A Model for Business Success – Manila Bulletin

0


Editorial

Given the limited resources, new entrepreneurs always think about how to recover the capital they have invested in the shortest possible time. This makes the concept of franchise within reach.

Sherill Quintana, one of the nation’s most successful entrepreneurs and president of the Philippine Franchising Association, will always recommend franchising as a way forward for anyone looking to go into business.

The franchise was effective before the pandemic and will be even more relevant in this pandemic and post-crisis time.

“Franchising has proven to be an empowering tool for business generation and job creation in times of crisis. It can only get stronger, provided franchisors are creative enough to adapt quickly, ”said Quintana.

All a franchisee needs to do is integrate into the system and make it work from day one. This turnkey business model saves you the hassle of trial and error and guarantees an immediate return on your investment.

For existing businesses, franchising harnesses the power of growth for the many by effectively leveraging the money and resources of others. The rapid expansion and growth of most businesses can be largely attributed to franchising.

Franchising is based simply on two most important ingredients: business success and its duplicability. It is a model ready to be implemented in the right place and in the right attitude.

All a franchisor has to do is make sure the franchisees follow the system as it markets and promotes its brand, and opens new ones. It is about protecting the brand and ensuring its growth.

But like any business, Quintana advises anyone new to franchising to exercise caution. It is important to ensure that the organizational capacity and systems are in place to replicate the clones of the targeted successful brand.

Quintana advises to participate in a reputable association. “It certainly helps to be in an association like PFA – with franchise start-ups capable of learning from established brands and vice versa,” Quintana said.

Finally, franchisors and franchisees need to refresh the business model because you are in the business for yourself and not just on your own. Working together has never been more important for franchisors and franchisees.

It is imperative that one enters a franchise with a solid commitment as an entrepreneur to make it work. The good thing these days, franchisors have some really great deals as they tailor what works best for franchisees during this tough time.

There are a myriad of franchise concepts to choose from, as there is a whole range of affordable franchises. A franchise can cost from a few thousand pesos for carts and kiosks to millions of pesos for major brands. But Quintana said the most affordable franchise is the one that suits their appetite for risk and budget.

Studies show that franchising compared to a traditional start-up has a higher success rate.

This is true in most cases. Thanks to the synergistic power of the franchisor and the franchisee in a proven model of success.

In this time of pandemic, the two just have to work as a team. Entrepreneurs are survivors. Those who are able to adapt well will stay and grow stronger, and the fakes will be spotted a mile away.


SUBSCRIBE TO THE DAILY NEWSLETTER

CLICK HERE TO JOIN


Share.

About Author

Comments are closed.