Thinking to start a business is always a difficult task as you’re not an experience contender, the real battle starts when you decide for specific industry, sector and geographic location to set up new business. You need to consider different points such as strategic planning, finance, risk involvement, ROI, breakeven point, a brand name, products or services, target market, etc. A team of experience professionals is substantial for assortment of marketing and operational activities. Without team efforts it is quite hard to achieve desired goals and objectives in limited time period. For over two decades, market condition has been changed a lot. Technological advancements and automation plays important role to commence new projects in competitive marketplace. Any type of business demands systematic market research, you need to know what customer demand and how you can meet these demands in that specific region or location.
Hence, franchise business is best way to penetrate local markets if you don’t want to spend much time in above mentioned points. A franchise is cost-effective and proven track for passionate entrepreneurs who want to invest in different sectors. Following points that you should focus are:
- Competition in market
Before investing in any franchise, you should analyse different companies that offer good profits margins and provide extensive training and marketing support. It is essential to circumspect whole market for developing products or services.
- Latest opportunities – Indian marketplace is already highly complex, thousands of franchise units establish in all corners of the country. Always focus on major requirements of people and then develop search for best opportunity.
- Be passionate – A successful business is only established when you’re passionate to bring revolution in present scenario. Prepare an effective action plan to implement strategies in practical world.
- Feedback – Take feedback from customers on regular basis for further progress. Additionally, you can conduct surveys or online questionnaire to get consumer views on current market position.
Franchise business is always profitable as well as money-making. You can’t depend on franchisor for everything; improve your own entrepreneurship skills to make effective changes which are good for business in coming future. To have a victorious business, it is fundamental to concentrate on latest trends and market condition. In addition, you can also make of advantage of franchise consultants for choosing best brands that offer amazing services. Connect Franchise is leading franchise consulting organization that offer cost-effective as well as quality services.
Today’s competitive environment is developing due to mainstream adoption of advance digital systems. Steady growth of various industrial sectors in Indian market has confluence with technologies like automation, exceptional sales and marketing. Companies are focusing on to cater consumer demands with immediate effect, but it is quite difficult to satisfy today’s consumer because their perception keep changing dramatically. Existing franchise business models are no longer effective and productive, thus it is substantial to utilize digital systems to match with exciting trends occurring in markets. Products and services, sales and marketing, operations, management, and finance are few elements which should be looked strictly to build successful business plans. Franchise business is replication of well-established venture in different locations; in fact, franchisor provides all sort of support such as training and marketing but should also do proper research to find out challenges faced by customers in your business region.
In a recent report on franchising, in India every year number of new franchise units establishes but only few of them manage to run for longer time period. Due to diverse Indian customer choice and preference you need continuous innovations to remain best operator. Hard work, business transformation, strategic planning and innovative thinking is required to develop flexible models. Franchise industry is burgeoning, sub-categories like education and training, entertainment, jewellery, food and beverage, etc. are expanding rapidly. However new franchise segments like home-based service, professional services, automotive services, etc. are also pacing up in Indian markets.
Now plethora of low cost franchise business models is offered by various companies, national and global brands are taking great interest in modify the shape of futuristic franchise business sector. The Idea of digital transformation is significant to develop lucrative products or services which are advantageous to mankind. Indian government has initiated Digital India and Start-up to encourage entrepreneurs towards developing modern-day industrial units in Indian soil. At present, Indian economy is growing at faster rate due to various historic decisions taken by government in centre. It is the right time to take advantage of various governmental policies to start own business. Metropolitan cities like Mumbai, Bangalore and Chennai are showing outstanding growth in terms of industrial growth and economic development. Starting a business from scratch is a complex task, thus entrepreneurs who want to buy established business should focus on latest franchise business opportunities. The whole idea of franchise business is to deliver cost-effective and unmatched services to customers around the globe.
These days, franchise model has become so popular, large corporations as well as small and start-up companies are selling business to other individuals or companies to generate more revenues. A regular job 9 to 6 looks boring to people who want to some excitement in life. Through franchising you can start own business, improve entrepreneurship skills and a franchise system allow you work independently. For instance, if you have a passion to write own success story you need to choose franchise model that match with your interest and interpersonal skills. A home-based franchise business is suitable for individuals who want to invest low amount. Although franchise sector is already filled with popular brands in various categories includes: education & training, entertainment, food and beverage, retail, home services, etc. In addition, you need to develop effective planning before investing in any franchise brand. Few elements of strategic planning are as follows:
- Mission and vision – To establish successful business you need to craft appropriate mission and vision that encourage all staff members to work efficiently and effectively.
- Core values – Ensure all core values are based on taking business to new heights of success. Staff members accept company’s core values and should work as per standard business process and regulations.
- Operational planning – Ensure all commercial activities will successful bring revenue to organization. Franchise system is quite easy as you will train on franchisor’s business ethics.
- Marketing strategies – Evaluate cost-effective marketing/advertisements strategies to promote business in competitive markets. There are various free tools available on internet that helps your business as well as enable to reach new customers.
- Financial resources – Popular brands operate in various industrial sector charge high franchise fee. You need to find out best brand that offer amazing services and fulfil your needs and wants. Government of India offer loan to entrepreneurs who want to start own business, you can take advantage of various banking facilities as well.
- Legal documents – Before investing in any franchise business check all legal documents. Ask franchisor for lucrative profit margins and marketing support.
Strategic planning is crucial to start and promote new in today’s aggressive market conditions. New entrepreneurs should ask franchise consultants for guidance during initial set up of business. Franchise sector has shown unprecedented growth rate over past few years and is expected to expand at an interestingly rate. You should think twice before opting for any franchise business.
FY 2014-15 reports had suggested that logistic industry was worth US $ 200 billion (approximate), grown at an annual rate of 20 percent over last few years. Imports and exports activities within India and with foreign countries drastically changed, air, rail, road and ship transport respectively grew at rapid rate in order to supply goods or services. Sectors like automobile, food and beverage, retail, pharmaceutical and clothing largely depend on logistics sector to transfer goods from place to another. Logistics services providers take advantage of online platform to deliver better services. For example, Cogoport is perfect example of online logistics marketplace, offer ship and air route services. Logistics industry is mainstay of Indian economy; various commercial sectors generate huge revenues due to effective distribution channel for goods. Despite economic downturn, industry consistently witnessed unprecedented growth, e-commerce logistics sector is increasing day-by-day. With promising growth rate, new players want to use business model of established operators. Franchising is only option left to expand business; logistic franchise business model is one of the emerging business opportunities these days.
Government initiatives to improve integrated logistics are expected to work positively for the industry, moreover multi-model logistic parks (MMLP) nearby manufacturing centres is developed to help companies. As per present scenario, logistic organizations utilized technology to enhance commercial operations, integrated IT solutions are used to reduce costs. Now it becomes possible to track order through online applications, e-commerce giants like filpKart, Amazon and EBay mainly demand on supply chain management system to deliver best services. Thus e-commerce retail platform has transformed whole logistics industry. Services provider offer franchise business opportunities, entrepreneurs who want to become part of logistic industry should focus on franchise business model. Governmental policies are expected to fuel fast-growing industry, SME sector is largely depend on logistic industry to generate revenues. Looking into present condition future is bright for industry.
It is quite difficult to build a platform to expand franchise business sector but Connect franchise, leading firm in this context has done tremendous research to bring latest trends and opportunities for its clients. The franchise industry in India valued approximate US $ 30 billion and is expected to touch US $ 50 billion within two or three years. Emerging technologies enforce franchise consulting companies to develop more competitive products or services so that Indian franchise business sector can be shifted to global marketplace.
Connect franchise is doing amazing work since its foundation. The organization is emphasizing mainly on producing innovative business ideas or solutions to support entrepreneurs who want to become part of fast-growing business environment. The opportunity is clear for new brands in sectors like food, retail, education, etc. Massive growth has been expected in coming years due to increasing demand for international products by young generation of the country.
Officially there are 196 nations around the globe connected with UNO (United Nations organization); however industrial growth and development in these nations didn’t suppose to be equal. Developed economies like United Kingdom, Australia, USA, Russia and France have great infrastructure to support industrial development. International Franchise Business model has grown significantly over the decades, different countries have developed rules and regulations required to follow by every franchise providing company irrespective of size, revenue generation or brand value. Here we are discussing over basic laws followed by leading franchise establishment countries.
1. USA – Concept of franchising was commercially originated from USA and it remains at top position in today’s fast-paced environment as well. Individual state laws and United States federal laws are two basic set of laws imposed on franchise industry. Franchisors have to mention goods or services offered, substantial marketing plan, trademark and payment mode. Apart from this, legal documentation had to follow by both franchisee and franchisor.
2. China – By 2016 there were approximate 2000 franchise brands in various business sectors, large population and adequate resources encouraging number of global franchisor to invest in China. Basic rules including, a franchisor should own an enterprise, possess registered trademark, patent or business plan that suits Chinese economy. Global franchisor at least has two outlets outside China in operating condition under franchise business model. It is just overview of basic laws for more information you can do proper research.
3. India – Second most-populous country in the world is favourite destination for franchise establishments. Unlike USA and China, there are no specific laws regulated franchising in India. Franchise Agreement or contract relationship between franchisee and franchisor would be enforced by government.
These are leading nations where franchise establishments are more as compared to rest of economies. For more information you need to visit official government website and also asked questions to gain essential knowledge
Franchising, significantly gained popularity throughout the globe and likely to see steady growth in forthcoming years. If people had enough money they are searching for best franchise to buy or concentrating on franchise business sectors which make the most money. There are franchises that popular around the world but question is that will it really suits your area of interest or best for you. Rather just investing money did proper market research, collect information about franchise you’re looking for. Franchising model looks easy but it doesn’t mean to suit everyone. There are few checkpoints would be considered before buying a business:
- Financial stability
A well established brand in your desired business sector will be good choice. During discussion regarding franchising ask the franchisor about financial status or model. An effective revenue generation model is always easy to handle and you can figure out profits or loss as well.
- Brand value
More importantly, people always rush to places which are popular. Do proper research to know about market value of brand you’re investing on. Be realistic and don’t try to assume things on yourself.
The Franchisor is required to provide all relevant documents like operations, training manuals and licence. All commercial activities run as per governmental rules and regulations.
- Return on Investment (ROI)
After investing huge money you will expect profits as well. Simply, get to know about how much return you will get after certain time period.
- Training support
In order to know about company’s policies, products or services systematic program is crucial. Ask franchisor about training support, how long it will take to get all necessary information. A successful franchise company always trained franchisee; give them opportunity to know more about how products or services sell in market.
- Profit margin
Becoming a profitable franchisee is dream of every investor, check what profit margin is shared by franchisor.