go for big returns. Do it slowly but surely. The fastest way to get rich is to do it slowly.
Planting Rice
Planting rice is not fun or accepting a rice plantation as collateral for loans. You can accept other plants for collateral that are not prone to damage like when there is typhoon. This may sound nasty but again I have experienced this and the problem is, there are lots of works to do like sowing, cultivating the soil, irrigation, applying fertilizer, cleaning the rice field, harvesting, drying the rices and dressing it. A lot of works. When the typhoon strikes, everything is gone.
Restaurant-
This is a good business because everybody eats right? But be careful, your capital might be eaten alive by somebody. This business needs your extra time and care. Don't trust it to anybody. Why would they care if you don't care. Even relatives are not honest now a day. My two cousins never talked to each other ever since they closed their business.
Water Refill-
This business sprout like mushrooms lately. Before I can have one, there are four of them right now in my small hometown.
Please add more if you believe that there are more businesses which are not for OFW or you think not a sure winner. I know business is trial and error but I have experienced these kind of businesses and I knew some of my friends businesses are like these as well. You can criticise this post too if you think that this is a nasty post.
Think of business which will generate money without your presence. That what we call investment. 15% to 20% yield a year is healthy and okay.
How to Make Money