Now that you’re finally ready to venture into business, you’re now facing the dilemma of choosing the best franchise to invest in. With over 1,600 franchise brands to choose from in the Philippines, making that crucial decision may be extra challenging particularly for first-timers.
Before you decide which company to put your money and effort into, take a look at this five-point checklist for aspiring franchisees from Entrepreneur Philippines.
1. Find something that you love.
When finding the right business, look for something that you’ll be proud to call your own. Invest in a brand that offers product or services that you love and believe in.
2. Duplicate a successful business.
Look for a franchise that is financially stable and profitable. Know the monthly profitability and the length of time it will take to recover your financial investment. This will help you decide on the right cash flow as well whether as to give up your job for the business.
3. Look for a carefully developed franchise program.
Not all franchise businesses rigorously develop every aspect of their program. This is why you need to see and understand how the company prepared for the franchise program by looking into every detail like business planning, legal agreements, marketing and sales strategies as well as operations manuals.
4. It must offer a competitive marketing and innovation program.
Franchisees usually need to pay a monthly marketing fee that franchisors use to build and grow the brand. Determine if the company offers aggressive marketing and innovation programs as this would highly influence the success of your business.
5. You should receive continued support.
Know the exact type of support you can get from the franchisor. This will allow you to prevent making the same mistakes they did in the past. The continued support you will receive will also help you learn the ropes.