Monday, July 19, 2010

Franchise 2010, our Entrepreneurial Dream

ReyJr at Franchise 2010

Franchise 2010

Yesterday, Liz and I visited Southeast Asia's Biggest Franchise Event, Franchise 2010: The 18th Philippine International Franchise Conference and Expo at the SMX Convention Center. It was our first time to ever attend anything related to starting a business and we were eager to go around, talk to people and, of course, learn about how to start a franchise.  The event ran from July 14 to 18, featuring over 330 exhibitors of various business opportunities...

Why Franchise?

We arrived late in the afternoon, missed the seminars, but did manage to go around all of the exhibits and talk to a few people...
We are newbie entrepreneurs, with no background whatsoever, but we were encouraged by the conversations we had. Here are some things I was personally pleasantly surprised to learn at the event:
  1. If you have already a stash of money (or are comfortable with getting a loan), and a good location to start a business - i tell you this - it is a cinch. So easy it surprised me. 
  2. Some companies will do the processing of government permits for you - inclusive in the franchise package.
  3. The smaller scale franchises can get you a return on investment in as short as 3 months!
  4. There are franchises of all capital sizes, from P160k to P5Million and more. I mean, there will be some I can actually afford without selling my arm for. Haha!

Choosing a Franchise

We've decided to choose one of several franchises - a take-out stall for grilled fish products, a donut stand or an Ice Scramble stand - and we have several ideas of a good location. But there are numerous variables to consider, including the total franchise cost, the proximity to our houses, the total year-round or seasonal people traffic, ROI, etc. Hopefully, before the year ends I will be blogging about what I've learned as a newbie entrepreneur too. :D

One of the best lessons I got from reading Rich Dad, Poor Dad was to keep your eyes open for opportunities. This could be our first step. Who knows? Wish us luck!

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