Tag: franchise business in India

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Business motivation

5 Important Things To Keep In Mind Before Buying Any Franchise

5 Important Things To Keep In Mind Before Buying Any Franchise
5 Important Things To Keep In Mind Before Buying Any Franchise

In today’s time, young entrepreneurs are taking more interest in starting their own startup business. Many entrepreneurs also consult the best business coaches in India to move forward with their business with the help of a business leader.

Though many entrepreneurs already have a business idea in their mind, only a few are willing to ​​start a venture right from scratch. This is why a franchise business is considered the best way to start your startup business.

A franchise business provides a wonderful opportunity to build a business. However, there are also some important questions that an entrepreneur must seriously consider before buying any franchise business that will save them from any unfortunate events and losses in the future. In this article, we are going to tell you about those questions in detail.

1. Conduct a background check

There are two things behind a successful startup business-

  1. A good business strategy and the best business model behind it.
  2. Good leadership plays an important role in making a business successful.

Whenever you think of taking a franchise, you should research its founder, its business model, and also the reasons why taking a franchise of a particular business will be beneficial for you. Conducting background research will also help you to resolve all your queries and help you to make an informed decision. You can also get help from a business coach in India to navigate through all the possibilities.

2. Evaluate the franchise cost

You may have a good budget for starting a franchise business, but before you choose to invest its cost you should evaluate it. When you plan to buy a franchise of a business or a brand, compare it with the market price of other brands to get its actual evaluation. If you become a part of any franchise business without knowing its value in the market, then you may have to bear the loss in the business shortly.

3. Check the financial stability of the company

Whether it is an individual or an organization, the only way to emerge from any crisis is to be financially strong. Before starting any franchise business in India, you should also get information about the financial strength of the company.  It is important to do a fundamental analysis to figure out if something happens in the market, will this company manage to come out of the crisis? Can it overcome any financial crisis? You should ask the founder these questions before making any decision

4. Find out the number of outlets & their success rate

Do you know how many outlets of the franchise you are deciding to purchase exist in the country? Also, how much is its success rate compared to the rest of the franchise of other brands? Whenever you think of buying any brand’s franchise, you should also ask those two questions. The success rate of the franchise will directly affect the franchise you run, so you should know where the company you choose stands in the industry.

5. Know the support system of the organization

The most important thing when considering a franchise for any business is to consider how much support the brand you choose provides you. Will it provide you with the required business training? Will you get to learn important business tips as well as other nuances that are crucial to attaining success? Does your franchise brand help you choose good staff along with a good location? Ask these questions before choosing a franchise business in India.

A franchise business is probably the only business that helps you to setup your own business without having to start it from scratch. The initial hustle is less. But it is important that before choosing any brand, you should check these five things to help you make a good decision.

Are you looking to find solutions to your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, and frameworks that are designed to empower you with various business functions. From finance to HR, and digital marketing to IT & Sales, find creative solutions to prominent business challenges through our problem solving courses. Click here to find out how these courses will benefit you: https://www.badabusiness.com/psc

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Business motivation

Never Buy A Franchise Before Asking These 5 Crucial Questions

Never Buy A Franchise Before Asking These 5 Crucial Questions
Never Buy A Franchise Before Asking These 5 Crucial Questions

Many people want to start their own business, but either doesn`t have a startup business idea or lack the entrepreneurial vision. A franchise business in India is one of the most feasible options for those who don`t want to start a business from the scratch.

Purchasing and operating a franchise is easy and is similar to coloring inside of the lines. Brands that are well established and have a strong presence already have a niche market. So, if you don`t have a problem selling burgers that are made by someone else, a franchise business may be just the ticket for you.

But the universe of a franchise is broad and diverse. It has arguably more than thousands of options, which is both good and bad news. So many choices often result in confusion and lots of intimidation.

Though franchise business in India offers a new yet practiced way of doing business, there are multiple things you should clear before choosing any franchise business.

Every year, a lot of entrepreneurs enter into a franchise business for the first time. But very few achieve success. So how will you decide which franchise is good for you?

Here are 5 questions that you must ask before investing your money in a franchise:

1. How much do I invest before entertaining customers

You may find the initial charges and investment-related information on the company website or franchise brochure, but you might incur various other costs afterward. Hence, you should ask about the initial investment in details apart from the basic information. Ask them about real estate, equipment, leases, etc.

Always ensure that you discuss these terms in detail with the franchisor so that you have a clear picture of your investment and your financial requirements to get up and running.

2. What changes did they make to support their franchises through COVID-19?

Two years ago, asking this question wouldn`t have come even in the existence. But now we are living in a changing world. Thus, you need to ask them how they supported their franchises throughout COVID-19. Knowing how things went in the worst of times will give you clear insights into how things might go in the best of times or amidst any other crisis.

Many good franchisors went out of their way to support their franchisees. Some even waived off their fees and helped them obtain paycheck-protection-program funding along with making them updated with new technology.

3. What sets your brand apart from its competition?

Competition is a part of any business. However, it is important to understand what makes one brand different from the rest. For instance, if you are thinking about buying a fitness franchise, you will want to understand what sets this brand apart from the crowd and what concept do they have as a brand. As it is your money that you want to invest, think twice before you invest. Make it a point that you understand the business model and value proposition of franchise businesses in India.

4. What is your failure rate? How many franchises have closed and why?

Even the most popular franchise brands have their franchisees closed due to one reason or another. In some cases, it’s the franchisee`s fault as they did not have the required skill set or could not adhere to the system. But in many cases, it’s the franchisor`s fault. It could be insufficient training or an inefficient business model.

As no one wants to invest in a bad business model this is why it is important to examine a brand`s failures no matter who was at fault.

5. Are there any Financial Incentives or Deals?

Franchisees often hesitate to talk about monetary incentives or deals. Many franchisors offer discounts on the franchise fee. They also offer to waive off the royalty fee for a few months to help the business take off.  So before you decide to invest in a franchise business in India, ask your franchisor whether they assist you in lease negotiations, site selection, etc.? What support staff will be accessible to you and in what other ways they will assist you beyond providing initial training?

Franchise business in India often comes with less risk than starting a business from scratch and offers a path that can lead to success and profitability. However, it is important to ask the above-mentioned questions and many other things to ensure that you are putting your money in the right direction.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions.

From finance to HR, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily with our Business Coaching Program. Click here to know how this exclusive course will benefit you: www.badabusiness.com

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Business Startup Ideas Startup

5 Reasons Why Franchise Business In India Is A Golden Opportunity For Entrepreneurs & Solopreneurs!

5 Reasons Why Franchise Business In India Is A Golden Opportunity For Entrepreneurs & Solopreneurs!
5 Reasons Why Franchise Business In India Is A Golden Opportunity For Entrepreneurs & Solopreneurs!

2020 was a tough year. And so is 2021. Many businesses are forced to shut. Businesses that survived the wrath of 2020, couldn`t bear the disasters of 2021 and disappeared into the darkness of uncertainty and financial crisis.

Many companies had to take the difficult decision to lay off their employees while carrying the health concern for both their customers and families. What had the potential to be a great year quickly became another year of waiting for the worst to be over in India.

It’s no secret that the events have inflicted damage on the global economy. Many people are looking for new ventures to start on their own and a franchise business in India could be a golden opportunity for them.

According to a report published in Franchise India, “franchising in India has clocked the annual growth rate of 30% with market size of USD 7.2 billion. This makes India, the second-fastest-growing industry.”

If you are looking to start your own business, there are many franchise ideas for small towns and cities that are thriving even during an economic or pandemic crisis. Watch, Million Dollar Franchise Business During Covid 19, here:

Here are five reasons why you should consider franchising in 2021 and more years to come:

  1. Successful Franchise Business Creates Employment

Where many businesses had to shut down or reduce their workforce, many businesses like Bada Business continued to grow and were able to prosper, remain profitable, and even hired more workers. Many franchises of Bada Business had a stable and successful business system. With its premium quality content, services, and products, many franchises across the country witnessed a surge in their customers and continue to attract customers, even today.

  1. Franchise Business Provide Support & Structure

When you come up with a small business startup plan, you are on your own. From capital investment to sales & marketing, business strategies to business structure, you will have to figure out everything. On the other hand, when you take a franchise of an already established business, you are provided with a systematic approach, structure, and support system that is already successful. Franchise business in India is far less risky than a do-it-yourself endeavor.

  1. During a crisis, Franchisees are not Left Alone

As we said earlier, being a franchise partner of an already established and popular brand provides you with a solid team. They share effective business techniques and best practices to enable their franchise partner to tackle unexpected circumstances, which is way better than independent business owners who learn after spending years in the same business.

  1. Provides more opportunities to minimize Expenses

Purchasing inventory from a larger network helps the franchise partners to keep their expenses down. During a crisis of any kind, this also helps them to stay competitive. Franchise business partners also have an added advantage to stay upgraded and updated with the latest technology as the franchise brand provides them with new technology and software to help them stay ahead in the market.

  1. Provides name recognition

Taking a franchise of a well-established and popular brand comes with its perks. The topmost benefit is that even during the hard times a brand name has the upper hand and attracts customers automatically. As the customers already relate to a particular brand, their loyalty will bring them to your shop because of the brand value.

Any popular brand is known for its consistency, and quality, which results in a customer`s loyalty and confidence in the product or service. This simply means that you do not have to invest money in marketing and advertising, as customers already connect with the brand.

Owing to a business, be it a franchise business in India, or an independent business, demands a determined entrepreneurial spirit. Depending on the industry, each franchise business has different requirements. But in general, to run a successful business you need great leadership skills, strong organizational and communication skills, plus a willingness to understand a whole new world of business.

Many times, people who lack awareness regarding their career, also take help from a business motivational coach to understand the dynamics of business.

To know more about building a business from the scratch, you can take the ‘Entrepreneurship Course’.

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Business motivation

Franchise Business: The New Favourite Business Trend Of Independent Entrepreneurs

Business Expansion Ideas

Ever thought to yourself what exactly does franchise mean? A franchise is nothing but an extension of an already established business. It is a process where owners of an MNC or an extremely successful business sell the right to use their business logo, name, model to an individual or group of individuals. This is done to further the presence of a brand as much as possible.

What All Should be Taken Care Of?

  • It takes a franchisee to firstly pay a respective amount to the franchisor to buy the right to operate the same business, with the same logo, same name, and same business model.
  • Franchisors also may prude the particular territory to the franchisee to operate the business.
  • Franchisees then need to settle on a time period with the franchisors within which they can operate the business, which normally varies somewhere from 5-10 years. 
  • It is also important to decide on the royalty payment that is usually paid on an annual basis. A royalty payment is defined as the payment made by one party to the other for owning a particular asset

Why Should You Choose Franchise Business?

A franchise is amazing when it comes to offering independence of business ownership supported by the benefits of an already established and thriving enterprise. To successfully run a franchisee you don’t need some fancy degree or experience in the business territory. 

You will be given proper training and guidance by the franchisors to operate the model. If you are hesitant to start your own business, running a franchise would be perfect because the success rate is way higher. Last but not least, because you will have a well-established name attached to you, generating funds would be much easier.

But There Are A Few Catches. . .

Be very aware of the fact that you will be formally into an agreement with the franchisor. We are counting this as a catch as franchisees will have little to no room to showcase their creativity at any point in time.

You will have to endure interference in regards to the place you want to operate at, the products you want to sell, and the supplier you want to work with.

Just like one bad apple spoils the entire lot, other franchisees might also have to take a hit when one of the franchisees perform badly.

No matter what the situation is, you will be sharing your profits with your franchisor.

Low-Cost Franchise Business Opportunities

If you have your heart set on buying a franchise, you sure should go forward with it. One fact that is going to help your ambitions is that there are many websites in India itself that could help you with starting a franchise business. You will be offered categories and price ranges to choose from to invest your money in. Some of the websites would also provide the options to choose from the brands available for starting the franchise business. Following are a list of few websites:

  • Franchiseindia.com
  • Startingfranchise.in
  • Fai.co.in
  • Smallb.sidbi.in
  • Franchisemart.in
  • Franchiseasia.com

All in all, franchise business sounds like an amazing option. However, don’t let the perks overshadow the fact that it takes equal amounts of hard work, sincerely, and dedication to making this business viable and successful. If you promise to put your best foot forward, the journey will be worth your while.

 

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Business motivation

Franchising Guide: Popular Industries To Consider While Trying To Invest In A Franchise Business

The franchise business has rightfully earned its popularity because of the perks that it offers such as the name and recognition that comes from an already established brand, the training and support, guidance all along, and a chance to work with the seasoned professionals. What more could you ask for?

However, according to a very popular opinion, franchise business is almost restricted to the food industry only which is a complete fact that we are about to bust in this article. The chairman of Franchise India takes pride in presenting the fact that The franchise industry in India is today estimated to be at USD 47-48 billion. With the help of this article, we are bringing up a few industries which, if explored well, can become a lucrative business and help this number go even higher.

Spa and Salon Industry

In today’s day and age, everybody wants to look and feel great and this is where the spa centers and salons come into play. This industry is experiencing a surge as people, be it any gender or age, are not shying away from spending a good amount of money in exchange for getting taken care of their rejuvenation and beauty in the best way possible.

However, opening a successful spa and salon isn’t that easy and it may take you years to turn into a profitable affair. This is where salon and spa franchises help you. Let’s take the example of TONI&GUY. This is an international name in the hairstyling industry and many people in our country wanted to enjoy their service. Only with the help of the franchise did we all get access to their services and nobody is complaining. In the same way, you too can look for an opportunity that is best suited to your needs.

Education Industry

Believe it or not, this industry generated a business of 91.7 billion and is expected to do a business of around 101.1 billion in the coming years! These numbers are huge and you can become active participants by contributing to the growth of this sector. There are a plethora of opportunities available to explore. If this holds your interest, you start researching opportunities in different kinds of training centers, schools, grooming centers, pre-schools, aviation centers, etc.

Apparel Industry

Now that we have access to global media and fashion trends around the brand, we are more interested than ever to try different kinds of styles and supreme quality clothes. Apart from the food industry, this is one industry that has become a raging success in India when it comes to the franchise business. Apparel retail has been working really well and is supposed to do a great business of $1576 billion by the year 2026. Consider this your chance to make the most of it by encashing this wonderful franchise opportunity. 

Final Thought

If you are one of those who want to be an entrepreneur but do not want to create and build a business idea from scratch, franchise business is the best for you. A well-thought-out Investment in a franchise is a great way to enjoy the benefits of entrepreneurship while enjoying the expertise and name of the established brands.