Singapore has a friendly, open economy. The World Bank has ranked it as one of the best countries to do business. This island country and city-state also has a developed infrastructure with a firm supply chain compared to other Asian countries. The franchise industry in Singapore is transparent and well controlled with little regulatory hindrances. If they purchase a food franchise Singapore dwellers have a high chance of success because the per capita food consumption in this nation is high.
One major advantage of running a franchised business is that the business model has been tested and proven. Studies show that every year, only five percent of franchised business fail compared to thirty-five percent of non-franchised small businesses. Franchising is the perfect way of setting up a business.
Singapore is a great country to invest in since it has a globally aware and multicultural population. The population is predominantly urban, small with a low unemployment rate. This characteristic has made it one of the richest countries in Asia. Its level of per capita wealth is high and has continued to rise in the past years. Since many people are affluent, the market is less price resistant. Therefore, premium brands are likely to achieve success when running a franchising business.
The biggest expenditure in Singapore is housing, followed by food. The statistics department in this nation has revealed that Singaporeans spend the equivalent of five billion US dollars in food annually. Outlets that sell fast foods account for thirteen percent and restaurants, thirty-seven percent of the total revenue in the foods and beverages service industry. Most consumers are receptive to foreign products and services.
Singaporeans are usually keen to find franchising opportunities with foreign franchisors and they know how to deal with them. They understand the regional and domestic market very well. This country is strategically located and it, therefore, creates a good opportunity for foreign brands to partner with knowledgeable local investors.
Singaporeans are open in purchasing foreign services and products. They are loyal to brands so it is important to offer a retention scheme. They like to experiment with new products they saw or heard about. In order to get the first customers and retain them, you can promote your business with lower initial prices and then create a word of mouth campaign with your level of service and quality.
In Asia, convenience is the dominant purchase motivator. Lack of time and modern retail patterns are factors stimulating this behavioral change. Franchising businesses that ease the purchase process and offer a number of delivery channels are able to achieve success.