According to the Philippine Franchise Association, the success rate for franchised businesses is 90 percent compared to just 25 percent for new startups. Franchising is big business in the country with P400 billion in revenues made last year or about 30 percent of the country\\\'s total retail sales output.
Depending on their interests, aspiring entrepreneurs might do better if they choose to open a trusted franchise brand instead of venturing out alone. Franchised businesses have the advantage of name recall and guidance from the master franchisee to help with the challenging aspects of running a company.
This year\\\'s Franchise Awards winners were selected based on: franchising support, financial soundness and size of system. To know more about the awards and what made the brands below winners, get a copy of our July issue out this week.
Below are top prizes and honorable mentions for each category:
BEST FRANCHISE COMPANY