What made the franchise industry of the Philippines successful? According to the PFA or the Philippine Franchise Association, the franchise industry of the Philippines had significantly grown in the last few years, from 50 franchises to more than a thousand franchises today. And according to them, the reason for its rapid growth is because of small franchise business in the Philippines such as food-cart and food-stall businesses.
Popular Small Franchise Businesses
Unlike in the past in which most franchise businesses are large businesses, such as convenient stores and fast-food restaurants, most franchise businesses today are small ones, such as food-cart and food-stall businesses.
Because of its relatively smaller size and far lesser expensive franchising costs, many Filipinos were able to franchise a business for their own, giving them the same opportunity that wealthier Filipinos have had with franchise businesses.
In addition to its lesser expensive franchise cost, small Franchising business Philippines such as food-cart and food-stall businesses became popular in the Philippines because it doesn”t usually require its franchisees to have acquired years of experience in a managerial position or have finished an MBA course, which are usually the case for larger franchise businesses.
According to the PFA, it was because of the simplicity of these small types of franchise businesses that made the franchise industry successful in the Philippine market, particularly in today”s modern trends in which franchise businesses had become a popular trend for many Filipino businessmen and women. This had also led to the significant growth of the franchise industry in the Philippines.
The Franchise Industry of the Philippines
The Philippines had received a number of recognitions due to the rapid growth of the franchise industry in the country.
The rapid growth of the franchise industry, according to the PFA, had led to the creation of thousands of enterprises and generation of hundreds of thousands of jobs, making franchising an important tool in the country”s economic growth, which gave had also given the industry entry to the international market, which led to the recognition of Filipino business concepts world-wide.
According to the PFA, the Philippines was also recognized as the “franchise hub of Asia” when it comes to the development of franchise concepts.
According to many business experts, it was because of these recognitions that made franchising the preferred business method for more and more entrepreneurs, both for old and new entrepreneur.