Franchise businesses had become a popular trend in the Philippine market. The reason why, according to many business experts, is because of food cart franchise businesses which were recently introduced in the Philippine market. So what are the benefits that made these a popular trend in the country?
Franchise Businesses Before Food Carts
Franchise businesses have been practiced in the Philippines for decades, even though it was only recently that it gained a lot of popularity in the country. The reason why is because most franchise businesses in the past were large businesses such as fast-food restaurants, convenient stores, groceries, bakeries, and many more.
Because of this, wealthy Filipinos, companies, and corporations were the only ones that were able to afford the cost of these franchise businesses. But it was because of these that many popular establishments were introduced in the country, such as McDonald’s.
However, this had significantly changed when a number of new franchise businesses were introduced in the country. These are the popular food cart businesses that many Filipinos today have started or are planning to establish.
Why Food Cart Businesses Became Popular
The reason why food cart franchise businesses became a popular is because of its affordability. Compared to larger franchise businesses, food cart franchise businesses are far more affordable, allowing more Filipinos to have the opportunity to start their own franchise business which was impossible in the past.
Other than its affordability, another reason why this franchise business Philippines had gained a lot of popularity is because of its simplicity. Unlike larger franchise businesses, such as fast-food restaurants, food cart franchise businesses requires little maintenance, in terms of cost and in efforts, as well as manpower, which would only require one or two personnel to operate.
Success of the Franchising Industry
Because of the growing popularity of food cart franchise businesses, the franchising industry of the country had also grown immensely. Because of its affordability, food cart businesses had quickly spread all over the Philippines, particularly in Metro Manila. It was because of this that, according to the PFA or the Philippine Franchise Association, had made the franchising industry more successful.
In addition to that, Franchising business Philippines became a popular trend in the Philippine market, particularly among many average Filipinos.
Franchising: Its Economic Impact
According to the PFA, the growth of the franchising industry, particularly the massive growth of the food cart franchise business Philippines, had created thousands of enterprises which then led to the generation of hundreds of thousands of jobs, making franchising an important tool in the country’s economic growth. It was also because of the rapid growth of the industry that the Philippines was later recognized as the franchising hub of Asia when it comes to the development of franchise concepts.
Anita Gomez is a certified Filipino entrepreneur that owns many small and medium businesses around the country. Most of her businesses involve franchise business in the Philippines such as food carts, computer shops, and even a convenience store. But other than her hobby of managing different businesses, she have also written a number of articles about her experiences in handling a business, from conceptualization to seeking financial support, such as Fast cash loan Philippines, from loaning firms and banks such as BPI.