7 Business Tips from Franchise Leaders
Updated: 2 days ago
Find inspiration to help your enterprise toward the right path.
(From left to right) Sam Christopher Lim; Ma. Alegria Sibal-Limjoco; Jose Magsaysay, Jr., Chairman Emeritus, Potato Corner; and Samie Lim
It’s always nice to be given the opportunity to learn from the best of the best. Success is the testament of people’s hard work, patience, and resilience and others can always learn from their wisdom and experience.
If you’re an entrepreneur aspiring to start your own business or a franchisor aiming to grow your enterprise, these 7 tips will help guide and inspire your journey to success.
1| "Dream big"
Country Business Group Head, Jollibee Foods Corporation
“One of the things that our founding chairman in Jollibee has always been telling us is if we want to do anything, we have to start with a big dream. If you have a dream, make sure you dream big,” said Joseph Tanbuntiong.
If we’re talking about legit Pinoy pride, Jollibee is the brand that comes to mind. Just like Jollibee, your business venture may start small. But what makes the difference is that big dreams will have a great influence on how you steer your business through time and adversity. The story of Jollibee is truly an inspiration to all businesses to dream big and achieve bigger.
2| "Develop a unique product that solves a problem"
Chief Marketing Officer, Penshoppe
You may have a strong business sense and the desire for success but it all goes down the drain without a good product—something unique that provides a solution to a problem. Whether it’s in the food, retail, or service industry, a good product will go a long way because it serves a purpose while bringing in profit. Most importantly, if you have a good product, people will desire to resell it or to replicate your business through a franchise.
“You have to have a good product and a strong brand. Only then will you entice people to come and franchise your brand. We’ve learned a lot of lessons through the years and it’s working with the right people and the right partners who are experts in franchising that have helped us develop our own strong franchising [strategy],” said Alice Liu.
3| "Create strong systems and processes"
Chief Operating Officer, RAMCAR Group of Companies (Tokyo Tokyo)
A business is the sum of its product, systems, and processes. In order to have a longstanding and constantly improving business, the systems and processes behind-the-scenes should be strong, proven, and adaptable. Weakness in this aspect will result to excess spending for corrective measures, delay of production, and loss of profit.
On the other hand, having strong systems and processes will up your business to the next level, which is franchising.
“Franchising is about replicable success,” Jerome Tuguin said. “So, before one starts franchising their business, I strongly advise them to be able to setup their systems and processes first before actually franchising the business to others, to ensure that any multi-unit operation will be successful as the first one.”