Franchising offers many wonderful perks and opportunities for all, especially aspiring young investors seeking financial independence and flexible incomes as business owners.
While being a “franchisee” entails mature readiness, experience and business acumen”•essential qualities that many millennials are said to have yet to acquire and develop”•their determination and youthful zeal, plus finding the right franchise concept sets them up for the business and, eventually, lead them towards entrepreneurial success.
Starting smart
Chalsea Trish Carating, a Bachelor of Science in International Hospitality Management graduate of Enderun Colleges who is only in her 20s, proudly shares how she made the bold jump into franchising.
“My mother wanted me to start my own business as soon as I graduate so she decided that I start with franchising a convenience store. We actually tried another c-store chain first, but my application was rejected because I was too young and they cannot guarantee my financial capacity even though my parents will back me up. On the other hand, 7-Eleven encourages young entrepreneurs to look over their franchising package, that is why we decided to invest in a 7-Eleven store,” she says.
After accomplishing the one-month classroom and in-store training and the steady system support by the franchise advisors of Philippine Seven Corp., the exclusive local licensor of 7-Eleven, Carating successfully opened her first 7-Eleven franchise in Bayanan, Muntinlupa in October 2016.
“Through the help of my franchise specialist, we chose the best location out of all the options that she presented. We mainly focused on looking for a high foot traffic area. At first, it was not really hectic but the succeeding days were fine because new customers keep coming in and sales are going up. I felt really happy and proud because it’s finally happening right in front of my eyes,” she recalls.
“I have been operating my Bayanan store for two years already, and I recently opened a new one in Sucat, Muntinlupa,” Carating says.
While managing a business is no walk in the park, Carating says running a c-store has many advantages. “The best thing about having my own business is I can be my own boss. I can do whatever I want and I keep learning new things. As of now, my focus is on my Sucat and Bayanan branches, but if given a chance in the future, I would like to franchise more stores in order to expand my business and challenge myself to become a better entrepreneur,” she says.
On why aspiring entrepreneurs looking to start a business should try franchising a c-store, Carating says it’s because “franchising a business is a better idea rather than starting your own because consumers are brand conscious; they go to or patronize the brand that they already know”.
“What makes 7-Eleven package worthy is they have already established a brand name, it wouldn’t be hard to attract customers into buying the products and also, the management support system which makes everything easier to handle,” she says.
Looking forward to her continued success with 7-Eleven, Carating says she plans to add another outlet when the time is right.
Young and unstoppable
Another young entrepreneur, 24-year-old Jimmy Taguinod, has been successfully managing a number of food and beverage kiosks and a Snackbar Cinema prior to running a 7-Eleven c-store.
“Me and my partners had a vision to have our own company mainly focusing in franchising business. 7-Eleven is the strongest convenience store brand not just here in the Philippines but all over the world,” says Taguinod.
Together with his associates, they opened their first 7-Eleven store in January 2018 in Delpan. “The people love the store; it is their new one stop shop. They always shop in our store everyday. I was quite pressured because everything was new for me but I was able to adjust,” he says.
To date, Taguinod is operating a total of four c-stores: Kamuning, Blumentritt, Delpan and Tondo Hospital.
Besides having an alternative income, Taguinod finds extra fulfillment in managing a c-store “because I can provide jobs while earning at the same time. Thus, I’m grateful for the opportunity. ”
“I also feel blessed being a franchisee of 7-Eleven. PSC provides me system support, good locations and products that are salable. Most importantly, franchisees are valued. For those interested in trying out this business, go for it. It might be risky, but 7-Eleven can minimize those risks,” he said.
PSC business development division head Ulysses Borral says the multiple store franchise arrangement is gaining popularity among young adults, as more aspire to start young as business managers. PSC attributes this to the proven system support which provides those venturing into the franchise, most especially newbies, with full franchisor’s guidance throughout the process.
“We are seeing more young multiple store owners, or franchisees who own and operate more than one outlet. Franchising in general is an attractive and lucrative option for millennials who want more financial growth and freedom outside job employment. In fact, from the 20 to 26 year age brackets, there are already 43 7-Eleven franchisees,” says Borral.
