Building an micro business is difficult without a startup capital, but a bit easier than building a physical business. Also, the competition in the micro business arena is a lot tougher nowadays. You need to do considerable legwork if you want to make a difference.


If you want to launch your micro business with your new personal loan, here are some initial strategies that you have to work on:

Find Your Niche

Many entrepreneur wannabes build their online businesses without ‘niching down’ properly. This is a big mistake because the market is already diverse with thousands of niches and competitors. Finding your niche is an important process that involves research and cross-checking of facts. You also need to understand the multiple layers of the market. As long as you know your niche, you can navigate the sea of competition properly.

Make a Realistic Business Plan

Knowing your niche is one thing, but figuring out a realistic plan is another issue. The entrepreneur’s path is filled with ideas that are somehow far-fetched. Ideas are raw, so you need to refine them with a plan. Determine your challenges and opportunities so you can see the road ahead.

Invest in Scaling Marketing Options

Some experts may tell you that marketing shouldn’t be your focus in the early stages of your business. Don’t listen to them – the earlier you invest in marketing, the greater your success will be. You must understand that marketing is never static. It continues to evolve depending on the state of the market and psyche of consumers. Since marketing is scaling, you must prepare your budget. Keep your capital growing so that you can fund all marketing efforts.

Monitor Early Business Growth

Growth monitoring is also another important process that you can’t neglect. By focusing on your business growth, you’d see how your initiatives and strategies are playing out. Every decision you make can now launch your business towards the peaks of success – one step at a time.

Launching your micro business in the Philippines off the ground is actually the easy part. The real challenge is all about sustaining the business for the years to come. On top of that, you should repay the personal loan and other debts that you used as capital.


Credit borrowing is considered one of the easiest ways to gain money quick. This requires your detailed credit history, credit card, and other documents. However, you need to bear in mind that credit borrowing is a tough responsibility. It’s not meant for people who don’t have financial discipline.

The top 3 traits of a responsible mangungutang:

A Good Researcher

Before borrowing, a responsible borrower knows how to utilize the power of a good research. You need to research about the best options in the market today so you won’t have any regrets. Some of the factors that you have to weigh are interest, repayment terms, and other credit-based conditions. You should also know if the licensed money lender is willing to offer privileges for your credit purchase.


A Good Saver

If you’re fond of saving for a rainy day, then you’re a responsible borrower. With a savings account, you wouldn’t rely too much on your credit. Many borrowers don’t have savings accounts. They believe that their credit can save them whenever something happens. In most cases, credit is a double-edged sword.

You may be only seeing its advantages today. But later on, you need to pay huge interest, fees, and other charges set by the lender. If you miss any payment, you’d be stressed and your financial situation might be compromised as well. Once you have a savings account, do your best not to use it.


A Good Communicator

Communication is important between the borrower and the creditor. Without proper communication, the business relationship will falter. Eventually, this can lead to great repercussions like delayed payments and uncertain terms. To become a good communicator, make sure that you’ve understood everything that the lender told you. On top of that, you should be transparent with the information that you’re giving out.


Many credit borrowers have fallen in debt because of the wrong financial traits to begin with. So, before taking out a credit, make sure that you embody the traits of a responsible credit borrower. Such traits will help you maximize your credit and gain better options down the road.

budgeting philippines

Having a monthly budget plan is definitely helpful in charting your financial direction. Without a budget plan, you’d just drift month to month without giving real attention to your finances. This can lead to wrong decisions and cash shortage. Now, the real question: how can you make a convenient monthly budget plan?

Listed below are some of the best tactics that can help you make your plan:

Determine Your Income and Expenses

Your income-expense relationship is a seesaw that needs to be balanced. But this is easier said than done. More often than not, expenses eat away a regular family’s monthly budget.

To keep the balance, you need to know your income-expense status. Once you know that your expenses are going overboard, you can make financial adjustments. On the other hand, if your income is too high, you can allocate it for savings and other fruitful investments.

Know Your Financial Challenges and Opportunities

Aside from knowing your income-expense ratio, you should also determine your challenge-opportunity ratio. Take note of your skills, strengths, and weaknesses. This process can be denoted as internal auditing because you’d know what you’re capable of. It’s important to know your full nature because you can apply the right strategies that would match your budget plan.

For every challenge listed, you should write down ways on how to overcome it. For every opportunity, write down proper strategies for improvement. If you’re aware of your challenge-opportunity ratio, your plan will become more successful.

Discuss the Plan with Your Family

 Your family should know everything that’s happening with the budget. So, discuss the plan with your family. Such transparency is needed to keep the family strong and stable. On top of that, family members can even suggest improvements for the plan. They may provide oversight regarding any important detail that you’ve missed.

Once you managed to create an exceptional monthly budget plan, you just need to follow it down to the last detail. Make sure that your plan is realistic and achievable. This way, you can manage your family’s expectations. Even though it’s challenging, you need to stay committed to your plan. Think of your financial future.

financial mistakes

The OFWs steady cash flow every month in form of remittances provide more than the basic needs of their families in the Philippines. The sudden improvement of financial standing changes their lifestyle and living conditions. They can now afford to buy material things and keep up with the latest trends.

The downside is the tendency to live extravagantly and overspend which lead to debts. Borrowing is not bad if the objective is to create additional source of income like business or investments. Payday loan for overseas workers is one of the most popular types of loans from licensed money lenders.

Stay away from financial mistakes that will prevent you long-term financial stability such as:

Spending future income

Many are guilty of this- “May darating naman na remittance sa katapusan, so I might as well buy this stuff by borrowing cash from someone.” This mindset and habit can get you into financial trouble pretty soon if you do not stop at once. It’s a big no-no!

Changing your lifestyle

Giving the life that you always wanted for your family is the best gift you could ever give to them. However, there is a temptation to live extravagantly and spend more than your earnings. The lure of credit card spending is also tempting.

Not setting aside money for emergency fund or savings

Many OFWs send huge portion of their salary to families in the Philippines and leave just small allowance for personal expenses. They often sacrifice a little luxury for the sake of the family. They plan to save but often times they forget because of the demands of their families.

Always saying “Yes”

Granting all the whims of family and even relatives is not good. It is okay to help your relatives but sending money to finance a birthday party of your brother’s son is not wise especially if you will be borrowing from co-workers.

Being a “show-off”

Avoid bragging your new-found lifestyle and acquisition. If you make it a habit, sustaining your “rich” image will make you financially- stressed.

Acquiring property or asset without plan

Without sure payment plan, this can affect your current budget. Goals such as buying a new car, house or commercial lot need sound planning. These goals will also motivate you to save, get additional source of earnings, work harder, sacrifice whims or secure loan. As Filipino working abroad, the online cash loan for Filipinos is one of the best options.

Falling for bad investments

Because OFWs earn more and can afford to pay, they become easy prey for scammers. Always check the investment offer especially if it promises double-money guarantee in a short period of time.

Take care of your money.. What will happen when your contract expires and you do not have enough money during the waiting period? If you do not have savings or emergency fund, life will be difficult for your family. Be wise. Your future is in your hands.

There are many sad stories about OFWs coming home without realizing their goals of securing financial security despite long years of working abroad. It is heartbreaking to see old people who spend most of their adult lives working without sound investments. OFWs must therefore be more financially-smart in order to enjoy the fruits of their labor when they decide to return in the Philippines.

The best ways to build a brighter future while working in foreign lands is to save and invest to pursue their long-term dreams. For short-term goals like putting up a small to medium business, saved fund can be augmented with borrowed money. The easiest way to get additional money is to avail a payday loan or get a loan from pawnshop. The approval period is fast so you and your family can start achieving one of your goals.

Steps to manage your money and build your wealth:

  1. Assessment of your financial status

What are your current assets, liabilities, income sources and investments? Make a list. Review them to find out your current financial standing.


  1. Make financial goals

Building wealth is not just working hard, earning much and buying properties. It is about planning and achieving them as soon as possible. It is imperative to make realistic and specific financial goals with deadlines. This will motivate you to save and set aside percentage of your monthly earnings for the future. With plan and deadline, your goals become more quantifiable and clear.


  1. Invest your money wisely

Aside from saving, another way to grow your hard-earned cash is to invest it. There are different forms of investments. It is advisable not to rush. Explore, study, and review every option that interests you. Start slow by investing minimal amount like P5k-P10k. If you are a risk-taker, you can diversify and get more investment options. This will help your money grow faster. Do not place all your eggs in one nest to be safe from possible loss.


  1. Borrow money for a good reason

om borrowing money but if your purpose for instance is to finance a new income-generating business or real estate property, then go ahead. Just make sure to pay your obligations diligently to have a good credit standing. Best if your business or investment can pay for the loan as soon as it is able to.

Many lending companies offer loans to Overseas Contract Workers. An OFW loan helps you fast-track financial goals. As your business grows, you can secure loans from banks if you need millions.

Do not make your OFW story a sad one. Aim for success by learning how to manage your money and build your wealth.