Setting up ones own business can be tough, especially if one is lacking the necessary knowledge and skills on how to handle a business. However, because of the importance of businesses in todays Philippine culture, there have been a number of new business opportunities rising up in the market. One popular example is franchising a food cart business.

Franchising businesses such as a food cart businesses became a very popular type of business today. Part of the reason why is because of its quick ROI (Return of Investment), low maintenance, as well as affordability in which any Filipino with enough budgets can easily franchise a food cart business.

Setting-up a Capital Though its become easier and more convenient now to start ones own business, particularly now that many cheaper food-cart franchise businesses had been put up in the market (going as low as 21,999 per food-cart franchise), there are still a number of problems regarding the budget to be used for the business. According to business experts in the Philippines, its important to prepare an overhead cost before planning on franchising a business.

Other than the cost of setting up a franchised food-cart business, franchisees should also look at the other expenses involved in setting up this type of business. One is the cost of registering the business, because not all of these franchisers would manage their franchisees legal documents, such as their business permit, its location, BIR, and other important legal documents.

Another is the lease for the space to be used for setting up the franchised business. The cost of the location differs in terms of commerciality and foot traffic. If the location has low foot traffic, then the cost would be smaller.

However, for malls and shopping centers, the lease for the space is usually higher. This is the reason why its important to take note the many expenses that will be used in this business.

However, other than just the support of franchisers, a number of loaning companies and agencies, as well as banks, had also supported many Filipinos in their plans for setting up their own business. This is by offering them Business loans Philippines.

A popular example of a bank that offers Business loans Philippines services is BPI. BPIs Ka-Negosyo business plans and tools allow many Filipinos to start their business even if they are short in budget. With their Business loans Philippines services, Filipinos can rest easy that all overhead expenses will be taken care of, while giving them safe and competitive interest rates.

When you want to start your own home based business, it can be hard to decide what sort of business would suit you. If you have never had a business of your own before, how can you tell what you might succeed at? It can be easier if you start by considering your existing skills and interests. Could you turn your hobby into a business? Here are ten popular possibilities.

Cookery

If you can reliably produce delicious cakes and pastries, you could start a baking business with very little initial outlay. You probably already own all the basic tools. If your talent runs to making jams or pickles or bottling fruit, you will find your wares very popular at farmers’ markets and fetes. If you live in the vicinity of offices or factories, a sandwich service offers a simple way to make money. The key to success with this business is being reliable; people will become regular customers if they know you will always be there to provide lunch whatever the weather.

Interior Decorating/Design

If you are good at painting and decorating, you can earn good money with your skills. This might not be practical if you are caring for young children, but if you have a flair for home decorating, perhaps you could offer an interior design service. A variation on this idea is offering a garden design service.

Gardening

If you enjoy gardening, you could raise seeds and cuttings and offer them for sale. Growing small plants does not need much space. If you have plenty of ground space, you could also grow some vegetables for sale. You could also produce seasonal gifts such as spring bulb arrangements for Mothering Sunday and Christmas table centrepieces.

Crafts

If you enjoy craftwork, creating gift baskets for special occasions can be very satisfying. Gift baskets are highly popular and can be made to suit just about any occasion. Candle making is another popular source of home based income. The modern environmentally friendly soy based candles are ideal for manufacturing at home. They don’t have any smelly messy ingredients and it is easy to produce lovely scented candles that can be sold online or at craft fairs, fetes and markets.

Sewing

If you are handy with needle and thread, there are all sorts of possibilities. For example, you could make wedding dresses, offer a garment alteration service, make soft furnishings to order and produce soft toys.

Photography

If you enjoy photography, your hobby can easily be turned into a lucrative home based business. Photographic equipment is no longer horribly expensive and this is a business that does not take up masses of space or create a mess in your home. Wedding photography in particular offers a very satisfying career.

Antiques and Collectibles

If you know something about antiques and collectibles or are interested and prepared to learn, the buying and selling of these items can be a great source of fun and profit. Car boot sales and antiques fairs are good places to find saleable items at reasonable prices and to sell your own finds. You can also sell things through online auctions such as eBay.

For ones to reach the heights in the business world we need franchising – a licensing arrangement in which a business owner, known as the “franchisor,” markets a trademarked product or service through affiliated dealers known as “franchisees.” While these franchisees own their establishments, terms of franchising agreements typically require them to share operational responsibilities with the franchisor.

Equivalent to success rates, the franchises also tend to have a higher rate of risks and can fail for any number of reasons like any other business. So therefore proper investigation is to be done before buying any franchise.

Types of Franchises:

Business Format Franchises: With this a company expands by supplying independent business owners with an established business, including its name and trademark.

Product Franchises: Here manufactures control how retail stores distribute their products. Through this kind of agreement, manufacturers allow retailers to market their products and to use their names and trademarks.

Manufacturing Franchises: Through this a franchisor grants a manufacturer the right to produce and sell goods using its name and trademark. This type of franchise is common among food and beverage companies.

Business Opportunity Ventures: Business opportunity ventures involve an independent business owner buying and distributing the products from one company.

Mid-sized franchises like restaurants, gasoline stations and trucking stations involve substantial investment and require all the attention of a business person.

Right franchise is totally based upon:

What are your interests?

Do you want to develop multiple units?

How easy it to resell your franchise and what are the restrictions or costs from the franchisor?

What days or hours you want to work?

Advantages of franchising:

Branding: The first thing Franchises offer franchisees is a strategic identity that is not only effective, it has cumulative market impact. A successful brand is one that is remembered, and Franchises have some of the most successful brand identities in the world.

Advertising: Advertising can be one of the biggest expenses for any new business and for good reason. You cant survive without effective advertising and effective advertising is expensive.

Name Recognition: People today want guarantees like never before and name/menu/brand recognition gives them that assurance.

Reputation: The reputation of the franchise is important enough, it is what breeds positive expectations that keep patrons loyal, but this benefit coupled with a built-in umbrella of legal protection is an incredible bonus and one you cannot get as an independent.

Disadvantages of franchising:

You are exposed to fraud. If you fail to investigate the background of the franchisor or youre taken in by promises of quick profits with low franchise costs, chances are, you will just find yourself holding an empty bag.

When you buy a franchise, you are not free to do your own thing. You dont have much control on the products that are to be sold, the system that should be in place and, even, the location and general look of your business establishment.

Costs may be higher than if you are going to start your own business from scratch. Other than the initial cost of acquiring the franchise, you may also pay an agreed percentage of your sales and marketing or advertising fees.

Franchising is a popular trend in the Philippines today, and one of the many reasons as to why it gained a lot of popularity among Filipinos is because of its many opportunities. Here are some of those:

Quick ROI (Return of Investment)
One of the many popular benefits of franchise business Philippines is because of its faster ROI or Return of Investment compared to start-up businesses. Part of the reason why is because franchised businesses have already established a name in the market which makes them reliable in their market, unlike that of starting a business from the ground-up which would take a lot of time and effort.

Successful Business
In addition to its faster ROI, another reason why franchising became popular in the Philippines is because of its successful business model. According to business experts, the main advantage of franchising is that it allows its owners to start up quickly based on an already proven trademark, which is unlike that of starting their own business from scratch.

Lesser Maintenance Efforts
One of the reason why franchise business in the Philippines had gained a lot of popularity in the Philippines is because of its lesser maintenance efforts, particularly for food-cart or food-stall businesses. The reason why is that all of its marketing efforts as well as branding had been arranged by its franchisor. Some franchisors in the Philippines would even offer their services to register their franchisees business and arrange all its legal papers. This makes it easier for Filipinos to start their business quickly.

Availability
Another popular reason why franchise businesses had gained a lot of popularity in the country, particularly with food-cart or food-stall businesses in the Philippines. Because of hundreds of franchising companies in the Philippines that offer different brands of franchise businesses, particularly food-cart businesses, Filipinos have the freedom to choose which business suits their passion. Such as if with foods, Filipinos can choose from a wide variety of food-stuffs.

Business Loans
In addition to other benefits, business loans are also the reason why franchise businesses had gained a lot of popularity. A popular example is Ka-Negosyo by BPI.

Ka-Negosyo can offer flexible business loans which offers its clients choices of which plans can accommodate their franchise business Philippines needs, allowing it to cover the franchise cost itself, as well as its overhead expenses, such as its legal papers and registration, rent for its location, as well as its construction (if needed).

What made franchising a popular trend in the Philippines? Franchise businesses, such as food-cart and food-stall businesses, had gained a lot of popularity and demand in the Philippines. The reason why is because of the opportunity for Filipinos to start a successful business, while it also serves as a popular solution to poverty by the government.

Franchising Industry in the Philippines
According to the PFA, or the Philippine Franchise Association, the franchising industry of the Philippines had grown immensely since the start of small Franchising business Philippines, such as food-cart and food-stall businesses.

In a report by the PFA, the number of franchises in the country had grown from only over 50 in the 1990s, to over a thousand since 2009, and it kept growing even today.

Its growth was a major milestone in the franchise industry of the Philippines, and the government had also seen its potential as a solution to the growing problem of poverty in the Philippines. A popular application of franchise business by the government is when OFWs from Libya had fled the country to return home.

Because most of them doesn”t have any work in the Philippines, the government had gave them a free business management course on how to manage a small business, particularly managing a franchise business such as a food-cart or food-stall business.

In addition to that, another contribution that the franchise industry of the Philippines had given to its economic growth is by providing Filipinos with more jobs. According to the PFA, the growth of the franchise industry of the Philippines had created thousands of enterprises which generated hundreds of thousands of jobs, making franchising an important tool in the country”s economic growth.

Accomplishments for the Philippines
The growth of the franchise industry of the Philippines had also garnered a number of recognition for the Philippines in the world market.

According to the PFA, the growth of franchise business in the Philippines had recognized the Philippines as the “franchise hub of Asia” when it comes to the development of franchise concepts. This had also allowed entry into the international market of Filipino brands and concepts.

These and other achievements have made franchising the preferred business method for more and more entrepreneurs “” both aspiring and established.