The secret to choosing a good franchise is finding businesses that are in sunrise industries. But choosing industries that are addressing long term trends and needs and not just short term fads is challenging even for the most experienced entrepreneurs.From interviews and discussions with other entrepreneurs both locally and internationally, here are 3 trends that will shape the Philippine franchise market:
Increased need for Agriculture Sustainability
There are few businesses that target one of the most important groups in our country - Farmers. With the increasing need for food sustainability, new franchises that target farmers are starting to create greate waves in the market. The Agri Store is a pioneer in the market with over 100 branches so far, targetting farmers by providing them with the products they need - fertizers, feeds, pesticides - in a clean environment and with professional advise on the best way to use these products.
The rise of Retirement Resorts
Aging is a fact of life. The stigma of retirement homes as pseudo prisons is now changing with the entry of retirement resorts around the Philippines. Here, parents and grandparents can relax and enjoy socializing with peers while getting the best medical care, should they need it. Retirement resorts such as Life Care from Cebu have been an early player in this segment.
Tourism Boom requiring new services and workers
With the Philippine targeting to double tourists to 10M by 2016, and the Philippines having some of the best tourist spots around the world, we can expect more tourism dollars coming into the country. With this, there will be in increased need for tourism infrastructure such as good quality branded hotels that deliver value and reliable service across the country. In addition, tourism schools such as the Canadian Tourism & Hospitality Institute have started to use international standard curriculums to train more and more tourism professionals to prepare for the influx of tourists.
Buying a franchise can be a very profitable investment, but it’s important to choose businesses that will benefit from long term trends in the country. This will assure you that your franchise business will be profitable for decades to come.