Franchising is a popular trend in the Philippines today, particularly now that many Filipinos have started their own businesses through acquiring a franchise. A popular example of a franchise business today is food-cart or food-stall business.
Franchising Trend in the Philippines
Although it was only a few years ago in which franchising gained a lot of popularity in the Philippines, this specific business process has been in the Philippines for decades. It was because of this unique business process that many foreign businesses were established in the country, such as 7eleven and McDonalds.
Today, because of new Franchising business Philippines that requires lesser costs and maintenance, such as the popular food-cart or food-stall business, many Filipinos were able to acquire a franchise business for themselves. And it was because of this that franchise businesses became a popular trend in the Philippine market.
Why Food-Cart Businesses?
Like many other popular types of franchising businesses, food carts started as individual businesses owned by individuals. However, a number of franchising companies in the Philippines foresaw its success as a franchising business and started to acquire the rights of these businesses from their owners, while other food-cart business owners had also started their own franchising.
Since then, a new concept of franchising business was introduced in the Philippine market which aims to accommodate the needs of the average Filipino. This is the food-cart franchise business which is now considered as one of the most popular and in-demand franchise business Philippines. So what are its advantages?
Affordability One reason why these types of franchise businesses became popular is because of its affordability, in which many of todays food-cart franchise businesses can be acquired for no more than P25,000 Philippine Pesos.
Simplicity Another reason why these franchise businesses became popular is because of its simplicity which requires lesser maintenance costs and effort. And because of its relatively small size, these businesses can also be easily manned by one or two personnel, which make these businesses even more popular in the country.
Success of the Franchising Industry
According to the PFA, or the Philippine Franchising Association, the franchising industry had grown immensely since the start of food-cart or food-stall franchise businesses in the Philippines. Because of its affordability, many Filipinos were able to start their own successful and profitable business through franchising.