Franchise frenzy: Commerce Ministry ramps up business game
Aiming to bolster its capabilities, the Commerce Ministry is set to upgrade franchise businesses, hasten the creation of franchise business standards, and foster relationships with domestic and international investors. The strategy is designed to expand the market and stimulate economic value.
The Director-General of the Business Development Department under the Commerce Ministry, Auramon Supthaweethum, highlighted the appeal of the franchise business model to those new to entrepreneurship. She revealed that each year, over 20,000 aspiring entrepreneurs express interest in the franchise business domain, which boasts an impressive annual growth rate of 15-20%.
Auramon views the franchise sector as a critical driver of the nation’s economic growth.
“Developing the franchise business to international standards is essential.”
The Business Development Department, under Auramon’s guidance, has launched the Franchise Standard programme. The initiative aims to enhance the capabilities of franchise business operators, promote global quality standards, foster consumer and franchisee trust, and thereby help propel the nation’s economy forward steadily and sustainably.
Franchisees participating in the programme will benefit from knowledge and skills development, expert analysis of their strengths and weaknesses, comprehensive consultations at their business premises, and exposure to best business practices.
To be eligible for the programme, participants must have operated a franchise business for at least three years, own at least two franchise branches, own at least one self-owned branch, have registered trademarks (or are in the process of applying for them), and be able to participate throughout the programme.
Auramon noted that over the past decade, the department has been developing the capabilities of franchise business management, and currently, 525 franchise businesses meet quality management standards. The department reviews and updates these standards biennially to ensure alignment with global benchmarks.
Thailand’s franchise business market is currently valued at approximately 300 billion baht, with this year’s growth predicted to reach 15-20% from the previous year, reported Bangkok Post.
