• U-Franchise

5 Tips to Find the Right Franchise

Nowadays, more and more businesses are opening, making the industry competitive and exciting. The Department of Trade and Industry reported that there were around 957,000 business enterprises in the Philippines in 2020. Now, during the country’s recovery phase, these numbers are foreseen to grow.

With all these brands and concepts in the food, retail, and service industries, one can be easily overwhelmed by the massive diversification. The current trend is to franchise an existing brand instead of starting an entirely new business from scratch. This is because franchising a reputable brand could result in a 90% success rate for the aspiring franchisee, according to a USAID study conducted a few years back.

How to find the right franchise brand? If you are scouring the market for the right brand to franchise, here are five easy and useful tips that could help you decide and move forward on your venture.

5 Tips for Aspiring Franchisees

1) Unique brand and concept that you Love

Is this a product/service I love and would want to pay for?

As with most things in business and life, finding the right franchise starts with something that you love. A business that you would be proud to call your own, a brand that you believe in, and a product and service that you are excited by.

Having this confidence in your business will result in a healthy, motivating, and fulfilling business environment not just for you, but for your partners, staff, and customers.

2) Financially profitable and stable

What’s the average profit per month?

Franchising is about duplicating a successful business, so make sure that you find a franchise that has the right profitability for the investment that you put in. Understand the payback period – the length of time that it will take to recover your investment or ROI. This will allow you to discern whether your investment will be worth it or not.

You also have to understand the monthly profitability so you can decide whether to give up a job for this franchise or