10 reasons to go into franchising [Part 1]
Why should you consider franchising?
Jan 05, 2012 09:00 am
There is no doubt about your aspiration to become an entrepreneur but the question remains -- to start your own business or to get a franchise? Entrepreneur.com.ph asked 10 franchise entrepreneurs to give us a reason why we should opt to franchise instead of starting our own business.
[related|post]The first five answers are below:
1. Since I have a full time job, I wanted a business that already had a system in place and would teach me what to do. I decided on Cosmopolitan Salon since its required investment is not that expensive and the franchisor is very helpful. In the first year, I just barely broke even; for the last three years it has been very profitable. Now, I’m opening another branch.—Mylene Calabia, Cosmopolitan Salon franchisee
2. Before, I was not personally sold on the idea of getting a franchise. But I saw the advantage when I took over my in-laws’ Mr. Softy franchise. I found out that it was easy to manage and because the name was easily remembered by customers, it was also easy to earn. We also provide jobs. So we not only earn, but we also get to help people.—Alain de Guzman, Mr. Softy/Master Siomai franchisee
3. Our customers are the ones who say: It’s different when you have a trusted name. The good quality is supported by the established name. So just by that very virtue, we are able to draw more customers.—Edeliza Pagdagdagan, Labandera Ko franchisee
4. I wanted to operate a business that had a readily available and proven system, and had already been running successfully for some time. A franchise minimizes a business’s risk factor. In this way, the chances of success would be relatively high. —Mylen Abellanosa Tan, Cerealicious franchisee
5. The star power of Goldilocks in the bakeshop industry goes without question. And in franchising products with star power, the chances of folding will be very minimal. Buying into a little known or inexpensive franchises can be a real gamble, specially now that everybody is thinking of putting their companies or products up for franchising.—Greg Loy, Goldilocks franchisee
10 reasons to go into franchising [Part 2]