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:
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 came up with the concept of a Chicken Inasal fastfood store. The first fastfood, value-for-money type of Inasal restaurant.
His approach to expanding to Metro Manila and Luzon was the same: “I was not very familiar with Manila, because I was born and raised in the Visayas. I only visited once a year, and it was usually for very short stays. So I knew I was in for quite a challenge taking Mang Inasal to Luzon,” Sia said.
2.) Work your butt off!
Sia worked his butt off day and night. He wasn’t afraid of getting his hands literally dirty. He was known to work long hours and help mop and clean up the first store. Then he would come home and help prepare and marinate chicken for the next day. He realized it was going to be lots of work, but he didn’t give up. His work ethic and attitude brought him through lots of disappointments and trials.
3.) Think innovation.
Simple innovation pays dividends. Just don’t copy, copy and add something of value. Sia entered the Inasal scene late. But he simply did the “positioning” game of Al Ries and Jack Trout and scored a slam dunk. Mang Inasal was the FIRST Chicken Inasal restaurant that offered quick service with unlimited rice. For P49, a student or office worker can have a filling tasty, grilled chicken meal.
4.) Think BIG!
Sia started getting franchise inquiries fast, but held off for two years before offering the first franchise. 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.
For a start-up franchise fee of about P800,000, you can have your own Mang Inasal franchise. (Total investment is about P3 million to P4 million). After his first franchise offer in 2005, there are now over 300 branches/franchisees.
5.) Think marketing.
The marketing message of Mang Inasal remains simple and focused. All you see is a picture of a tasty-looking piece of grilled chicken, the name Mang Inasal, (sometimes you see the price: P49) and a bold tagline: “Unlimited Rice!”
Given the success of the business, the young Sia, aka Mr. Mang Inasal, will surely inspire many entrepreneurs and marketers for years to come.
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!
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 came up with the concept of a Chicken Inasal fastfood store. The first fastfood, value-for-money type of Inasal restaurant.
His approach to expanding to Metro Manila and Luzon was the same: “I was not very familiar with Manila, because I was born and raised in the Visayas. I only visited once a year, and it was usually for very short stays. So I knew I was in for quite a challenge taking Mang Inasal to Luzon,” Sia said.
2.) Work your butt off!
Sia worked his butt off day and night. He wasn’t afraid of getting his hands literally dirty. He was known to work long hours and help mop and clean up the first store. Then he would come home and help prepare and marinate chicken for the next day. He realized it was going to be lots of work, but he didn’t give up. His work ethic and attitude brought him through lots of disappointments and trials.
3.) Think innovation.
Simple innovation pays dividends. Just don’t copy, copy and add something of value. Sia entered the Inasal scene late. But he simply did the “positioning” game of Al Ries and Jack Trout and scored a slam dunk. Mang Inasal was the FIRST Chicken Inasal restaurant that offered quick service with unlimited rice. For P49, a student or office worker can have a filling tasty, grilled chicken meal.
4.) Think BIG!
Sia started getting franchise inquiries fast, but held off for two years before offering the first franchise. 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.
For a start-up franchise fee of about P800,000, you can have your own Mang Inasal franchise. (Total investment is about P3 million to P4 million). After his first franchise offer in 2005, there are now over 300 branches/franchisees.
5.) Think marketing.
The marketing message of Mang Inasal remains simple and focused. All you see is a picture of a tasty-looking piece of grilled chicken, the name Mang Inasal, (sometimes you see the price: P49) and a bold tagline: “Unlimited Rice!”
Given the success of the business, the young Sia, aka Mr. Mang Inasal, will surely inspire many entrepreneurs and marketers for years to come.
Original article as posted in the Philippine Daily Inquirer
By Ned Roberto, Ardy Roberto
Philippine Daily Inquirer
First Posted 23:43:00 10/21/2010
Philippine Daily Inquirer
First Posted 23:43:00 10/21/2010