Franchise Opportunities in Colombia
Popular franchise directions in Colombia
Attractiveness of Colombia for the development of franchise business
The Republic of Colombia is situated in Northern South America. The population of the country is 45.64 million with three fourths of Colombian living in urban areas. The economy of the country has been getting better since the crisis of 2002. The country exports petroleum, coffee, coal, nickel, emeralds, apparel, bananas, and cut flowers.
The largest city of the country, Bogota, with a population of 8.1 million and other big cities such as Medellin (2.51 mln), Santiago de Cali (2.4 mln), Barranquilla (1.23 mln), Cartagena (971,592), Cucuta (750,000), and Bucaramanga (521,857) offer both high consumer demand and numerous labor force (there is still a high rate of unemployment in the country).
The implementation of newly-signed free trade agreements gave many business opportunities for franchise companies both international and home-based ones. 48 percent of franchise market belongs to Colombian companies, 23 percent of the total are US businesses, the rest are European and Latin American brands.
The most successful sectors of franchising in Colombia are clothing and fashion industry, with 30 percent of the total market. 20 percent of businesses operate in fast food and restaurant sub-industries. 15 percent of all franchise companies run specialty stores, 12 percent comes to retail and 8 percent to cosmetics and health sectors.
There are high investment business opportunities, as well as cheap franchises in Colombia presented for review, the choice is yours."
Indicators of Colombian Business Market
Currency: Peso (COP)
Education Index (2015): 0,63
Official languages: Spanish
Per capita GDP (PPP): $15,055
Quality-of-life index (0-10): 6,27
Population: 49,99 mln
Total GDP (PPP): $750,276 billion
Ease of Doing Business Ranking, Rank: 65
Human Development Index (HDI): 0,747