Without any doubts, owning and operating a franchise Philippines business is the closest you can get to guaranteed business success. If you want some proof, just take a look around you. Do you see familiar business brands cropping out all over your neighborhood? Chances are, these new businesses are franchise operations out to claim their piece of the market.
Franchise Philippines businesses come in all forms and sizes. Among the most popular franchises in the country today include food franchises such as food chains and food kiosks, bars and cafes, and bakery and food stores. These businesses make up about 41% of all total franchises in the country today.
Other top franchise businesses include service-based enterprises (printing shops, call centers, education and training franchises) and retail franchise which respectively account for about 32% and 27% of the total number of franchises in the country.
Factors Affecting the Popularity of Franchise Philippines Businesses
Why the sudden shift in franchising as a viable business model? Most Filipinos prefer to go into franchising for several reasons, and this includes the fact that this business model offers less risk and guarantees a higher success rate.
Franchising takes all of the guesswork out of the equation by providing you the proven formula for running the business – from hands-on training to business management, and everything in between. The franchisor will even share with you all the trade secrets you need to know to minimize business risks and increase your chances of success.
Having an instantly recognizable brand also helps in capturing your target market. Which products will your target customers patronize – those of a well known brand or those from an unknown or lesser known brand? You get the idea.
Your franchisor will also provide you with all the materials you need for running the business – and at a lower cost. They buy everything in bulk from their trusted suppliers and manufacturers so you don’t have to worry about where you will get your inventory, or about the reliability of sources and fluctuating prices. Indeed, this feature alone will save you a lot of time and money, and ensure that your operations will run smoothly for years to come.
Since location largely determines the rate at which your business will succeed, your franchisor will even assist you in choosing the best area to locate your business. And to make sure that your product or service will evolve with the changing times, they will also take care of the development and advertisement of the product for you.
When you go into franchising, you will never be alone. The company will be by your side to lend a helping hand at all times. After all, your business is their business. If anything goes wrong on your end, they will also be affected. For sure, nobody wants that to happen.
Now that you’ve realized how effective this business model is, you may already be contemplating on investing on a franchise Philippines business yourself. That’s good. After all, franchise businesses have a positive impact on our economy. According to credible sources, franchise businesses contribute about $6.6 billion (about five percent) to the Philippine GDP and provide employment to about a million Filipinos. Now, that is some great news!
So, if you really want to make it big in the franchising business and decided that franchising is the right business model for you, following these tips that will help increase your chances of success:
Welcome the challenge. Creativity and patience is a must in operating a franchise Philippines business. Don’t ever let failures bring you down. Consider it an as opportunity to prove that you can rise up to the challenge and emerge as a better, wiser person.
Work with your company. Nurturing a mutually beneficial relationship with your company will bring wonderful results for both you and the company. Work with them, not against them.
Put your best effort in marketing your business. One sure way to gain a market leader status in your chosen niche is to market it effectively and passionately. Build a good rapport with your customers and you will surely see more sales coming in!
Monitor your business. After following all of the above suggestions, you will surely be seeing more sales coming in so the next thing you need to do is to monitor your cash flow. In fact, you need to do this from day one so you can see where your business is heading.
Now, are you ready to start your own franchise Philippines business? Get on with it before somebody else beat you to it!