Franchise business model is among most profitable models used especially by food and drinks operator across the globe. Entire franchise business model is designed in such that both franchisee and franchisor will equally benefit. Range of industrial segments such as education and training, business services, retail, dealer or distributor and so on expanded easily through franchising concept. Large multinational corporations as well as small and medium sized enterprises generate good profits without involving in any kind of risk. For any start up dealing with customers who are brand loyal is difficult, situation even gets complicated when new technologies suddenly encounter. Thus capitalize on franchising is always a profitable business venture.
To build a flexible franchise business model you need to focus on following things:
Right business: Before engaging in any business future perspective should be analysed. For example, if you start food franchise then franchise model will effectively fit. On the contrary in monopoly selling franchise is quite difficult such as Microsoft’s products.
Right approach: whatever you want to achieve you need to design effective strategies and policies. To build effective business model always take recession situation into account.
Market segmentation: Right market selection is driver for successful business venture. All your strategies should be implemented to target specific markets segments. Gradually after successful initial year’s operation, capitalize on franchising to penetrate unknown market regions.
Technology: Without technical support your business can’t survive even for a single minute. Building online platform is essential to survive in competitive environment.
Therefore to build franchise business model each and every aspect of business should be considered. Operational activities are carried effectively to survive during recession time. At current scenario global economy as well as economy of developing and developed countries fluctuates often so always focus on low risk business like food franchise, retail and education and training, as these segments are evergreen and fruitful.
The fitness and gym industry has transformed from ancient time to present arena. Earlier people used to wake up early in morning go to akhadas or any other exercise destination, perform various activities to keep body fit and fine. Desire to build strong body is carried to modern time but actually whole picture is different, technology has changed the way people perform exercise activities. Traditional health practices like yoga and Ayurveda are profoundly performed to relieve tensions occur due to hectic life scheduled. Every individual now-a-days want to look fit and fine, demand for smart equipment to do exercise increased at extreme rate. Fitness and gym franchisee players have recognized public demand, shift their focus from conventional methods to new generational offerings like lucrative equipments and personalized services. Globalization and greater concern for healthy body are driving factors for extraneous growth of fitness industry around the globe.
People living in developing and developed countries have shown great interest in modern day fitness equipment to get relief from various bodily disturbances like obesity. Looking at present scenario, India is emerged as best destination to start fitness and gym franchise because population living in country is comparatively young thus there might be greater demand for wellness activities. As per reports, wellness industry in India has outperformed other segments as 85000 crore business was done in fiscal year 2015-16 and is projected that approximate 2 trillion can be touched by 2020. Number of global and domestic players have identified Indian wellness industry potential, established fitness centre in major cities. This vast development is primarily attributed to changing lifestyle trends, healthcare trends and globalization. The industry is also influenced by shinning industry like bollywood, Hollywood and tollywood. Celebrities having great body are ideal for young generation; inspire young lads to build good physic. Thus there is various business opportunities grow in years to come.
The Indian retail market is growing rapidly over the past five years and is estimated to expand gradually towards organized retailed formats. The size of Indian retail industry was not much ten years earlier but industry has shown tremendous growth and achieve unexpected US $ 400 billion in consecutive years in 2014, 2015 and 2016. This unmatched growth can attributed to changing consumer spending pattern, people demand more international products and they want to experience new products. According to one of the US based management consulting firm, Indian retail industry is one the favourite segments for investment among market of other emerging economies.
Retail franchise business opportunities are getting diverse due to presence of global brands. Franchise business model is contributing efficiently to retail industry growth in India. Number of international corporations such as Wal Mart, Mark & Spencer and Carrefour has opened retail outlets in many of the Indian cities and are running smoothly as well generate revenue and provide employment to number of people. Thus expansion of retail industry has proven blessing for Indian economy because sector accounts for 23 percent of India’s gross domestic product. Indian market is continues to prosper, emerged as most lucrative investment propositions for global as well as local retailers.
Laws, rules and regulations are implemented by government to look after retail sector’s growth. Few challenges observed by government such as shortage of skilled professionals, lack of infrastructure, and industry status. All these troubles will be overcome in years to come. In coming years organized retail market is growing rapidly due to emergence of E-commerce platform. Consumer market in Indian landscape is growing robustly, consumption level is about to touch US $ 800 billion in future. At present companies operate in India are enjoying unmatched growth, generate huge revenues and offer employment to local people
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.
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.
Every people want to start owner business. Connect Franchise is best franchise consultants in India and its serve new business ideas and great profit. Expanding your own, be that as it may, has its dull side. To begin with, you and only you (or with secured or value shared capital) should subsidize the whole expenses of extension. Contingent upon your plan of action, extending by just a couple of units could add up to a large number of dollars of new capital venture.
First, the cost and time duty required in diversifying a business can be inordinate, with the expenses totaling in overabundance of one hundred thousand dollars, and at times, assuming control over a year to finish. While there are absolutely numerous strategies accessible to cut expenses and spare time, in no way, shape or form is the franchise opportunity prepare an economical, fast procedure to finish.