Wednesday, April 24, 2024

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Franchising of Philippine tried-and-tested business concepts most viable for our future entrepreneurs

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With the growing number of aspiring entrepreneurs in the country who have been exploring what business venture to take, the Department of Trade and Industry (DTI) Secretary Ramon Lopez urged budding Filipino entrepreneurs and future entrepreneurs to venture into the tried-and-tested business concepts in the Philippines.

The Trade Chief said that the best business model to future entrepreneurs at a time when the Philippines is experiencing an economic resurgence is by strongly considering getting a franchise business. During his keynote address at the 2019 Franchise Asia Philippines on 27 March, Sec. Lopez stated that this is the best time to do business because the country’s sustained economic growth and the growing middle class provide a wide consumer base for new products and services.

He said that franchises thrive because of their tried-and-tested business concepts and wide network of mentors and fellow franchisers. The success rate for franchising is 90%, compared to 25% for traditional retail. According to the event’s organizer, the Philippine Franchise Association, there are 2,000 local and international franchise brands in the country as of 2018. These brands have established a total of 200,000 stores and employed 1.2 million Filipinos.

DTI pioneered its own franchise with Go Lokal! with 102 stores nationwide, most of which are in high-foot traffic areas. Go Lokal! offers top-quality local products by Micro, Small, and Medium Enterprises (MSMEs).

The agency also opened its first KAPEtirya café in Baguio last 20 March to provide more market outlets for the coffee produce of Filipino farmers. The DTI-branded café will mainstream locally-sourced coffee and will soon roll out as a franchise model with inline store, kiosk, and mobile store options.

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