Five tips for aspiring franchisees

MANILA, Philippines - Looking to start your own business? For many aspiring entrepreneurs, franchising is an attractive business option because it affords those looking to be their own boss the security of a proven business model, a framework of support systems and access to well-known brands with a ready following.

But as any grizzled entrepreneur will tell you, in business, there are no shortcuts and no guarantees to success. To make your investment work, you also have to put in a lot of work. 

Here are five insightful tips for would-be franchisees from San Miguel Foods, Inc.’s Franchising Business.

1. Do something that you love: While it’s good business sense to look at potential returns when considering a possible business venture, many entrepreneurs agree that the best business to get into is the one that is closest to your heart.  If you like baking or cooking, then a franchised food business makes sense.  In business, there are good months, and there are lean months. Whether you love what you’re doing or not will oftentimes determine if you stick to the plan or just give up.  Also, if you love or enjoy what you are doing, you tend to have more ideas on how to grow your business.

2. Choose your brand carefully: Franchising has become so popular that it has also spawned countless franchised brands.  Which is why it pays to do as much research on your prospective choice.  If possible, talk to other franchisees.  Also, get to know the company and your franchise advisors.  Are they going to be helpful even after you’ve begun operations?  Do they have the capability and willingness to help you grow?  Will they provide you support in terms of marketing or training your staff?  Or are they just after the franchising fee?

3. Dream big, start small: Consider a business which requires little start-up capital but has good potential return over a set period of time. Starting small can lessen the financial risk. If you don’t have enough personal savings to finance your dream business, you can get a loan from financial institutions or seek out possible partners or investors.  You are likely to be granted a loan and attract financiers if your business is already a proven model.

4. Build a strong team:  When considering a prospective employee, see if his or her personality fits the kind of business you are into. If you are in the service industry, you need to hire employees who have a cheerful disposition and can interact well with customers. Your employees are important in building your business. Keep them happy and boost their morale through training and development, offering perks and incentives, or even just giving them a heightened sense of responsibility.

5. Create buzz: Creating excitement for your new business need not be expensive. Start by asking your friends for support by trying out your products. Have them spread the word to their friends.  You can also be your own publicist.  Get to know the editors of your local or community publications and send them write-ups about your business. Social media is also a great way to engage your customers.

Partnering with a company that has a proven track record in extending support to its franchisees ensures that you get sufficient exposure to training for both you and your team and shortens the learning curve so that you can focus on things like customer service and day-to-day concerns of running a business.

San Miguel Foods Inc. (SMFI), a unit of San Miguel Pure Foods Company Inc., one of the country’s largest food companies, offers franchise opportunities leveraging fresh concepts and well-established, easy-to-operate business models. Among its franchised brand are Hungry Juan, a ready-to-eat business which offers affordable meals and snacks using quality meats from Monterey and poultry from Magnolia Chicken, and San Mig Food Ave, a retail convenience store chain that is an ideal stop over for quick meals. To know more about SMFI’s franchised businesses and investment packages, contact tel. no.: (632) 702-JUAN (5826).