Franchise Industry Bucking Economic Downturn
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.
Labels: Business Advice