JAMPRO Head Says Opportunities Abound in Franchising

President of JAMPRO, Diane Edwards, says business opportunities abound locally and at the global level in franchise arrangements, and urged entrepreneurs to explore the US$300 to $350 billion market.

“The benefits in franchising are vast at the macro level, as they strengthen the potential of home-grown productive capacity and aid to improve international competitiveness,” she said, while addressing a franchising seminar, held on May 19 at the Terra Nova Hotel, in St. Andrew.

“Franchisors thrive when (they) are confident that the courts and the legal system in the host country respect the private contractual arrangements and intellectual property,” Miss Edwards pointed out.

The JAMPRO Head said the seminar, held in conjunction with the Jamaica Chamber of Commerce (JCC), and the United States Embassy, targeted operators of Small and Medium Enterprises (SMEs), to actively demonstrate what “types of franchises are best for you.”

Another aim of the event, she said, was to “provide structured information on this business of franchising,” and to highlight the “significant benefits to a host country, such as Jamaica, in being open to this type of investment strategy.”

Explaining that information from the seminar would help Jamaican companies build their brands to levels where the brand and the concept are strong enough to be franchised globally, she singled out Island Grill, Tastee Patties, Juicy Patties, and Sugar and Spice, as models that could easily fit into the global market place.

“These would present perfect examples of brand franchising in overseas markets…the brand gets to reach international markets, while maintaining the authenticity of the product’s quality,” the President said.

Meanwhile, International Consultant, William Le Santé, explored topics such as ways of maintaining brand franchising, communication, staff training, and regions to penetrate for partnerships.