With the economic crisis still being felt worldwide, it’s good to know that our local franchising industry is bucking the trend and is actually expected to grow by 5 to 10 percent this year with so many franchise companies set to expand both locally and abroad, according to Mr. Robert Trota, the president of the Philippine Franchise Association (PFA).As proof of overseas expansions, Tokyo Tokyo, the Japanese fast food chain is set to open up a branch in the United States in the next 3 months followed by another local player; Potato Corner, is expected to be setting up shop in California soon. The PFA is also set to bring in new franchises from Europe this year.
Despite the economic downturn, franchise business still has a 90 percent success rate. Some would even say that a franchise business is recession proof. But there is no denying that if you are looking to start your own business and be your own boss, getting a franchise is one of the things you should definitely consider.
2 comments:
My question is simple... Because of our recent world wide economic downturn I'm curious what industries are considered recession proof businesses. I see in this blog you state the franchise business should grow 5%-10% however, that doesn't mean franchisees will be successful... I have been told that the fitness industry is a recession proof business so I have been looking into a franchise at www.illuminategym.com What do you think about the fitness industry being recession proof? Thanks.
Joanne there are obviously some mega franchises that are always going to be recession proof but I also read that fitness in America is a recession proof industry and that's why I'm looking into a fitness franchise at www.illuminategym.com Hope you have good luck becoming an entrepreneur Joanne... if that's what you're interested in doing.
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