One good thing about the recent global economic downturn is that it has awakened the entrepreneurial spirit among many of the world’s citizens. Recent statistics have shown a growth in the working middle class sector of society, and that growth brought with it an increasing number of people interested in investing their hard-earned savings into starting their own businesses.
The cruel irony, however, is that starting one’s business from scratch is tricky given today’s upside-down economy—which is why people are choosing to run franchises instead of floating new business ideas. With franchising, all the basic market surveys, research and business plans are already in place and working. In the Philippines where the eat-out industry has grown significantly in recent years, franchising food businesses eat up a huge chunk of the franchising pie, with people gravitating toward big businesses like Jollibee, Chowking and Red Ribbon which implement heavy marketing efforts to promote their products.
“Overall, the food category is doing well,†shares Froilan Manotok, Red Ribbon’s South Luzon operations head. “I guess when the Jollibee group is doing well, that’s a good measure that the whole industry category is robust because we hold more than 60 percent of the market.â€
Have Your Cake and Eat it, too… read on.
