The ongoing pandemic has posed a huge challenge to economies worldwide. Because of strict limitations on physical interactions, many establishments were forced to downsize their operations, while some were unable to elude closure. As the whole world continues to revolve with the health crisis in tow, the struggle of various enterprises carries on; however, it is important to note that there are ones that, though fettered, still thrive, and this goes to show that even amid today’s difficulties, there is still opportunity to do business.
On 15 May 2021, the College of Business and Accountancy (CBA) of Our Lady of Fatima University (OLFU) hosted its 4th Franchising Expo with the theme, “Franchising as a Business during the Pandemic”, in partnership with the Philippine Franchise Association (PFA).
Dana Cuneta, Francorp Philippines’ Assistant Vice President for Consultancy, delivered two lectures for the audience: “How to Invest in the Right Franchise” and “The Franchise Advantage.” She presented an overview of franchising and its two kinds, which are (1) product distribution franchising and (2) business format franchising, the latter being the focus of her discussion.
According to Cuneta, franchising is “the safest way to get into entrepreneurship because there is lesser risk.” She explained that this is because the franchisor has already undergone the trial and error stage, where there is much risk, and the franchisee will just have to follow the format. Aside from that, she noted that “the learning curve is not as steep”, as the franchisee will receive training from the franchisor who has already tested the waters.
Cuneta likewise presented the advantages of franchising, as well as its challenges which include conformity, territorial restrictions, and false expectations. She mentioned that while it is ripe with opportunity, franchising may not be for everyone. “There are some people who are cut out to be entrepreneurs and not franchisees,” she said as she stressed that in franchising, the franchisee sticks with the franchisor’s playbook.
The resource speaker provided the audience with the knowledge they need about franchising, such as the factors they need to assess and consider when deciding and the key questions to ask potential franchisors.
Aside from the lectures, CBA students also got to meet renown brands open to franchising, namely: Citrus Zone, Big Smile Bread Station by Gardenia, Mr. Quickie, and franchise sales company, U-Franchise.
Later, students from the OLFU campuses of Antipolo, Quezon City, and Pampanga took the stage to present their creative franchising concepts for select businesses: Self Service Laundry Hauz, Red Keep Café, and Smokin’ Patty- Antipolo; Boba House, InstaWings, Lah Coffee, and Mango Overload- Quezon City; Croissant de Pampanga and Tomo Chan Ramen Express- Pampanga.
Featuring interactive presentations from industry experts and the students themselves, the event proved to be very insightful, especially for those who are interested to venture into franchising.
