A few months back, a friend proposed a franchise business to me that cost only P10,000. The business plan would allow me to choose whether to get a waffle stand, a burger stand and some other options I don’t recall anymore. She had forked over her money to the company before she met with me and she told me it would be a good business for both of us. I winced. I didn’t want any part in the business.
First, it had no track record and sounded too much like a network marketing business that was trying to sound like a franchising business. I know some very good companies that use network marketing strategies, but when there’s deception involved – even just a little bit – I know from experience that it’s best to stay away.
This article from MoneySense talks about five franchising myths to watch out for:
Myth #1: Bigger is better. Sure, bigger companies have stronger marketing and more sophisticated systems. But there are smaller franchisers in the market who provide more “tender loving care” to their franchisees.
Myth #2: Cheaper is better. You might get tempted to buy the first franchise you can afford. But be wary of little-known franchisers. “Ilan na ba `yung tindahan nila? Mayroon na ba silang commissary? Ilan na ba `yung franchisees nila? And be wary of scam artists. Many try to sell you concepts that are too good to be true,” Rommel Juan, president of Binalot (also the PRO of the Association of Filipino Franchisers, Inc. [AFFI]) cautions. To make sure you don’t get scammed by fly-by-night operators, check the members of organizations like AFFI (caters mainly to local businesses) and the Philippine Franchise Association (addresses both homegrown and foreign businesses).
Myth #3: Waiting is better. Dare to be the first franchisee in a system – that is, after your thorough research shows your prospective franchiser is established and reputable enough. There are quite a number of companies with a long track record of success in the market but have just started to open their business to franchising. Consider them.
Myth #4: A franchise makes it easy to get financing. Generally, lenders are more likely to finance franchises than unknown startups, but they won’t necessarily believe in you or the franchise you choose. With that, Rommel suggests that if you have minimal capital, tap your family and friends, or approach institutions known to help small businesses like Small Business Corporation and Planters Development Bank. “If you’re starting with a small fund, better prepare to lose it. There are many ways to tap funds basta, babayaran mo sila pagkatapos,” Rommel ends.
Myth #5: A franchise always spells success. A franchise’s success rate goes up to 95%, according to the US Department of Commerce, but a franchise alone will not instantly ring your cash register. Any venture involves risks, so work together with your franchiser to increase your chances of success. “We really screen our applicants. Hindi dahil may pera ka, puwede ka na mag-franchise. You should have the passion. Gauging the success rate of franchises, as expected, those who are more focused are more successful,” Rommel cites.
To give you an idea of the success rate among Filipino franchising businesses, here are some figures from another franchising group, the Philippine Franchise Association:
Plus some figures from a USAID-funded study on high growth areas in franchising:
Hope these help all of you would-be entrepreneurs out there. Good luck!
Plus some figures from a USAID-funded study on high growth areas in franchising:
Hope these help all of you would-be entrepreneurs out there. Good luck!
what is the best franchising business for me since I am working in Qatar I want to have some good investment can you give some advice.
Thank you and regards,
noel
hi noel, what successful franchisers like chit juan always says is that the choice of the type of franchise business that suits you best depends on your passion and what drives you as a person. so the answer to your question may best be found...within you! i know that sounds pretty motherhood-ish, but when you really think about it, she has a very good point. An artistic person, for example, may not do well in a photocopying service. Maybe what would be best is for you to know first what options out there. you may want to go to the websites of AFFI or PFA, these are franchise associations and find out what businesses are being franchised so you know what your options are. Best regards.
Franchise Ideas—What Franchise is Best for You?
If you like the idea of being self employed yet entering the marketplace with an already established business then a franchise might be a good opportunity for you. However, there is a lot to learn about franchises before taking a leap into this entrepreneurial world. Your previous business experience, amount of investment, and personal preferences will play a huge role in whether or not you are suited for a franchise. Plus, you will need to have a franchise idea to help you get started.
All franchises have the possibility of being lucrative and they all have the possibility of failing. Most of the time the making or breaking of a franchise is the franchise owner and his ability to overcome problems that present themselves not to mention staying dedicated to the franchise at all times. There are three basic types of franchises, including wholesale distribution, products, and services. The type of franchise you should pick is not the one that has the supposed possibility of making you the most money because this simply won’t work. The most lucrative franchise for anyone is the one they find enjoyable and don’t mind dedicating all their free time to making a success.
Before choosing the type of franchise you want to open you will need to consider your business experience, the investment you can make, and what you would enjoy doing.
Visit our site for more free information: http://www.OpenAFranchise.com
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if you are franchising you are only working for the franchiser pocket, well,for most of them anyway. Aside paying a franchise fee and getting all your requirement for sell from them, they also wanted to kept in thier pocket percentage of your profit per month. In other word you be working to make them rich. and you become a kawawang kowboy.
check this out:
www.freewebs.com/konsultaking
hi Noel,
email me. i may be able to help.
mannylumba888@yahoo.com
With businesses being franchised left and right these days, you should really carefully choose which company to pick and sometimes just starting from scratch would be just better rather than shelling out money for franchise brand names you might not even heard of.
@ noel, this might be a long shot but I'm still taking it.
email me at jprizal2009@yahoo.com I might be able to help you with your problem
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