Franchising in the Philippines has never been bigger. Year on year, the industry grows exponentially. This is probably the reason why more and more people are investing in franchises rather than setting up new businesses that they start from the ground up. Statistics indicate that the success rate in franchising is 90%. Traditional businesses, on the other hand, will give you a 25% chance of survival. While this points to the obvious that franchising is your best option in your dive into the ocean of entrepreneurship, you still here accounts of people that fail in their endeavors.
This is the 10% that is hardly spoken about. This is the 10% that shatters dreams. This is the 10% that leads to disillusionment. Do we now join the ranks of franchising’s naysayers and avoid the industry like a plague? Or do we arm ourselves with knowledge that will lead us to a point where we get to an informed decision with regard to franchising?
This article will be about the second option. We need to know what franchising’s obstacles are and how to hurdle them. Better yet, we will show you what they are so that you can avoid them altogether. We’ll point out the traps. We’ll give you the tips. Hopefully all of us will be wiser because of this.
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