The pandemic allowed people to step back, reflect and adjust to the changing times. The sudden unemployment gave them more time in their hands to look at the opportunities at hand. With the savings they have, many have started businesses by themselves. Are you thinking the same thing?
If you are also itching to start a business from scratch and grow your brand, that's not a bad idea. But keep in mind that building a startup is a trial-and-error process because you are uncertain whether people will like your product or not.
How about looking into the best franchise opportunities instead? If you want to start your own business but are not yet prepared to start from scratch, you can choose to adopt a tried-and-tested business template from trusted business franchises.
To learn more about the best franchise opportunities in the Philippines, here are several franchise ideas that may pique your interest and fit your budget:
- Food kiosk
This is probably one of the best franchise opportunities since it is affordable and can immediately attract customers. For only P20,000, you can have your food kiosk in the bubbly part of the town. Strategic location is the key to make this thrive. It should be in a place with lots of foot traffic—usually malls, parks, or near schools.
- Fast food restaurants
People love to eat, and it is common to stop by fast-food chains to fill their tummies. In fast-food restaurants, foods are prepared and served faster than usual, and most products are affordable.
Since its boom in the 80s, it continues to grow, with foreign fast-food chains also entering the scene. Most franchises can cost you a minimum of P300,000, but it is worth a shot if you have enough budget and found the right location.
- Pharmacy and personal service
Building this business can never go wrong. People continuously need medicines and food supplements.
However, as generic medicine is becoming well-known to the masses, more consumers opt for it because it is cheaper than branded ones. And for that, generic pharmacies can bring you in more customers. This franchise costs about P400,000 standard package.
- Beverage stand
People want something to cleanse their palates after a snack or to quench their thirst after hours of strolling. Do you want to go for a juice stand, coffee stand, or milk tea stand?
Just make sure that your packaging and serving are perfect for people on the go because a beverage stand should be able to offer a convenient and hassle-free experience to its buyers. You can check out beverage franchises starting from P50,000 to P100,000.
- Spa and salon
After months of being stuck at home, people are yearning to get a haircut or regular hair treatment or just have their nails cleaned and polished. Some would also like to avail of a relaxing massage after hours of working. However, not everyone has the budget for a high-end establishment.
Tap this gap in the market by franchising a spa and salon. A decent spa and salon franchise can start for as small as P250,000.
- Academic enrichment
Online and offline academic enrichment for children is attractive these days. Parents want to enroll their children in a tutorial or enrichment class to divert them from thumbing their gadget's screen endlessly.
The franchise capital starts at P50,000. This is a still-growing business, so some educational franchises may not be available in your area. You can take on the opportunity and start engaging supportive parents and willing students.
- Shoe repair, laundromat, and financial services
These businesses are already common, but they are still sought-after because of their practicality. Instead of doing things themselves, people can go to these establishments to meet their shoe repair, laundry, or financing needs. The minimum franchise capital for these is P120,000.
- Vending and service machine
Technological businesses make life easier as they promote services that need little to no human assistance. It is convenient both for you and the consumer who need the product or services you offer. If you have P20,000, you can have your own vending and service machine franchise.
- Car wash
Car owners often lack time to wash their cars. Not having your own space at home to wash your car is also another issue. Car wash services are in-demand these days, and you can have it for a minimum capital of P250,000.
- Water and gas refilling station
Clean, drinkable water is a need, as most areas don't have clean running water from their homes' faucets. Gas is also a necessity, especially for those with vehicles. With the rise in the number of vehicle owners, an additional gas station means a sure profit. Start your franchise with P100,0000 capital.
- Lotto outlet
A city can never have too many lotto outlets, as many people try their luck in this game of chance. It is also one of the best franchise opportunities in the Philippines for beginners because it does not have a franchise fee.
To franchise a lotto outlet, you only need to pay the installation fee of about P10,000 and P1,700 for the processing fee. An additional P500,000 cash bond is also required, but you can opt to choose their alternative terms.
It's time to try investing
In the bigger picture of personal finances, investments are a guaranteed way to help your savings grow. By improving your financial literacy, you can conquer your fears and let your investments bear fruitful returns.
Amidst the COVID-19 crisis, staying on top of your health and finances is a top priority. BPI AIA is your partner in securing your physical and financial wellbeing with ease. Schedule a virtual appointment with our Bancassurance Sales Executives to learn more.
Ready to become a franchise owner?
Business, they say, is not for everyone. But with the right mindset, strategy, and budget, you are good to go. Getting a franchise is still a business, so keep in mind that it will not be a walk in the park. Every step of the way, you have to be focused and ensure that your investment will prosper. Knowing when and where to invest is a sign of a great entrepreneur.
Have your own savings plan for the business to ensure that you always have the ball rolling. Never stop learning more about the industry you choose and keep abreast with the trends.
In all your business ventures and undertakings, BPI AIA makes it easy for you to get savings and life insurance plans, such as the Build Life Plus. Schedule a virtual appointment with our sales executives to learn more: