THE KEYS TO A SUCCESSFUL FRANCHISING BUSINESS: Ideas and tips from AFFINITY SUMMIT 2018
Updated: Jul 22, 2019
Vol. 1 No. 1 DECEMBER 2018
BY: CHRISTOPHER DE LEON | PHOTOS BY: DON CLAVO DE COMER
Filipinos tend to tread on new and unfamiliar territories to chase their dreams and desires - traveling overseas, taking on new jobs in order to secure theirs and their family's future. But after their foreign exploration and eventual return to the motherland, have our kababayans really secured their future? They may chance upon business opportunities in franchising, where a product or service is distributed to different dealers. This type of business can be practical for OFWs because they can be hands-on managing the business or delegate the day-to-day operations to other individuals.
There are other opportunities to learn franchising. The Association of the Filipino Franchisers Inc. (AFFI) is a trade organization that promotes micro, small to medium size franchise business through education and shared learning among prospective, aspiring and current entrepreneurs. it helps protect the Filipino public from unscrupulous business practices. It also assists aspiring and new Filipino entrepreneurs through short course learning and events to develop better practices and greater excellence in managing a franchise business. AFFI launched the AFFINITY SUMMIT 2018, the first franchise and business summit last September 22, at Blue Leaf Filipinas, Paranaque.
The AFFINITY SUMMIT aimed to broaden minds, appreciate and exchange ideas, and provide practical and experience-based guidelines to sustain the positive performance and success in the franchising business. Here, the business experts and gurus unselfishly shared their experiences, knowledge and learning with franchisers, franchisees, entrepreneurs and newbies in small to large enterprises on how to grow and sustain the business.
The summit discussion by the speakers, themselves business people, delved into the objective, the who's and the how's of business. In any business, the objective is to earn money. Foremost in the minds of OFWs is to provide for the whole family, and ensure their financial stability. Hence, our OFW prospective business owners desire for the business to be ultimately owned and passed on to their family members. This poses a challenge on how to sustain the business in the future generations.
One of the lessons taught by the speakers is Planning. Whether as franchisers or franchisees, the family leader must have a plan from continuity to contingency. The present and next generation's early involvement at this stage can ease their understanding of fair, legal and ethical practices. Equipping the next generations of the process, values and mission of their family business can help the founders feel more confident and secure about the present and even the future of their business.
The future trade owners were reminded that money is not the sole objective of creating and running a business. One must really think of an industry they can perfectly fit in. Passion is a factor to consider. But while passion drives a person to venture into a business, he or she should be prepared on how to deal and manage it on all angles. A business owner must refer to a specific operating business model that will lead him or her to success. This will complement and configure the value of his or her own business with a view of raking in high rewards.
For dreams to materialize, it is imperative that the business owner interacts with different people - clients, and customers, staff, suppliers, and others. Emotional intelligence is an integral and important factor in achieving success. People are guided by their emotions everywhere, every time. Determining these emotions will be a significant key on how to best provide for clients, deal with staff and have good relationships within and outside the business.
The Internet has become so much a part of people's lives in the new millennium. Utilizing websites and social media for business can be truly rewarding. However, business owners should go into it with proper planning, sufficient execution, proper management and right targeting. These are still key to reaching more customers and maximizing one's business potential. Business people are also reminded that customers and clients do not simply express satisfaction in acquiring, experiencing the use of a product or service, and even sharing the experience via word-of-mouth. Nowadays, they share this to the world digitally.
Team coaching is an important element in developing and maximizing the member's potential, which consequently impacts on their contribution to the success of the business. Team coaching is a toll that inspires coached members to perform with their full potential.
The journey in business will be long with risks and rewards, but one must be ready to respond to and learn from the situation. One must be sensitive and open to new ideas, new technologies, new products and new markets. With the right decision and luck, one's investment in franchising may be the best thing that ever happened not only in his or her life or everyone in his or her life but even those in the future generations. [K]