Many overseas Filipino workers (OFW) dream of owning and running their own franchise business in the Philippines from their hard-earned money abroad. However, not all OFWs can afford to leave their jobs outside the country and focus in running their business in the Philippines. In most cases, they assign a family member, usually their spouse or children, to run their franchise business in the country.
Being miles away from their franchise business, OFW franchisees need ensure that their business is running well in the hands of their loved-ones. Here are some tips from Entrepreneur PH:
1. Buy a franchise that you believe in.
Owning a franchise is a long-term commitment and you need to ensure that your investment is something that would last for a long time. In order for your business to last, you have to make sure that you procure a franchise that you love and believe in and not just something that you can afford. If you don’t have enough savings to afford the franchise that you love, you can try getting a loan or seek potential investors.
2. Get the managers involved.
While it’s crucial that you choose a franchise that you love, it’s also important that the people who will manage the business would be involved in the process of choosing the franchise. Make sure that they are part of the process of searching for a business, applying for the franchise, choosing the right location and training of staff. This would give them a sense of ownership and spark real interest in running the business.
3. Use technology.
With the improvement in technology, it’s easier for entrepreneurs to see the operations of the business day to day even if they are not physically present. Procure cloud-based POS and accounting systems so you can monitor the sales and expenses of your franchise business. Utilize CCTVs to monitor what’s happening in your store. Lastly, you can conduct online meetings with your staff via Skype on a regular basis.
4. Have a buffer fund.
Although franchising is said to have a 90% success rate, it’s crucial that you prepare an emergency fund for the ups and downs of your business. Make sure not to invest all your savings in just one business.
5. Trust your franchisor.
Your franchisor’s success will rely on your success. With this in mind, franchisors will do their very best to ensure that your business will run smoothly. See to it that your managers and employees will attend all the trainings that your franchisor gives for the continuous improvement of your business.