More and more Filipinos are turning to entrepreneurship to grow their wealth. According to the Philippine Franchise Association (PFA), the franchise industry has shown an outstanding growth –from 50 franchises in the 1990s to over a thousand today.
This growth may be brought about by the number of advantages that franchising offers. Because of a franchise’s proven method, it poses less risk than starting a business from scratch. In fact, industry statistics show that franchises have a 90%+ success rate as compared to the 25%+ success rate of individual new start-up businesses during the first year. It also promises training and support from franchisors themselves, which is perfect for budding entrepreneurs. And since good franchises are usually well-known, it’s easier to attract the right consumers.
But while franchising may seem like an ideal investment, not a lot of Filipinos can afford it. Thankfully, financial institutions are ready to help. Full article.