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Significant Contribution of Franchise Businesses by Anita Gomez
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Significant Contribution of Franchise Businesses |
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Business
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Franchising had become a popular trend in the Philippines today. The reason why, according to many business experts, is because of its many benefits which gave many Filipinos the opportunity to start their own profitable business. Here are some of those benefits: Lesser Expensive Franchising Costs Unlike the kinds of franchise businesses available in the past, which are mostly comprised of large businesses such as fast-food restaurants as well as convenient stores, most franchise businesses today are small businesses such as food cart and food stall businesses. Because of its relatively smaller size, the cost of its franchise is also significantly smaller, giving more Filipinos the same opportunity that wealthier Filipinos have had with franchise businesses. Simplicity Another reason why franchise businesses had gained a lot of popularity is because of its simplicity, in which these types of businesses can be easily handled with one or two personnel. Its relatively smaller size also requires smaller space, which tends to be more affordable compared to renting a large space for a restaurant or a convenient store. Requires Little to No Credentials Unlike larger franchise businesses, which usually requires a number of supporting credentials such as an MBA or job experience in a managerial position, small franchise businesses such as food-cart and food-stall businesses doesn’t require such credentials. This is the reason why these small Franchising business Philippines had become widespread all over the country. Economic Impact of Franchise Businesses According to the PFA, or the Philippine Franchise Association, the introduction of this small franchise business in the Philippines had significantly improved the franchising industry, which in turn had also contributed to the growth of the Philippine economy. Since the growth of the franchising industry, thousands of franchising enterprises had been established in the Philippines, which had generated hundreds of thousands of jobs, making franchising an important tool in the country’s economic growth. In addition to that, the growth of the franchise industry of the Philippines had also resulted in the growth of the Philippines as the “franchise hub of Asia” when it comes to the development of franchise concepts, in which this also gave Filipinos the opportunity to introduce Filipino brands and concepts into the international market.
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