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Monday, July 24, 2006

Philippine Franchise Trivia

by Mr. Armando O. Bartolome

DID YOU KNOW.........................

1. That the growth rate of local franchise businesses in 1997 was 34 percent and by 2003 it reached to a total of 178

2. That the first foreign franchise is Singer Sewing Machine in 1910 and followed by AW Rootbeer and KFC in 1965

3. That 76 percent of frnchise fees in the Philippines is php. 500K and below

4. That there are some home grown franchisors have established international branches in USA Hong Kong Shanghai Singapore

5. That when one gets a franchise one has to read and understand the franchise agreement at least 3x and consult a lawyer

6. That when getting a franchise it is best to talk w franchisees of franchisor

7. That a franchise fee is for the payment of the use of the name of the franchisor while franchise investment includes franchise fee and other items like build out cost equipment fixtures furnitures

8. That it is best to know and meet the owner or franchisor aside from the franchise officer afterall franchising is establishing a partnership with franchisor

9. That when getting a franchise it is best first to analyze what one really wants and type of personality

10. That most successful franchisors only franchised their business after at least being 12 months in the business themselves

11. That a franchisor loans a franchisee a copy of the operations manual and keeps it updated

12. That a reponsible franchisor chooses franchisees well nd not just on the money to invest but more on commitment and character

13. That a responsible franchisor thoroughly trains the franchisee before operations and continuously

14. That a responsible franchisor explains the franchise agreement before signing

15. That most franchisors require franchisee to be hands on in managing the franchised branch

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