WHAT is a good business to get into these days?
This is an oft-repeated question among the Philippines’ growing army of young entrepreneurs willing to risk time, effort and capital to be their own bosses.
And usually, the answer lies in getting a franchise of a company with an established system, proven track record, loyal market and strong brand recall.
Thus, despite the challenging economic environment, there remains room for growth for companies looking to tap these entrepreneurs as partners to quickly expand their business.
Pacita U. Juan, president of the Association of Filipino Franchisers Inc., says in an interview that franchising has become a popular mode for expansion because people are more familiar with its benefits compared to eight to 10 years ago when the concept first came to the Philippines.
“In our franchise shows, for example, people know what questions to ask, like how much is the total investment. Before, they would only ask how much was the franchise fee and then assume that the fee included the whole thing, store and all,” Juan says.