5-star strategy gets AIF limelight
Total capital requirement is P400,000. However, Garcia said interested franchisees have the option to cash out 10 percent of the total amount and borrow the rest through a loan from the cooperative
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Total capital requirement is P400,000. However, Garcia said interested franchisees have the option to cash out 10 percent of the total amount and borrow the rest through a loan from the cooperative
A fast-growing Cebu cooperative venture is looking at expanding its business to the main Luzon market based on a roadmap that the group revealed during last Thursday's Asian Innovation Forum of the Daily Tribune.
Cebu CFI Community Cooperative aims to capitalize on its growing client base in Luzon through its chicken franchise business.
"Luzon has registered the second highest number of members compared to the Visayas and Mindanao regions," Don Garcia, the cooperative's branch manager in Makati City, said.
Garcia said cooperative members in Luzon have grown to over 15,000, adding that he is optimistic there is still a big share of the region's population that the cooperative can tap.
"They are from Palawan, Rizal, Zambales, Batangas, Pampanga and Metro Manila. We're about 10 years old here in Luzon and more people are applying for membership because we still haven't saturated this area," he said.
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The cooperative has attracted over 160,000 members nationwide who stands to benefit from a range of financial services, including medical insurance, real estate investment, and capital for the chicken franchise called Five Star Manok.
P400K for franchise business
Total capital requirement is P400,000. However, Garcia said interested franchisees have the option to cash out 10 percent of the total amount and borrow the rest through a loan from the cooperative.
Garcia said at least 20 qualified franchise applicants in Luzon are needed before the cooperative officially opens the business in the area.
"Perhaps, we need 20 franchisees so we can start the business in Luzon and later on it will grow as more people become aware of Five Star Manok," he said.
Garcia said this requirement ensures the franchise business operates smoothly.
"A substantial number is needed to sustain cost-efficient operations of warehouses and management of commissaries. We need those facilities to ease transport of our supplies," he said.
A meal from Five Star Manok costs lower than P80 or the usual prices of bigger fast-food chains. The cooperative also boasts of its bigger-sized chicken compared to competitors.
The franchise includes food supplies, staff training, equipment, access to its digital database and mobile app where the owners can monitor sales, inventory and delivery requests.
As a cooperative, Cebu CFI sustains its services through profit-sharing under its several businesses.
"We're also inviting investors in Mindanao while applicants for the franchise in Visayas continue to increase," Garcia said.
He said over 30 Five Star Manok stalls in Visayas are now fully open.
