Franchise business opportunities in India exist in sectors viz. Beauty and salon, food and drinks, health and fitness, business services, apparels, computer and internet, entertainment, retail, education and training, jewellery and florist. Among all, entertainment franchise grew rapidly in the country and has gradually expanded to cover segments like sports, kids playing station, clubs, video games, amusement centre and so on. For example, if you are sports loving person and want to explore business opportunities then you can become an owner or co-owner of any cricket, football or basket ball team. In present scenario, franchise business opportunities are gradually shifting as compared to 15 years back when India’s only, Franchise Association of India, was established in year 2001. It is not-for- profit organization, taking charge to control franchising in India.
Approximately 4500 franchise brands are successfully operate in India. Despite economic troubles, Indian entertainment and media industry is growing at a good rate, valued to 20 billion in 2016 and projected to touch US $ 50 billion by end of 2019. Bollywood industry category under entertainment industry is growing exceptionally. Everyone year billion dollar revenue has been generated. In this context, reliance media works, PVR, carnival and other high profile brands have made their entry valuable as millions of people mesmerized by watching movies at these destination. If you are interested to become an owner of any entertainment franchise, first explore various companies operate in subcategories then did market research. If you are confused then franchise consultants will also help.
Entertainment and media industry is a never sector, every year various innovations have reshaped whole industry. With increasing well designed revenue models in entertainment space, starting new project is quite easy. Entertainment and media practice around the world is utmost importance for the society as well as business. Thus in coming years, number of entertainment franchise brand will made entry into Indian market.
Starting a business in today’s era seems like a far-away dream and many times people thought to work on new projects but due to pressure and uncertainties encountered in new business, entrepreneurs lost their path. For many individuals, owning a business can’t be possible because there are lots of competitors already available in the market. However, dreams can be reality if you develop passion to explore new business opportunities. You can utilize technologies to develop unique products and services which facilitate people in daily routine activities. Franchise business is seemingly one of the best ways to penetrate new market. For example, in food and drinks industry every year thousands of fresh players had tried their luck but unable to succeed and had to shut down within few months or one year. Lack of planning, infrastructure and investment probably the possible to stop business.
Owning a franchise is easy but not as difficult as you think. You can start a franchise by investing low amount. For example if you have creative mind, interested in cooking then you can develop a new product and start selling in nearby areas. People nowadays have developed different psychology they want to experience new products and business concepts. There are few things that should be looked before expanding your franchise:
Manpower: Try to build a small team who have same mission and vision as yours. Working in team is always beneficial because different people will give different ideas, unmatched capability to deliver best. #
Legal: Every step taken to start business should comply with government rules and regulations. A standard disclosure document will be required for your franchise operation.
Market trends: for instance, if you want to penetrate food and drinks industry, deep understanding of consumer eating, spending and attitude are factors which should be focused. Market analysis is required to implement strategies efficiently to achieve desired output.
In India, thousands of fast food restaurants, convenience stores and other franchise business generated enormous revenue and also contribute to national economy by offering employment to millions of people. In India and in rest of the world, the law for franchise business have been changed like in earlier time there were too many formalities regarding documents preparation. But at present involvement of technology and relaxation in governmental rule and regulations has proved profitable for the industry. At present, products and services sell in almost 300 categories including food and drinks, education and training, jewellery, retail, entertainment, clothing, health and fitness and so on in Indian market. Food service market is one of profitable section and is expected to grow at annual rate 12 per cent by 2020. Organizations operate in these industrial sectors have specifically utilized franchise business opportunities to grow and scale products and services across the globe.
India has been figured as ideal destination for investment, both national and global corporations are agreed to penetrate unorganized market share in coming years. India’s fast growing economic and rising household incomes are expected to increase consumer spending to US $ 3.8 trillion by 2020. McKinsey Global institute has recently did a study on Indian economy and recommend that if Indian economy consistently grows at current pace, the country will definitely jumped to fifth position in terms of fast growing economy by 2025.
India is considered as quickest growing market because each and every sector at current time have been performing well, offer various employment opportunities and contribute heavily to national economy. For instance, many national and global brands especially operate in food and drinks industry have utilized franchise business model to reach new destinations. It goes without saying that technological advancement has contributed limitless to industrial development as well as daily routines.
Franchising is one of the unbeaten concepts which enable organizations to spread out products and services across the globe. Though, it might be difficult to operate in unfamiliar places due to cross cultural competencies. Language difference, cultural diversity, governmental rules and regulations, and employee laws create several problems in host countries. For example, when international giants offer burger franchise opportunities, they indulged in troubles because Indian has different taste. In India cow is treated as sacred animal and Indians have developed great affection towards cow since ancient time. Consequently global corporations have understood Indian emotions and decided to not offer beef stuffed burger. But actually at present burger franchise is gradually reshaping whole food and drinks industry.
At end of 19th century or early 20th century, the era of hamburgers had started and till date lots of innovative has been made. Modern burgers are reflection of demanding food loving consumers and also rising urbanization, industrialization and working class society. People nowadays are busy don’t have time to cook food so ready to available burgers could be consumed outside of home. Food court, quick services restaurants and food zone culture are appreciated by consumers a lot. To add more to your knowledge, Germany was the first place where hamburgers were available. People have eaten fast food cuisines throughout the year. Frequently changing consumer behaviour overwhelmed burger players to offer franchise opportunities.
If you are a burger lover then it would be profitable to start business with products that you admired most. Hence give power to your entrepreneurship skills by adding new taste to your favourite cuisine. For instance, consumers in India have great attachment to traditions and rituals, if you develop a product which has traditional Indian taste then success is surely on the cards. You have plenty of options but you should go for low cost business opportunities.
Franchise business has massive potential in India reported by Franchising Association of India (FAI). It is estimated that the industry is expanding at an annual rate of 30 percent and beyond. Within short span of time, the franchise industry will definitely equates to US $ 50 billion. India’s socioeconomic development is immensely supported by franchising. The industry is sunshine sector, has consistently displayed its flexibility by generating unexpected revenue and this trend is probably carried in forthcoming years. A recent survey done by India government, for instance, indicated an encouraging future for both franchisor and franchisees in the next five years. The government has focused on franchise industry; involve it in the five year plan to explore more business opportunities.
In fact, Franchising is emerged as major job creator able to offer opportunities for franchise owners and employees in India as well as global locations. In India franchising provide products and services in approximately 250 categories including education and training, food and drinks, clothing, retail, health and fitness, IT services, automotive, business services, jewellery and entertainment. Franchising is considered as small business because it is majorly dominated by small scale industries in earlier years. But actually at present plenty of national and global corporations had made entry into the market, adding value to the industry.
Despite of economic troubles in India, the franchise market has exceeding its horizons continuously, remain strong and making roads for development. To add more, increasing urbanization, digitization and demand for international brands have supporting franchise industry’s growth and development. In 2016, franchising has made an exception leap by generating whooping US $ 20 billion revenue. Small, medium and large enterprises are working actively and adopted franchise business to expand products and services visibility. Technological advancement has turned the tables; new concepts are incorporated extensively to penetrate market more effectively. Both franchisor and franchisee can earn huge profits by capitalizing on coming opportunities.
There has been a boom for beauty and wellness products in India. Specially, both men and women are willing to spend huge amount on hair and skin treatment. Looking at the rising demand several popular hair and skin clinic have been opened in the country to cool down growing desire of both men and women to look stylish and beautiful. Indian population specifically age group between 20 to 35 spend quite high amount in buying beauty products as well as get consultation from experts for skin and hair related problems. One of the Indore based professional told that men are coming up with huge of removing hair from chest, ears and back, and women want to get rid of skin related issues.
One more things, Indian society especially youth are highly influenced by famous bollywood starts. Whatever they advertised, whether it is beauty products, skin related solutions or other stuffs gain popularity among crowd. People want to use same products as their familiar stars used and also they copy their hair styles. Hence demand for hair and skin clinic are high rising in recent times. Furthermore, global beauty market may cross $ 270 billion in 2017. According to experts, continuously changing lifestyle, rising consumer income and favorable demographics are considered as key drivers for expansion of global beauty care products industry.
Several hair care brands have recognized growing demand of consumers and are offering good services which never been experienced. Young generation living in metropolitan cities have wide range to options due to presence of number of national and global brands to serve their appetite. In addition, print media industry like newspaper, magazines and ads have influenced the thinking of modern consumers. You may have noticed that rather than using natural products consumers are betting high on products which are made from chemicals. So we should realize what benefits us or what not.
Plenty of options are available for consumers to entertain them. As the media and entertainment industry in Indian is growing at a rapid rate at a compound annual growth rate of 14.3 per cent, estimated to cross a large milestone in terms of revenue. An outstanding amount account for Rs. 2.26 trillion would have been crossed by 2020. Television, print media and other segments has witnessed phenomenal growth in past two years. In addition, the determining factor that plays keen role in development of recreational industry is leisure time. Entertainment has turned out to be fruitful sectors for entrepreneurs because income of middle class has increased as well as more time available for recreation and leisure.
Economic development is essential for entertainment franchise to grow. India is one of the fastest developing economies so market has shown high potential. Moreover, increasing demand for graphics, VFX and 3D hall led to
the creation of much anticipated entertainment industry. In recent time number of national and international brands has offered substantial services in the creative industry. Video games, kids zone, sound and music recordings, motions pictures, online videos, etc. are accounted for one of the fastest and biggest economic sectors. Organizations engaged in recreation industry have tightened belts due to continuous entry of new comers. Day-by-day gleaming industries like Bollywood and Hollywood have urged engineers and technicians to develop robust applications that support high graphics. Dramatically a wave of creative industry is blowing in India. With a population of 121crore India has figured as best destination for investment. In forthcoming year’s media and entertainment franchise will certainly rising high by indulgence of latest technology. Thus organizations have continuously upgraded their services to deliver best to the consumers. Tier 1 and tier 2 cities shining with presence of several modern creative industry players.