Expanding through the franchise model represents for our business class an important path towards conquering international markets for Puerto Rican products and services.
Exporting brands and products to different places in the United States, Latin America and other parts of the world provides our companies with the opportunity to strengthen, diversify and expand their operations.
Puerto Rico will benefit from the success of companies that implement the franchise business model, which is among those with the greatest expansion today.
Successful local expansion is closely related to the quality of products and businesses. It also relies on a constant renewal of knowledge and marketing skills, as well as business plans to reach new consumers abroad.
Companies such as Leonardo's 5th Avenue, La Casita de Rones, Clubman and Laboratorios Las Lomas, that participated in the third edition of the Export Program of the Puerto Rico Trade and Export Company, are heading in that direction.
The workshops focus on franchising as a modern platform for export and value creation for Puerto Rican brands in large-scale economies.
One scenario is the United States, where most of our diaspora lives. Puerto Ricans residing in the states are natural consumers of local products and services. Their preference for local products turns them into promoters of the quality of our products before culturally diverse customers.
A key factor in expanding trade borders is the public sector, as demonstrated by Trade and Exports. By providing incentives, advice, training, and support to entrepreneurs who wish to take their businesses to another level, the government seeks to serve as a mentor and facilitator of the private activity that creates jobs.
It would be positive if Trade and Exports would also bring the workshops, currently held in the metropolitan area, to the rest of the island.
It is imperative to overcome obstacles to business development, such as the lack of marketing strategies or outdated strategies for the global market that limit the potential of the franchise sector.
Universities, with campuses scattered around the island, can also support local entrepreneur´s modernization efforts. Focusing their offerings and research on identifying successful business models on the island and how to replicate them can generate a favorable tool for the island´s businesses.
The private sector has the strength and creativity to generate spaces and new marketing tools for their products to reach other consumers. Turning their businesses into franchises will allow those who are considering the global market to take advantage of decades-long experience and excellence, and increase their opportunities to generate income.
Franchising as an export model helps companies offset the island´s adverse cycle, with a depressed economy and a reduced market. Its possibilities as an economic growth strategy for local companies have already been proved with several local franchises in states such as Florida, which the new group hopes to join.
Puerto Rico wins twice. On one hand, with a multiplier impact on the economy resulting from the export of products and services; on the other, with a renewed, modern and thriving business network.