5 Business Tips for Overseas Filipinos

For many Overseas Filipinos, there will come a time when they will prefer to do business in the Philippines after many years of working abroad. Apart from being the boss of their own business, there is also a great potential for their income to grow and there is no need to be separated from their family.

However, there are many things to consider before diving into a business. Here are some tips for our fellow Filipinos who want to start their own business:

1. Do Thorough Research

What is your business objective? Before investing time and capital into a business, thoroughly research the industry you’re entering. Who is your target customer? Is the location where you plan to set up your business populated? Is your product or service still in demand? Find the answers to these questions before starting your business.

2. Complete the Necessary Requirements

Learn about and secure the necessary requirements before starting your business. Examples include barangay clearance, Mayor’s business permit and license, business name registration with the Department of Trade and Industry (for single proprietorship) or with the Securities and Exchange Commission (for partnership or corporation), Bureau of Internal Revenue registration, business plan, location clearance, location map, sanitary permit, fire permit, corporate bank account setup, etc.

3. Dedicate Time to the Business

Dedicate sufficient time to your business—if not from you, then from someone you trust to manage it. Unlike being an employee, where you typically work eight hours a day and five days a week, running a business requires 24/7 attention, including weekends and holidays, according to experts. As the boss, it’s your responsibility to oversee all aspects of your business.

4. Seek Advice from Business Experts

As a newcomer to the business world, it’s natural to feel your way around at first. Asking questions is not a sign of weakness. Don’t hesitate to ask for advice, especially from trusted individuals who have been in the business for a long time and are in the same industry or sector you’re entering. Don’t be afraid to ask for tips on how to start, what to do during crises, what to do if you’re not making money at first, etc. Also, attend seminars or forums held by well-known business organizations to gain insights and valuable tips, or visit websites about effective business practices.

5. Go to the Bank for Loans

For your initial capital, don’t be afraid to approach a bank for a loan. Banks are regulated by the Bangko Sentral and offer interest rates that are in line with the market. And because they are government-regulated, the welfare of small entrepreneurs like you is also protected.

As much as possible, don’t use all your savings for the business, as you might need them during emergencies, such as hospitalization, etc. It’s more advisable to take out a “good loan” from a bank that’s specifically designed for business, home renovation, or tuition payment. One such loan is the Kabayan Loan from BDO.

The Kabayan Loan is a loan from BDO Network Bank exclusive to Kabayan Savings account holders. Overseas Filipinos and their beneficiaries can open a Kabayan Savings account at any BDO Unibank or BDO Network Bank branch, or online. Besides providing access to the Kabayan Loan, Overseas Filipinos can use the Kabayan Savings account for fast and secure remittance transfers to their beneficiaries.

To make starting a business easier, you can borrow up to Php300,000 through the Kabayan Loan, and the application process has been simplified and expedited. For more details about the Kabayan Loan, visit their website at BDO Network Bank Kabayan Loan.