Small businesses such as food cart businesses had become a very popular type of business in the Philippines. Part of the reason why is because of its affordability compared to other businesses, as well as its lower maintenance. This is the reason why the franchise industry of the Philippines had grown massively and has now given the Philippines the recognition as the franchise hub of Asia.
Food Cart Businesses in the Philippines
There have been a number of popular food carts found in almost every part of the Philippines. Popular foods sold in these small businesses usually involve those that are quick and easy to prepare such as siomais (dumplings), kwek-kwek (boiled fertilized duck egg wrapped in orange-colored breading), tokneneng (boiled quail eggs wrapped in orange-colored breading), fish balls, squid balls, and other popular street foods, such as burgers, friend noodles, shawarmas, and many more.
Because of the Filipinos love for food, small businesses such as food stall businesses became a successful hit for many Filipino entrepreneurs. And it was also because of this that the franchise industry had started to offer franchises for their food cart businesses, allowing more Filipinos the chance to start their own food cart businesses.
Benefits of Franchise Businesses
The advantage of franchise businesses compared to starting a business from the ground-up is that franchisees had the advantage of starting up quickly based on a proven trademark, and the tooling and infrastructure as opposed to developing them. The success of the franchisor is also the success of its franchisees.
As for the franchisors, the advantage of franchising is that it allows them to expand their business or brand through building chain stores while avoiding any investment and liability over a chain.
These advantages and benefits, along with affordability and profitability, franchised food cart businesses became a popular trend in the Philippines. However, other than the growing numbers of new business opportunities in the Philippines, another reason why businesses had become very popular in the Philippines is because of the financial support that many from the private sector had offered, such as Small business loans Philippines.
Supporting the Filipino People
BPI, one of the many banks in the Philippines known for its financial assistance services, had introduced another loaning service which aims to provide financial assistance for Filipino entrepreneurs in their efforts of starting a new business, or by franchising a popular food cart business. This is with their Ka-Negosyo Small business loans Philippines services.
With their Small business loans Philippines, many Filipinos can now have the chance to start their own small business to assist them in their lives, or to franchise a successful business which will allow them to rise up in society and live comfortably with their businesses.