I always tell to my students that you need not look far to establish/set up a business. It is either existing or has already been done by somebody else (sucessfully or unsucessfully). Most business set-ups (formats) are already available and acessible for you within the family, friends, franchisor or a competitor. All you have to do it look around, observe, ask then just do it.
1st combination
A business set-up that is Cheap and quick is not necessarily good. cheap and quick are not always sustainable. If we are very careful about the choice of toys/products that are cheap and quick, the more should be very careful about business formats that are cheap and quick.
the other situation is tha maybe tthe upfront cost is cheap but the actual set-up has a hidden costs such as ongoing monthly expenses that may cut into your profits. there must be a catch somewhere if it is good to be true. Please be very careful
2nd combination
A business set-up that is cheap and good is not necessarily quick. Setting up a business is like a plannig a baby. It does not happen overnight - the mother needs to nurture the fetus for nine months with check-ups and consultation. There is also planned preparation before delivery date to make sure that the baby is born healthy.
I strongly recommend to set up their own business vs. getting/buying a franchise format of the shelf. The very reason is that since they have little money to spend for upfront franchise fees. There are always greater prestige if you put more effort into the set - up of your own business brand.
Little money is compensated by the TIME and talent. The have learned that with careful planning, mentoring and a matter of time, they are able to build a successful business format using their own brand
3rd combination
A business set-up that is good and quick is not necessarily cheap. This is the case for established FRANCHISERS. These brands/business formula formats protect themselves from non-comitted parties by drawing the line that separates the serious from the not-so serious. Initial level commitment is obvious upon payment of upfront fees, compliance with regulations on how the brand is marketed and procedures on how the product/services are delivered. For the good franchises, you pay at least P300,000 minimum - P1.5 million for store set-up plus 3 to 5 percent royalties and another 3 to 5 percent marketing support. However, the advantage comes once you have done your training, the full set-up of the business can happen within 3 t o4 months even inside a prestigious mall.
Remember that established franchises need to have both company-owned and franchisee-owned sites to have value and credibility. You need to be careful in going for franchises that have less percentage of owned stores vs. franchisee-owned stores. WHY? If business is indeed good, why then is the franchiser not betting his own money into the chain? Admittedly, getting a good established franchise can hasten business set-up but always it is not cheap.
1st combination
A business set-up that is Cheap and quick is not necessarily good. cheap and quick are not always sustainable. If we are very careful about the choice of toys/products that are cheap and quick, the more should be very careful about business formats that are cheap and quick.
the other situation is tha maybe tthe upfront cost is cheap but the actual set-up has a hidden costs such as ongoing monthly expenses that may cut into your profits. there must be a catch somewhere if it is good to be true. Please be very careful
2nd combination
A business set-up that is cheap and good is not necessarily quick. Setting up a business is like a plannig a baby. It does not happen overnight - the mother needs to nurture the fetus for nine months with check-ups and consultation. There is also planned preparation before delivery date to make sure that the baby is born healthy.
I strongly recommend to set up their own business vs. getting/buying a franchise format of the shelf. The very reason is that since they have little money to spend for upfront franchise fees. There are always greater prestige if you put more effort into the set - up of your own business brand.
Little money is compensated by the TIME and talent. The have learned that with careful planning, mentoring and a matter of time, they are able to build a successful business format using their own brand
3rd combination
A business set-up that is good and quick is not necessarily cheap. This is the case for established FRANCHISERS. These brands/business formula formats protect themselves from non-comitted parties by drawing the line that separates the serious from the not-so serious. Initial level commitment is obvious upon payment of upfront fees, compliance with regulations on how the brand is marketed and procedures on how the product/services are delivered. For the good franchises, you pay at least P300,000 minimum - P1.5 million for store set-up plus 3 to 5 percent royalties and another 3 to 5 percent marketing support. However, the advantage comes once you have done your training, the full set-up of the business can happen within 3 t o4 months even inside a prestigious mall.
Remember that established franchises need to have both company-owned and franchisee-owned sites to have value and credibility. You need to be careful in going for franchises that have less percentage of owned stores vs. franchisee-owned stores. WHY? If business is indeed good, why then is the franchiser not betting his own money into the chain? Admittedly, getting a good established franchise can hasten business set-up but always it is not cheap.
