Trades & Labor Starting a business

I am looking at small business ideas - from the 'cart' type seen in Malls to something larger.

I have seen the very rapid expansion of Crispy King and the business model seems quite simple.

Has anyone any experience of setting up a new business here?
Or buying an established one (and where best to find businesses for sale)?
Or experience of a franchise?

 

I have been hearing there are new business/investment rules that now allow a one person corporation meaning having a Filipino business partner would no longer be required for that ownership option. I really need to get with a lawyer and get their take on that and verify it is available to non-Filipinos.

 

I would like please to read your source for this? I was recently denied this opportunity

 

Here you go!
https://philippinesbusinessregistration.com/company-registration/one-person-corporation/

 

In the name of your wife / significant other you can invest in any business you wish.
In your own name as a foreigner, you can not.
Even under the new One Person Cooperation (OPC) rules, you are still bound by the limitations of the Foreign Investment Negative List (FINL).
One example from that list is that foreign investment in any retail business with a paid up capital below 25 million peso is inhibited.
So that pretty much prevents foreigners from owning any business where you intend to sell anything (products or services) to individuals.
The full FINL is found here .

 

I started my own store about two years ago after an initial phase of indecision similar to yours. Both new startups and buying established businesses have their perks and risks, and I'd encourage due diligence in either case.
Franchises are a nice middle-ground, providing brand recognition while also granting some autonomy. But for a deeper understanding of your potential customers, it's beneficial to research the market extensively. I personally use this Facebook adspy tool, which is incredibly valuable for understanding what competitors are doing on social media ads and for guiding my own ad policy.

 

If you’re thinking about a franchise, it can be a good choice because it comes with an established business model and brand, which makes things a bit easier. When I was setting up my business, staying organized was super important. There were so many things to manage, like choosing the right location, handling inventory, and figuring out marketing. I found that using a project management tool made a big difference. Something like a monday.com partner helped me keep track of everything and made sure I didn’t miss any important details.

 

Well, I trust the Enquirer found a suitable outlet and business plan.
As this Thread was started on March 2nd, 2023.
NMRN.......Hope all is well with you.