Ever heard this word? Maybe some may say their store is company owned or franchise. Or maybe you notice the small business inside the grocery stores of SM and Robinsons, or maybe the popcorn stand near the MRT or bus station. These my friends are mostly franchise business.
Let's barrow some wise word from Wikipedia:
So when one runs a franchise, one is using another firm's successful business model to earn or make profit. Now do you wanna know some big franchise names in the Philippines? Jollibee Food Corp is one of the biggest company in the Philippines and also has many of its Jollibee fastfood restaurant as franchise. Add to their list of businesses and franchises are Chowking, Delifrance, Greenwich, and some foreign restaurants like Lao Dong & Chun Shui Tang tea house of Taipei, Yonghe Dawang of China, and Jinja Bar Bistro in New Mexico.
A franchisor allows an entrepreneur, which is now the franchisee, to run an existing and well known business by paying a certain franchise fee and some share in profits. In return the franchisee doesn't have to worry much of marketing since the business is selling itself. To learn more about franchise opportunities you can also visit the Franchise Philippines website, click here.