NOW is the right time to invest in franchising business as the country recovers from the Covid-19 pandemic.
This was the message of Philippine Franchise Association (PFA) president Chris Lim during the launch of the “Franchise Negosyo Para sa Cebu” held at the SM Seaside City Cebu on July 28, 2022.
“We believe that franchising is about nation building and PFA is here to build more business and to help more jobs. You know the industry of franchising contributes to more than 7.8 percent to the GDP and it employs more than two million people nationwide,” Lim said in his speech.
“Beyond business and profit, every franchise that you help open today translates to job oppurtunities for more Filipinos of tomorrow,” Lim added.
In an interview after his speech, Lim noted the importance of investing right now in the franchising industry as a more safer option to own or invest into business especially that the country’s economy is opening up and recovering from the pandemic.
He added that franchising a business has generally a 90 percent success, since it follows the process of replicating an already proven and tested business.
“People are excited to own or invest in something. Some people, they have a business before but closed down, but want to get back into business,”
Lim said.
To avoid risk, they choose franchising, Lim added.
Aside from the usual food and restaurant franchise brands, Lim said that there are other franchise business models to invest in. Aspiring business owners can also invest into retail and service-oriented businesses.
To those who are wanting to franchise, Lim strongly advised to look for businesses that are affiliated with PFA.
“Don’t invest on those franchise na sobrang mura (very cheap), [that’s] too good to be true. Make sure it is a credible franchise and one way to help is to look if it is a member of PFA or if it is developed by a credible organization,” Lim said.
Moreover, Lim said 27 years ago, there was limited or no franchise brands in the Philippines, however, the country has since moved up to seventh place globally for having the most number of franchised companies.
“It is one in a lifetime opportunity, ito ang (now is the) perfect time. As the economy opens up, you want to have your business ready,” Lim added.
The Franchise Expo is a one-stop shop for everyone or business owners looking to invest or franchise, learn from the experts as where and when to franchise or expand their business ventures during the three-day event.
The expo also features leading and famous businesses in the country that are open for franchise.
Exhibitors come from different industries including food, retail, services, bakery and pastry, gasoline station, money transfer, and delivery services, among others.