Business scenario has been enormously changed by the concept of franchising at different levels in India.
Franchising itself has evolved through various periodical and phenomenal changes. At the initial stage, franchising starts with zero receptivity and gradually attracting investor’s attention through minimum guarantee. The franchise industry is steadily gearing up to a partnership model where both the franchisor and the franchisee share the gain and pain equally.
What is Franchise Business?
First we have to understand what is franchise business? Franchising is a new innovative and widely accepted form of doing business in which a brand’s owner grants the right of his idea or technology or business model to share it with aspiring entrepreneurs.
It helps the owner of brand to open multiple stores of his or her product in different countries and cities without investing huge. For entrepreneur buying or starting a franchise business has many advantages than starting a new business from the scratch.
Indian Economy & Franchise Business Impact
India is the 4th largest economy of the world and open many opportunities for the major brands of the world to open their chains in India. According to statistic, India’s yearly GDP will increase up to 7% at the end of 2017 from last year’s 4.7%.
In a recent study, India has 50% population younger than 25 years and almost 64% population below 30 years. This 64% population has an entrepreneur traits that is very suitable for starting new business especially franchise business as it will explore them more opportunities to capture their success moment.
As an entrepreneur you can find many options and opportunities to select and start a new business and be able to compete with the global franchises. In recent years international popular brands are showing interest to open their outlet in India and get benefited from the world’s largest growing economy. Due to this factor the competition of local brands and franchises has got a huge heap. We can obviously say that franchising has a very bright future in India as the years ahead.
Future of Franchise Business seems to be bright because
1. The average Indian income and purchasing power of individuals are steadily rising
2. Exchange of information and goods are easily executed due to the development of telecommunication and transportation infrastructure facilities.
3. Recognition of brand value and higher level of consumer spending
4. Awareness of the global trends and brands due to the internet access
For owning a successful franchise business in India following are the key points you should keep in mind before starting your business.
1. Initially do some research on Indian market that what are the fields which are risky to invest and on what fields are getting growth?
2. After selecting your desired sector to invest in, start networking with related workforce, like minded professionals which will assist you in growing your franchise business
3. Analyze your competitors and find strategy to keep pace with or ahead of them
4. You should be able to manage your human resources to get more profit from them
5. Study your customer’s interests and needs to standout from rest of the market
6. Learn the basic law and set your target and go ahead
Conclusion
As India has huge market potential, franchisors should take time to understand the new product diversification, innovation, Technology and brand recognition that will help the franchise owner to choose best franchise business like “LEXY FRANCHSIE” which will guide you to setup factory to manufacture innovative printed materials with all resources and supports.
For more details please visit http://www.lexy.in
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