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MANILA, Philippines—How does one go from one restaurant in his neighborhood mall to selling 70 percent of his company for P3 billion in seven years, selling Ilonggo-style native grilled chicken? Two weeks ago, we talked about the finalists of the 2010 Entrepreneur Magazine Entrep10 Awards program. But the entrepreneur whose name was splashed all over the business headlines over the past few days is Edgar Injap Sia III, the founder of the ubiquitous Mang Inasal. The Jr MarketingRx was one of the judges in the 2009 Entrepreneur Magazine Top 10 Awards that gave four thumbs up (including the “thumbs” of my feet) to Sia III during the judging process. Mang Inasal’s success would make any entrepreneur green with envy: - from one store in Robinson’s mall in Iloilo in 2003 to 303 stores as of today - P3.8 billion in sales a year - sold 70 percent of his Mang Inasal’s holding company (Injap Investments Inc.) for P3 billion to Jollibee Foods Corp. He will be paid a P200 million deposit and 90 percent within 30 days of closing of the deal; the rest will be paid over the next three years. - Sia is only a little over 30 years old! According to the data and articles that Entrepreneur Magazine gave us judges (we were trying to get a hold of Edgar, our fellow GoNegosyo Angelpreneur and a recent Most Inspiring Young Entrepreneur of Year Awardee, for his comments) here are the five secrets, yes, I know, five again, to his P3 billion success: 1.) Ready, fire, aim! Sia was presented with an opportunity when a slot at the Robinson’s mall in Ioilo became vacant. He reserved the space without knowing what to put up. His gut just told him that there was an opportunity since he saw potential in the space. After a few short weeks, he
3. He wasn’t afraid of getting his hands literally dirty.) Think innovation.came up with the concept of a Chicken Inasal fastfood store. For P49. But he simply did the “positioning” game of Al Ries and Jack Trout and scored a slam dunk. and it was usually for very short stays.) Think marketing. Then he would come home and help prepare and marinate chicken for the next day. a student or office worker can have a filling tasty. The first fastfood. Simple innovation pays dividends. The marketing message of Mang Inasal remains simple and focused.” Sia said. because I was born and raised in the Visayas. value-for-money type of Inasal restaurant.) Work your butt off! Sia worked his butt off day and night. but held off for two years before offering the first franchise. 5. (sometimes you see the price: P49) and a bold tagline: “Unlimited Rice!” . He did the right thing by networking and getting help from the Philippine Franchise Association (PFA) and coming up with a franchise opportunity that was affordable. Just don’t copy. 4. Sia entered the Inasal scene late.) Think BIG! Sia started getting franchise inquiries fast. His work ethic and attitude brought him through lots of disappointments and trials. (Total investment is about P3 million to P4 million). but he didn’t give up. He was known to work long hours and help mop and clean up the first store. He realized it was going to be lots of work. there are now over 300 branches/franchisees. So I knew I was in for quite a challenge taking Mang Inasal to Luzon. Mang Inasal was the FIRST Chicken Inasal restaurant that offered quick service with unlimited rice.000. you can have your own Mang Inasal franchise. After his first franchise offer in 2005. His approach to expanding to Metro Manila and Luzon was the same: “I was not very familiar with Manila. All you see is a picture of a tasty-looking piece of grilled chicken. 2. I only visited once a year. copy and add something of value. the name Mang Inasal. For a start-up franchise fee of about P800. grilled chicken meal.
Send them to MarketingRx@pldtDSL.net or DrNedmarketingrx@gmail. will surely inspire many entrepreneurs and marketers for years to come. the young Sia. Mang Inasal.Given the success of the business. God bless!) . aka Mr. (We welcome your comments and questions.com.