By Sam Christopher Lim
Senior Vice President, Francorp Philippines
The secret to choosing a good franchise is finding businesses that are in sunrise industries. But choosing industries that are addressing long term trends and needs and not just short term fads is challenging even for the most experienced entrepreneurs.
From interviews with Samie Lim, the Father of Philippine Franchising, who correctly predicted the growth of franchising in the Philippines 20 years ago, and discussions with other entrepreneurs both locally and internationally, here are 3 trends that will shape the Philippine franchise market:
- Increased demand for work-life balance
Keywords related to home – based businesses get over 17,000 searches monthly on Google, and it continues to rise. With more people looking for work-life balance, most have started to look for businesses they can start and run from inside their homes. This trend has already taken markets like Europe by storm where franchise shows have seen an increase in home – based franchises businesses. Companies such as Tutor Doctor from the US and Crest Clean from New Zealand are just some great opportunities that allow entrepreneurs to start a business, while being in the comfort of your own home.
- The rise of Retirement Resorts
Aging is a fact of life. The stigma of retirement homes as pseudo prisons is now changing with the entry of retirement resorts around the Philippines. Here, parents and grandparents can relax and enjoy socializing with peers while getting the best medical care, should they need it. Retirement resorts such as Life Care from Cebu have been an early player in this segment.
- Tourism Boom requiring new services and workers
With the Philippine targeting to double tourists to 10M by 2016, and the Philippines having some of the best tourist spots around the world, we can expect more tourism dollars coming into the country. With this, there will be in increased need for tourism infrastructure such as good quality branded hotels that deliver value and reliable service across the country. In addition, tourism schools such as the Canadian Tourism & Hospitality Institute have started to use international standard curriculums to train more and more tourism professionals to prepare for the influx of tourists.
Buying a franchise can be a very profitable investment, but it’s important to choose businesses that will benefit from long term trends in the country. This will assure you that your franchise business will be profitable for decades to come.
Franchise Talk is a content partnership of ABS-CBNNews.com with Francorp Philippines. For more on franchising, contact Sam Christopher Lim at firstname.lastname@example.org or visit www.francorp.com.ph
About the author:
Sam Christopher Lim is the Senior Vice-President for marketing & strategy at Francorp Philippines. He has over a decade of global marketing experience from Bangkok, Shanghai and most recently London. He is a multi-awarded marketer who graduated with distinction from Oxford University and was awarded with the Young Market Masters award. He is also currently Chair for ASEAN integration for the Philippine Franchise Association.