It’s extremely common for many people to want extra income in these hard times. Many go into the food business because food is a basic commodity. Some are looking into transportation, too. What with the see-sawing trend in oil prices and the difficulties of purchasing a vehicle. Public transportation is definitely the more economical choice for a lot of people. A good friend decided to venture into the taxi business, which got me thinking. So I went online to try and familiarize myself with the ins and outs of the taxi business. I’ve also read forums that discuss this type of business venture, to note personal feedback from those who’ve tried to put up one. It’s Best to get both positive and negative inputs from the very beginning to help me decide.
From reading so many online articles and forum posts lately, I’ve gathered the following things to look out for when applying for a franchise :
- The LTFRB is a government agency and as such, “fixers” are all over the place. The best thing to do is to not let them take advantage of your ignorance. Deal with the agency officials themselves.
- Then again, some experienced business owners claim that dealing with LTFRB directly also has its downside. Unfortunately, not too many people can say that negotiations with government people are always straightforward. If your application is taking longer than usual to process, chances are, the person handling it is asking for something to make his life easier. I’m sure I don’t have to elaborate further on this one.
- Some say the easiest way to go about it is to first get an existing franchise. If you do this, the risks could be even greater. If the current franchise owner has a lot of “excess baggage”, that’s a definite red flag right there.
- In selling sites such as Sulit.com.ph, you will find many ads that offer to help with your application for a fee. Question is, can you trust them to do it for you? Remember, there’s a huge amount of money involved and a lot of scammers who live in these sites just waiting to pounce.
- Lastly, you also need to register your business with the DTI. That’s another government agency so just go back to my second bullet because the risks you face are similar.
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