Recent statistics from the Philippine Overseas Employment Agency have revealed that there are more than 8.7 million overseas Filipino workers (OFWs) deployed in various parts of the world.
However, these huge numbers are shrinking by the minute as the global economic crisis translates into more job losses for OFWs around the globe. It is for this reason that OFWs and their families should start exploring new means of securing their future. To those who have no idea where to start, franchising may just be the perfect option.
Lucrative, convenient, and perfect for people with capital to spare, franchising refers to an individual operator’s use of an existing brand and business model in exchange for a percentage of gross monthly sales, royalties, or other fees payable to the franchisor. Initial investments for franchising opportunities may vary depending on the terms of the franchisor, and the product line in consideration. In the Philippines, capital may range from a few thousand pesos to a few millions, depending on the franchise’s commercial prominence, inclusions, and other terms and conditions.
OFWs and their families may choose to explore franchising for the added sense of security that it provides to the investor. Franchise opportunities come with tried and tested entrepreneurial models that have successfully grown a once singular business unit into a full-blown network. This allows investors to project the return of their investment, thus helping them assess the probabilities of gain or loss. In the case of OFWs, a good franchising model can spare them from losing hard-earned capital that was accumulated through years of overseas employment.
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