Gloomy Economy Paves Way To Growth Of Franchising

TheNationBusiness:

The franchise business in Thailand this year is expected to maintain its growth at about 11 per cent, similar to recent annual expansion rates despite the poor economic climate.

Somjit Likitsathaporn, managing director of Franchise Focus magazine, said the gloomy economy was in fact good for boosting franchise growth as a number of people may pay attention to this business model instead of their routine work. She forecast that about 20 new franchise businesses could be started up during the year.

Former deputy prime minister Olarn Chaipravat said late last year that the number of unemployed this year might skyrocket to 1.2 million if the political turbulence is prolonged and the government cannot find a way out, and the global economic downturn continues to bite.

Somjit said some laid-off staff might use their compensation money to start their own enterprises, including possibly opening up a franchise operation. More.