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Becoming an entrepreneur is an exciting and daunting prospect
because while you get to enjoy the benefit of being your own boss,
you also carry the risk of a failed business venture.
Many neophyte businessmen have run the risk of
trying out new ideas and business concepts on their own, only to run
out of steam and funds a few months down the line. Others go for
highly original franchise business models only to see their
hard-earned capital slowly shrink to nothingness, their franchiser
unable to lend even a hand to the erstwhile investor.
While such stories have made a lot of would-be
investors think twice about putting up their own money in business,
a group of young entrepreneurs and OFW-turned-businessmen have found
and continue to enjoy the proven success of the world-class
convenience store franchise known as 7-Eleven.
Fully-supported by their partnership with the
7-Eleven’s local licensor, Philippine Seven Corp. (PSC), the
steadily growing number of 7-Eleven franchisees now offers five
important tips that may guide fellow entrepreneurs to a successful
entry into the world of business.
Tip #1: Research. Research. Research.
“Going into business is not a matter that must be rushed; one must
exercise patience and explore multiple sources of information about
a business idea or concept before even thinking about investing,”
explained Carlo Genoso, franchisee of 7-Eleven Madrigal. He had
initially learned about the 7-Eleven business while in the US. But
even then, both he and his wife still diligently researched on how
the 7-Eleven franchise was being run here in the Philippines.
Fortunately they learned that PSC provided its franchisees full
support in training, operations, warehousing and marketing that it
seems all one had to do is man the store. Now the husband and wife
team have moved their family back into the country and plan to run
their 7-Eleven store as part of their retirement plan.
Tip #2: Understand the business concept
first. “Know everything about the business that you will get
into,” said Felixberto Paras, franchisee of 7-Eleven San Fernando-Pampanga.
Formerly an OFW electrical engineer, Paras was first attracted to
the world-class brand name of 7-Eleven and knew nearly everyone
around the world recognizes the familiar logo. But still he
endeavored to learn more about the ins and outs of the convenience
store business. Fortunately PSC’s franchisee training, which
includes hands-on store operations shadowing, fully immersed him
into every aspect of the convenience store business. Now he knows
how to make his store perform extremely well, even with his eyes
closed.
Tip #3: Have a vision. “Whether going
into business on your own or investing in a franchise, it is
important for one to have a vision, that way you have a goal to
strive for that will fuel your success in the business,” stated
Mike Bolos. A former finance executive in Dubai, Bolos returned to
the country with a vision of economic advocacy that he hopes will
spark investor interest in his native town of Guagua, Pampanga. Now
aside from putting up his own modern commercial structure at the
town center, he also began to attract the attention of other
businessmen with the familiar sign of his own 7-Eleven franchise.
Tip #4: Prepare to be a hands-on player.
“Having your own business means you are the boss, but that
doesn’t mean that you will depend on other people to do all the
work for you,” said Carlo Genoso. Being the one doing most of the
work is often his source of pride. Now as the boss of his own
7-Eleven staff, he is not content with simply ordering people
around, rather he interacts with the staff and even the customers.
This allows him to experience firsthand how his store performs at
different hours of the day. And with his learnings, he is able to
guide his staff on the best way to improve day-to-day operations of
his store.
Tip #5: Invest in a business that invests
in itself. “In the stock markets, one sure indicator that a
company is going to hit it big is when you notice its stock
beginning to rise and people are buying into it,” stated Lindon
Genoso. He explained that this is the same thing with a highly
successful franchise business, wherein the licensor uses income from
royalties and franchise fees to reinvest in the company by
introducing upgrades in equipment, marketing and operations. This
was the trend that he noticed with Philippine Seven Corporation and
so he was more than happy to part with his capital investment in
order to own and operate his own 7-Eleven store in General Trias,
Cavite.
Although rooted in what they had experienced
with 7-Eleven, these five franchisees believe that the tips that
they have shared will be valuable and applicable in any venture and
may be the key to unlocking success in the business for the next
generation of entrepreneurs.
7-Eleven is available for franchise in the areas
of La Union, Baguio, Olongapo, Nueva Ecija, Pampanga, Bulacan,
Laguna, Batangas, Quezon, Cavite and Metro Manila. (For inquiries,
call 726-9968, 0920-9508651 or visit www.7-eleven.com.ph.)
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