The year was 1996. Tired of the usual fast food choices in the metropolis, a group of young enterprising individuals to liven up the food scene with a fresh new alternative: Binalot.
Coined from the Filipino term that meant wrapped, Binalot is just that: classic Filipino fare wrapped in banana leaves in traditional local fashion. The Binalot menu reads like a list of favorite Pinoy meals: delicious Adobo, Tapa, Bistek, Tocino, Longganisa, all atop steaming rice and garnished with appetizing sidings of either atchara or itlog na maalat and kamatis, all affordably priced. Think fiesta with an urban twist!
The banana leaves serve more than aesthetics it evokes feelings of unforgettable summer lunches by the beach, and what more, it is convenient, sanitary and environment-friendly.
How to Franchise BINALOT:
1. FULL RESTAURANT (Stand Alone or In Line)
Franchise Fee:
- Php600,000.00 plus VAT – Mega Manila
- Php700,000.00 plus VAT – Provincial & Inter Island
Inclusions:
- Site Evaluation and Assessment
- Initial Training (2 weeks for service crew and supervisor)
- Pre-Opening Assistance
- Initial Inventory (Php30,000)
- Operations Manual
Contract Term: 6 years
Continuing Service Fee: 5% of Gross Sales
Marketing Support Fund: 2% of Gross Sales
Required Space: 21 – 150 square meters
2. DELIVERY HUB (Kiosk or Home-Based Kitchen)
Franchise Fee: Php195,000.00 plus VAT
Inclusions:
- Site Evaluation and Assessment
- Initial Training (2 weeks for service crew and supervisor)
- Pre-Opening Assistance
- Operations Manual
Contract Term: 3 years
Continuing Service Fee: 1% to 3% of Gross Sales net of VAT depending on the store’s sales performance
Marketing Support Fund: 2% of Gross Sales net of VAT
Required Space: 6 – 25 square meters (Kiosk)
FRANCHISE PROCEDURES:
First Step
1. Franchise applicant submits a Letter of Intent together with his resume and a vicinity map of the proposed site, if any. Letter is sent via e-mail and is addressed to the following:
The Business Development Department
BINALOT FIESTA FOODS INCORPORATED
3481 B-2B Sta. Ana Drive, Barangay Sun Valley,
Parañaque City 1700, Philippines
Email: [email protected]
2. The Business Development Officer contacts the Franchise applicant who will be asked to attend a franchise orientation.
3. Franchise applicant then submits an accomplished Franchise Qualification Form which will be provided by the Business Development Officer.
Second Step
1. Franchise applicant undergoes a preliminary interview. If favorable, he takes a franchise suitability test.
2. Franchisor inspects the proposed location. Franchisor may also present a list of sites to the Franchise applicant.
3, If the site passes the basic evaluation process, franchise applicant gives a reservation fee of Php20,000 for Metro Manila and Php40,000 for provincial areas, covering a 30-day period. Note that the reservation fee is transferable to another location and deductible from the franchisee fee; however, it is non-refundable.
4. Franchise applicant conducts a market study which is later on validated by the Franchisor.
Third Step
1. Site approval is secured.
2. The Business Development Officer presents to Franchise Applicant the financial projections and investment estimates.
Final Step
Franchise applicant signs a Memorandum of Agreement and Franchise Agreement.
Contact Details of BINALOT:
Binalot Fiesta Foods, Inc.
3481 B-2B Sta. Ana Drive
Barangay Sun Valley,
Parañaque City, Philippines
Tel. No.: (+632) 8776-8100
Franchise Mobile No: +63932-8441807
Email: [email protected]
Facebook Page: www.facebook.com/binalotfiesta
Website: http://www.binalot.com (This link will open on a new window)
Basics of Franchising BINALOT Fiesta Foods
Franchising benefits
Franchisees gain access to a proven business model, established brand reputation, and ongoing support from BINALOT Fiesta Foods, reducing the risks associated with starting a new business. They benefit from collective advertising and marketing efforts conducted by the franchisor, which can result in increased customer traffic and sales. Franchisees also have the opportunity to tap into the training and operational resources provided by the franchisor, enhancing their chances of success and profitability. Below are just a few pointers why franchising BINALOT Fiesta Foods is beneficial for the inverstors:
High success rate due to its business model rather than starting from scratch.
Franchising BINALOT Fiesta Foods offers the advantage of tapping into an established reputation and customer base, which can significantly reduce the time and effort required to build brand recognition. Additionally, franchisors typically provide comprehensive training, ongoing support, and proven business models, mitigating many of the risks associated with starting a new venture.
Franchisees benefit from economies of scale in purchasing, marketing, and operational support, which can lead to cost efficiencies and improved profitability.
Overall, franchising offers a structured pathway to entrepreneurship with a higher likelihood of success compared to launching a new brand independently.
BINALOT Fiesta Foods is a recognized brand or trademark that can bring you success.
Success is achievable for franchising recognized brands like BINALOT Fiesta Foods due to their established reputation, which can attract customers more readily and build trust faster than starting a new brand. Franchisees benefit from proven business models, operational support, and marketing strategies provided by BINALOT Fiesta Foods, reducing the risks associated with independent entrepreneurship.
Additionally, being part of a well-known brand network offers access to economies of scale, collective marketing efforts, and a support system among fellow franchisees, enhancing the likelihood of success.
Availing financing from various sectors is highly likely due to a good brand reputation.
Financing is often more readily available when franchising a reputable brand due to several factors. Banks and lenders are typically more willing to provide loans to franchisees of established brands because they have a proven track record of success and lower risk compared to new, unproven businesses.
Additionally, franchisors may have relationships with financial institutions or offer financing options themselves, making it easier for franchisees to secure funding. The recognizable brand name and business model of BINALOT Fiesta Foods also provide a level of security for lenders, increasing the likelihood of loan approval and favorable terms for franchisees.
Formula for success that a franchisor may provide.
Low-cost supplies and efficient supply chain management contribute to higher profit margins for franchisees by reducing the cost of goods sold. Effective marketing increases brand visibility and customer traffic, leading to increased sales and revenue. A prime location maximizes foot traffic and accessibility, further enhancing the franchisee's revenue potential and profitability.
5 things to consider when franchising BINALOT Fiesta Foods
1 Make sure that you really want to own this franchise and this will best fit your venture among other offered business opportunities.
2 Be certain that you can work harmoniously with BINALOT Fiesta Foods franchise and it is within your interest. A visit to one of the franchise store will help you be more aware of operation and proceedings.
3 Carefully study the Terms and Condition, Franchise Agreement, and what are included in franchising BINALOT Fiesta Foods.
4 Check if BINALOT Fiesta Foods franchise will be compatible with the rules and regulation, as well as existing laws on chosen location.
5 Best location is one key aspect to have a successful BINALOT Fiesta Foods franchise. Study the environment and see if your business suits the surroundings.
Successful frachising 101
Becoming a successful BINALOT Fiesta Foods franchisee requires a combination of strategic planning, dedication, and hard work. Here are some steps you can take to increase your chances of success:
Research
Start by researching various franchise opportunities to find one that aligns with your interests, skills, and financial resources. Look for franchises with a proven track record of success, strong brand recognition, and a supportive franchisor.
Understand the Franchise Agreement
Carefully review the franchise agreement, including all terms, fees, and obligations. Make sure you fully understand the expectations and requirements of being a franchisee.
Financial Planning
Evaluate your financial situation and determine how much capital you have available for investment. Consider not only the initial franchise fee but also ongoing expenses such as royalties, marketing fees, and operational costs.
Training and Support
Choose a franchise that offers comprehensive training and ongoing support to franchisees. Take advantage of all training programs provided by the franchisor to learn the ins and outs of the business.
Location Selection
If the franchise involves a physical location, carefully choose the location for your business. Consider factors such as foot traffic, demographics, competition, and lease terms.
Follow the System
One of the benefits of franchising is that you're buying into a proven business model. Follow the franchisor's system and guidelines closely to increase your chances of success.
Provide Excellent Customer Service
Focus on providing excellent customer service to build a loyal customer base. Happy customers are more likely to return and recommend your business to others.
Marketing and Promotion
Take advantage of the marketing support provided by the franchisor, but also be proactive in promoting your business locally. Utilize social media, local advertising, and community events to attract customers.
Manage Finances Wisely
Keep track of your finances closely and manage expenses efficiently. Monitor your cash flow, budget carefully, and seek professional advice if needed.
Adapt and Innovate
Be willing to adapt to changing market conditions and customer preferences. Look for opportunities to innovate and differentiate your business from competitors.
Network with Other Franchisees
Connect with other franchisees within the same system or industry to share insights, experiences, and best practices. Networking with fellow franchisees can provide valuable support and advice.
Stay Committed
Building a successful franchise takes time and effort. Stay committed to your business, remain focused on your goals, and be prepared to overcome challenges along the way.
By following these methods and staying dedicated to your business, you can increase your chances of becoming a successful BINALOT Fiesta Foods franchisee.