Franchising has become a fad among entrepreneurs nowadays. It is said to be the practice of using another firm’s successful business model.
The word ‘franchise’ was derived from the Anglo-French derivation – franc – meaning free. In a more easier concept, franchising is equivalent to franchisors having their ‘chain stores’ to distribute goods that avoids the investments and liability of a chain.
Last week, the Filipino International Franchise Association and the RK Franchise Consultancy spearheaded the first ever Franchise Expo in Iloilo City.
RK Franchise Consultancy founder Rudolf Kotik said the booming economy of Iloilo, both the city and province, is one of the reasons why they brought this opportunity for the Ilonggos.
“We have received many suggestions to bring franchising opportunities to Ilonggo entrepreneurs especially now that everything in Iloilo is prospering and growing.”
Kotik also cited the construction booms as sign of improvement and commended how Ilonggo frugality can be brought to another level by bencouraging them to invest on franchising.
“It’s time for Ilonggos to invest their savings to something fruitful like franchising”, he added
It was known on a previous report of BSP that Banks in Iloilo has more money due to prudent savings from Ilonggo families.
Mayor Jed Patrick Mabilog supports this endeavor as this would later help boost the economic condition of the city.
“If we have more businesses, then we will create more jobs, higher taxes and revenues, which will translate to better services for the Ilonggos,” he added.
Kotik, on the other hand, hopes to bring the said expo next year bringing more franchisors based from Luzon, Mindanao and other parts of Visayas to Iloilo.
The 1st Franchise Expo is a 3-day opportunity to inquire the participating companies and franchisors held at the Fountain Area of the Robinson’s Place Iloilo.
On the 4th day, a seminar for would-be frnachisees and interested applicants was held at the Iloilo grand Hotel. IMT