Key Points
- Wyngard Espina’s parents provided the capital for the franchise fee which reached $150,000.
- An extensive background check done by the ‘master franchiser’ of the brand led to the approval of Espina’s franchise.
- Espina admits it’s daunting that the franchise contract covers five years.
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‘You need to be hands-on and always available’: Entrepreneur on managing a food franchise
SBS Filipino
28/05/202410:58
The industry of franchising is a substantial contributor to the Australian economy. It has provided employment for over 600,000 people in 2023, according to the Franchise Council of Australia.
This detail was encouraging for Wyngard Espina, who is getting his feet wet in food franchising.
Parents are backing him up
Espina admits, his parents are giving him their support. They ponied up a hefty sum of $150,000 to acquire a Filipino ‘French fries’ brand called Potato Corner in 2023.
“Given that my parents are successful entrepreneurs, I want to follow their path,” Espina says.
This is my training ground in running a business. Even if it’s a franchise, I am hands- on and you still have to do a lot of work.Wyngard Espina, Franchiser
Thorough background check was required for franchise approval
The food brand Espina chose already has an overseas outlet in Australia. He reached out to the ‘master franchiser’ and told their plans about opening a franchise in Southeast Melbourne.
“We didn’t need to have Focus Group Discussions or (FGDs) because the master franchiser was convinced that the Filipino community was growing, particularly in Southeast Melbourne,” Espina says.
It was important for the ‘master franchiser’ to know that the franchise owners can sustain the business for five years – as that’s what’s stipulated in the contract.Wyngard Espina, Franchiser
With the help of Espina’s parent’s history in handling several businesses for many years, the extensive background check was completed and approved.
“I have to give it to my parents because their success in running several businesses was a significant factor in acquiring the franchise approval.”
Lessons learned from managing a food franchise outlet
Espina rounds up what he has learned from running a franchise outlet:
· Research – is needed even when you decide on the brand you want to franchise. Check if demand is there before moving forward with discussions with the acquisition of the franchise outlet.
· No room for a mundane life - every day is unpredictable. The tasks vary from getting supplies, coping with staffing problems, securing council permits, among others.
· Prioritise the council requirements – the exhaustive list of compulsory requirements should be satisfied first. Otherwise, delays in opening the business is inevitable.
· Don’t be revenue – centric, add a bit of passion – According to Espina,
I realised that looking at income might dampen your spirit, particularly when the business is not doing well. It’s best to combine a bit of passion and go back to why you decided to start this business.Wyngard Espina, Franchiser
· Be ready to learn - being a newbie entrepreneur, Espina says he can’t guarantee that he will make the right decisions. “If I make a mistake, I’ll just chalk it up to experience,” according to Espina.
