ENTREPRENEURS, who are interested to invest in a franchise but have no background in running a business, are encouraged to visit franchise expos, get acquainted with exhibitors and determine which business is right for them.
Franklin Go, Philippine Franchise Association (PFA) chairman, gave this advice to entrepreneurs as he encouraged them to invest in a franchise.
Go, who is also Goldilocks vice president, said that in most cases, managing a franchise would pose a higher success rate for starting entrepreneurs versus opening an own business.
He said that when one would invest in a franchise, they would get to manage an already proven and tested system as well as procedures of operating a business.
Go cited how the franchising industry grew when the PFA was founded in 1995, when franchising was pegged at a mere five percent of total retail sales.
He said today, it accounts for 40 percent of total retail sales in the country.
“This happened because franchising has made entrepreneurs out of a great number of Filipinos, even those who may not be considered entrepreneurial. You can be a fresh graduate, a housewife, overseas worker, doctor, accountant, and be an entrepreneur through franchising,” Go said.
The 2014 Global Entrepreneurship Monitor cited entrepreneurship as an emerging career path for Filipinos, as 46 percent of respondents viewed it positively while 66 percent claimed they have entrepreneurial capabilities.
Go said that with Cebu’s growing economy and sophisticated market, he saw the potential of several local businesses which would be the next global brands.
He cited many homegrown brands such as Island Souvenirs, Julie’s Bakeshop, Magic Melt and Bo’s Coffee as among those that expanded nationwide and abroad through franchising.
“This is a testament of the power of franchising to help MSMEs (micro, small, and medium-scale enterprises) grow,” said Go during the “Franchising Negosyo Para sa Cebu 2017” launch in Cebu City last week.
The franchise show, which ran from March 17 to 19, featured exhibitors from the food, retail, and services sectors.