Franchising is one of the easiest way to start a business.
A franchise is defined as “a type of license that a party or franchisee acquires to allow them to have access to a business or franchisor’s proprietary knowledge, processes and trademarks in order to allow the party to sell a product or provide a service under the business’s name.
In exchange for gaining the franchise, the franchisee usually pays the franchisor initial start-up and annual licensing fees.”
Before starting a franchise remember to:
Research about the business in mind
You have to find out everything about the company, do not just jump and invest in one hot brand or product.
Consider your personality, interest and knowledge in the industry
Your business will cost a lot to start and may even be your bread and butter so better try to choose something that you really are interested in or something that you genuinely believe in.
Sharpen your business skills
This is a must. Soldiers do not go to war unprepared – do not start a business without any business knowledge.
Create a business plan
Set goals on what you want your business to be in a year. If you are not familiar on how to go about it, hire a consultant who can help you.
Treat your franchisor well
You chose the franchise because you believe in the product, the store and the whole system – it was not forced unto you. So no matter how many things you may be frustrated about in the business, act with respect towards the franchisor and their staff.
Hire and train personnel
As soon as business picks up hire and train personnel to run your store – including people who arrange your taxes.
Market your product
Let other people know about your product or service. Advertise, market and sell all the time so customers will not forget tou.
Now that you are ready, you might want to consider these Filipino companies who are successful in the country and abroad as well.
Brands on this list are members of the Association of Filipino Franchisers Inc. (AFFI).
One of the most successful franchisor in the Philippines is Potato Corner. It presently has 31 outlets in the US, 57 in Indonesia, 1 in Panama and another in Australia. Franchises are soon to open in Canada, Singapore, Russia, Botswana and Mexico.
Fiorgelato, tagged as the “ice cream for the elite”. Managed by a Filipino-Italian business venture, Milkin Company that was established in 1989, it was granted exclusive right from Italy to manufacture, sell and distribute “pure Italian ice cream made from 100% pure fresh milk to the Philippine market.
Now, it has stores in Japan and the US.
For fans of sweet, yellow corn, here is the business for you.
If you think that every family needs to have clean water to drink then you might want to invest in a business that can serve that need.
Aquabest is found almost everywhere in the Philippines and now in Saipan as well.
This is the largest bakery chain in the Philippines which originated from the city of Cebu. It currently has 500 stores open in the country operated by 130 franchisee.
In the 30 years of baking cakes and bread, it now has a store in Jakarta, Indonesia. Stores in Canada and Abu Dhabi maybe coming soon too.
Figaro the Coffee Company
Figaro may sound foreign but the owners are all Filipino. It is all part of the Italian/European concept that the founders wanted for their store.
The store is not just about coffee but about everything else that goes along with it like coffee beans, pastries and of course excellent service. The latter being so important that every franchisee and all employees need to undergo a 2-week intensive training so that they can give that “personal touch” to the customers.
If, like the founders of Figaro, you dream of owning your own café where you can have the perfect cup and delicious pastry while in a nice ambiance – then this business might just suit you.
Figaro is now in China, Saudi Arabia, Papua New Guinea, Malaysia and Guam.
Food business not your thing? Relax, there are other things you can franchise.
Lay Bare Waxing Salon
Want to have the perfect skin for a day at the beach or a hot date?
Maybe you need to visit a salon that can help you with that. Or better yet, own one and gather your friends and families in your very own waxing salon.
Lay Bare also opened 3 stores in the US.
There are of course other local and global brands to choose from. Choose wisely and think about the tips I mentioned earlier.
You may franchise an international brand and bring it in Australia or franchise one and try it out in the Philippines.
Whatever you decide, make sure that it was a wise and well-informed decision.
Special thanks to Azrael’s Merry Land Blog for the main image.