Be Your Own Boss: Top 5 Franchise Ideas for 2016
For us Pinoys, hearing the word franchise immediately conjures images of that happy, plump bee that as a kid made us love Saturdays and look forward to Sundays. It reminds us of the time when Mc PlayPlace was the coolest destination ever, because it’s the only place where we can wade into a ballpit barefoot. Now that we’re older, we associate franchising with the convenience store that sold our favorite Japanese treats, or that famous corner shop that gave us access to hotdog sandwiches and siopao if we ever had a craving in the wee hours.
We didn’t mention any names, but you know exactly which stores we were talking about, right? That’s one indication of a successful franchise—if and when customers can easily recognize your brand.
If you wish to start a business but has zero idea about how to gain traction, franchising is for you. This concept allows entrepreneurs to own a business with an existing system, and to operate under a widely-recognized brand name.
Brand building is pivotal to business development, but luckily for first timers, franchising eliminates the need for such. A franchise s a good investment, and entails less work versus building a business from scratch—you just need to be approved as a franchisee, pay the necessary fees, and move on to implementation.
PawnHero lists some of the options you can look into if you are an aspiring franchisee.
1. Food Cart
If you are starting with a small capital, consider a food cart franchise. You may need to provide a working capital for six months or more, but with food being a basic human necessity, opting for this kind of franchise is a smart move.
The key to success lies in choosing the right location. Go for areas that get a high volume of foot traffic, such as bus and train stations, or malls. Also, offer a product that will be a hit to many: your options include dim sum, French fries, or street food like kwek kwek or fishballs.
You might want to look for a franchise that offers services to people, such as photo or document printing, bag or shoes repair, transcription, or auto detailing. When offering a service-type franchise, the first thing to consider is the needs in your area. Are there enough businesses that offer shoes and bag repair in your area? Are you near a school or office that calls for photocopying and printing services?
This type of franchise may not be the cheapest of the lot, but as long as you offer the kind of service that responds to the needs of the consumers in your neighborhood, you have a better chance to profit from your investment.
3. Water Refilling Station
Our bodies will not last more than four days without clean water. Thankfully, modern technology allowed us access to machines that make water potable through various filtration processes. A water-refilling station is a potentially lucrative option, but before you invest, it’s a must to do plenty of research. You don’t want aggravated customers picketing in front of your store, asking you to foot their hospital bill in case something goes wrong.
4. Fast food or Café
Generally, Filipinos are huge fans of food, and a fast food restaurant is a sure hit among people on the go. Yuppies, students, and even families troop to fast food restaurants for short breaks and long meals alike. If you have a huge capital at hand, investing in a well-known fast food restaurant warrants a very high success rate.
Cafés are also fast gaining popularity, especially among those who seek a spot for relaxation. Café products may not come cheap, but as long as you keep the ambiance warm and your staff friendly, people will be willing to spend for what you offer and soon you will gain some loyal patrons. Though this business requires some sizable capital, you will be able to see an ROI quick.
5. Personal Care
A personal care franchise is easy to grow because most times, the brand has already onboarded a celebrity to take care of marketing the products for you. This kind of business may or may not require a personal store–you have the option to sell your products online and run your business in the comfort of your own home. You may or may not sell the products yourself, as some personal care brands are known to employ brand ambassadors who will do the selling for you. In this type of business, knowing the brand that offers the most appealing products and has the most suki is key.
Be Your Own Boss
Being your own boss isn’t such a long shot. With a relatively small capital, you can start by running a food cart franchise. If you need more help with funding your business, turn to PawnHero. Work with us in turning your old items into business capital. Secure an investment, learn more today.