A popular business trend in the Philippines today is franchising. And the reason why it gained a lot of popularity is when a number of franchising companies had introduced a new form of franchise business, which is the popular food-cart or food-stall business.
Franchising Trend in the Philippines
Franchising business Philippines had only gained a lot of popularity and recognition a few years ago, this unique business process was already practiced in the past, mostly by large companies and corporations as well as wealthy companies.
The reason why the business wasnt as popular or as widely recognized all over the Philippines is because of the kinds of businesses available for franchising in the most. According to many business experts, most franchise businesses in the past are large establishments such as fast-food restaurants, convenient stores, bakeries, grocery stores, and many more.
Eventually, new forms of franchise business were introduced in the country, and part of what made these franchise businesses popular is because of its affordability. This is when food-cart or food-stall businesses were introduced in the Philippine market.
Franchising of Today
Because of the introduction of new franchising concepts, which is not only simple but also affordable, many Filipinos were able to get the same opportunity that many wealthier Filipinos have had with franchising, such as the opportunity of starting a business based on an already established brand name, allowing its owners (or franchisees) to gain more income compared to start-up businesses.
Because of its affordability compared to other forms of franchise businesses in the past, food-cart franchise business Philippines quickly became popular in the market. And because of the growing competition between different food-cart businesses, its costs had continuously dropped in which many of todays popular franchise businesses can now be acquired for less than P30,000 Pesos.
Eventually, food-cart franchise business Philippines have quickly spread all over the Philippines, not only in Metro Manila but also in many provinces as well as in the rest of the country.
Contribution of Franchise Businesses for the Economic Growth of the Philippines
Because of the continuous growth of franchising in the Philippines, the industry had created thousands of enterprises which generated hundreds of thousands of jobs, making franchising an important tool in the countrys economic growth.