News and Updates
Is Franchising for you?
Following are 10 important questions to consider before buying a franchise, along with commentary by Robert McIntosh, author of Is Franchising for You?(Lakeshore Communications). Consider these comments when coming up with your own answers.
1. Are you willing and able to take on the responsibilities of managing your own business?
Some very careful self-analysis is important before buying a franchise. Indeed, your personal house should be in good order. One of the myths that has been perpetuated is that franchise ownership is easy. This is simply not true. While the franchisor will provide the start-up training and ongoing support, you, the franchisee, must be prepared to manage the business. [...]
1. Are you willing and able to take on the responsibilities of managing your own business?
Some very careful self-analysis is important before buying a franchise. Indeed, your personal house should be in good order. One of the myths that has been perpetuated is that franchise ownership is easy. This is simply not true. While the franchisor will provide the start-up training and ongoing support, you, the franchisee, must be prepared to manage the business. [...]
TEN BIG Reasons Why A Franchise is a Better Investment
Ten Big Reasons Why A Franchise is A Better Investment” is an excerpt from “A Guide to Franchising in the Philippines” by the Philippine Franchise Association (PFA). The book was created to provide essential information in franchising being the most innovative business growth strategy that has since achieved world-class status. Aside from explaining franchising in the context of the Filipino experience, this book features 15 Filipino franchise experiences by remarkable individuals who boldly took on the franchising challenge and succeeded.
One: Business 101
Even if you earned your college degree in something as unrelated to business as Afghan Literature, you may still be qualified to become a franchisee. [...]
One: Business 101
Even if you earned your college degree in something as unrelated to business as Afghan Literature, you may still be qualified to become a franchisee. [...]
It’s in the cart
By Aireen B. Laserna, Feb 10, 2009
A food cart is a business you can start on small capital, ranging from P30,000 to a maximum of P300,000, says Josm Rosuello, president of the Foodcart Association of the Philippines (FOCAPHIL). Industry estimates show that the country's 800 different food cart formats--from pearl shakes, baked goods, siomai, fish ball, squid ball, to rice in a box--rake in more than P1 billion in sales every year.
The food cart business has other [...]
A food cart is a business you can start on small capital, ranging from P30,000 to a maximum of P300,000, says Josm Rosuello, president of the Foodcart Association of the Philippines (FOCAPHIL). Industry estimates show that the country's 800 different food cart formats--from pearl shakes, baked goods, siomai, fish ball, squid ball, to rice in a box--rake in more than P1 billion in sales every year.
The food cart business has other [...]
The Booming of the Food Cart Business
Small capital, easy set-up and a good chance of success are just some of the reason why Food Cart Business is thriving in the Philippines. If you will look at the market trend today, Food cart business is the choice of most aspiring [...]
How To Start A Food Cart Business
Let's learn how to start a food cart business. Starting a food cart business is easy. The hard part is keeping the food cart business running. A business isn't worth having if you can't make the necessary dollars to profit from it. A solid food cart business needs three things to prosper. In [...]
How to Start Your Own Food Cart Business
Starting a food cart business is an ideal start up venture for young entrepreneurs because it doesn’t require a big capital.
However, in order for your food cart business to be successful you need to have a good product that people will always want, a good location and you have to market it well.
But before starting a food cart business, here [...]
However, in order for your food cart business to be successful you need to have a good product that people will always want, a good location and you have to market it well.
But before starting a food cart business, here [...]
On saving and food cart success
So how did he amass his wealth? The lessons may be familiar, but Valenzuela’s story is uniquely his own. Here are the highlights:
Save, then be prepared to spend more than your savings
To put up the P250,000 he needed to gain a Potato Corner franchise (this was over a decade ago, in 2001), Valenzuela diligently set aside a portion of his salary for that. “Personal savings, usually you’ll have to start from that,” he says. “Just save up some money. From there and my regular job, I was able to set aside a certain amount of money. Then [...]
Save, then be prepared to spend more than your savings
To put up the P250,000 he needed to gain a Potato Corner franchise (this was over a decade ago, in 2001), Valenzuela diligently set aside a portion of his salary for that. “Personal savings, usually you’ll have to start from that,” he says. “Just save up some money. From there and my regular job, I was able to set aside a certain amount of money. Then [...]
Focus on the product and services first
Q: I have no experience in being an entrepreneur yet, so this would be my first time to apply as a franchisee. In your opinion, is it better for me to invest in a brand with a low franchise fee package (I think it's because it's not a very big brand, yet) or one with a slightly higher franchise fee but has many outlets already? Both are in the same product category. I'd be willing to take out a loan to finance the one with the higher franchise fee if you think it's wiser for me to choose that option. What do you think?
A: The secret in getting a franchise is to primarily FOCUS on the products and services that the franchise offers and not on how low or how high the [...]
A: The secret in getting a franchise is to primarily FOCUS on the products and services that the franchise offers and not on how low or how high the [...]
Franchising for students
Q: I'm still in college but I've always wanted to become an entrepreneur. In fact, I've been helping out every summer in our family business. However, I would like to strike out on my own, even at this early stage. Can a college student be a franchisee?
5 warning signs that a franchise is a scam
Before getting a franchise, make sure that you are dealing with a trustworthy franchise company. In this edition of Ask the Expert, franchise guru Armando Bartolome shares five things that tell us a franchise company should not be trusted.
Q: How can we tell if a franchise company is a scam?
Q: How can we tell if a franchise company is a scam?