Saturday, March 17, 2007

Franchising Tips

I got some tips on franchising from Entrepreneur Philippines, the magazine. Their March issue focuses on the topic, shows us how to earn big profits from it, allows us to learn from leaders in the field, teaches how to maintain a low-stress tax season and how to convince investors to put money into your business.

Entrepreneur says "franchising offers a shortcut to business success". In fact, it has become one of the most popular forms of business in the Philippines. But, obviously there are things to keep in mind in order to be successful in this field. In the March issue, three top franchisees Figaro, Zen Zest, and Pick & Mix offers some handy pointers to us.

    • Know the franchise and the franchiser. Familiarity with the business or franchise makes it easier for you as a prospective franchise owner.
    • See where your investment is going. The success of a franchise depends on your skills and abilities. Knowing where to put your money and having a picture of where it's going also helps a lot in picking the right franchise. Make sure you're ready to be hands-on: having a franchise means you have to manage the business and know how to handle it as well.
    • Maximize efforts during peak season. According to Ryan Honoras of Zen Zest, "Sixty percent of the success of a franchise depends on the skill and the ability of the franchisee." So do your best on very profitable periods like December for the holidays, year-end sales and or summer vacations, because sales usually go up twice the average.
    • Use your experience. You've got to have dedication and fighting spirit to make your franchise grow. But at the end of the day, experience is always the best teacher in everything you do. As Figaro's Tong Sanciangco says, "The franchise is your selling point. You don't need to develop it in the same way as starting on your own." So you see, starting your own business is that easy if you get your own franchise!

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