The most-often asked questions by OFWs preparing to return to the Philippines:

Q: How do you deal effectively and earn the respect of your business partners?

A: The first thing we must remember is be there at the appointment way ahead of time. Show up two hours ahead, so that you appear calm and collected. Never, never come to a meeting late.

Q: To the OFW with P100,000 in savings. What can he or she use it for to earn a living?

A: Invest in things that appreciate in value. A sari-sari store, or sago't gulaman o e-load will hardly earn a liveable income; an FX van will drain your savings on maintenance costs and fuel. Matutunaw lang ang pera mo. Equipment, cars and appliances will never appreciate in value and can never be recouped. In a pinch, you will gain nothing from this kind of purchases.

Q: What enterprises are the most risky and must be avoided?

A: The bigger question is: How much do you want to make, given the time and effort you put in? There are small things you may want to start-up but when you do a business plan, you will see that this small thing could add up to a main business which you are already or you can be really good at which actually generates a livable income. Consider too your background, expertise and unique skills.

Q: If I like gardening or if I'm good at cooking, is it enough to live on?

A: Yes! Your capital is that you believe in the product and then manage your business with love, interest and passion. Work in whatever your specialty is and develop salesmanship.
“If you have no capital, consider sales. Develop your skill in selling. This was how the taipans started. Mr. Henry Sy started by selling shoes, Mr. Lucio Tan sold chemicals, and Mr. John
Gokongwei sold needles and thread in Cebu.

Q: What about franchising?

A: Yes, If there is an assurance of steady supply and personalized guidance from the franchiser, But check if there is a proven track record and if there already is a round-the clock system in place. These are basic. The product must have a unique place among the things that are available. Then of course, you must like the product, and manage your own store.

Q: Is it OK to ask relatives to manage the business while we save money abroad?

A: I will not advise this at all. “Hindi aandar ng sarili and business because it needs up-close and personal management, proper monitoring and follow-through.

Q: There is a lot of pressure to employ family once we have a business. Is this good?

A: It can be an advantage if and only if you are assured of 100 percent support and they believe in your management style, but this is hardly the case. If it's family, very often a business decision is always taken very personally, it becomes so emotional that it becomes unproductive. And so it's
always better to get professionals. I used to be shy about refusing certain requests, but I have learned that it is also important to learn how to say “No.”.

Q: What about borrowing “puhunan” from friends?

A: “This is a no-no. You have to source funds and to look for venture capital and for financing for SMEs, like the DBP window for entrepreneurs. Whichever gives you a better deal and a more flexible system of interest rates.

But again you have to know your numbers and convince your lenders that you yourself can implement your plans and turn the business into a profitable one within the time limit.

For the first two years, it would be good to pay nothing in terms of interest while you nurture your business. I had no collateral but I knew my numbers and my market, so I got a character loan from Far East Bank. I believe that funding will follow, even in increments, if the lender is convinced that a project is viable.

Q: What about plans for alternatives and contingency measures?

A: “When I make a business plan, I make Plans A, B and C as well as worst-case scenarios. Entrepreneurs should study the risks, look at external factors such as manpower, debt collection and similar risks and include these in your plan. Ask if a product is marketable, is viable, meets a
demand and has a market. If you know where to position yourself, you will already know the strategy for focusing on that market. Give it your all, and love it. But be sensible. Now I am into cost control because of the downturn in the economy. This is important even if you have good resources. But it is also important not to be greedy.