What franchise business operators can do to increase productivity?

Franchise concept, these days helpful to reach new customers even reputed organizations which were small firms few years back, has maximised sales through franchising. Every day is a new beginning; new technologies are created to add more values to business. IT equipments have changed the way people used to do business throughout the world. Recent technological advancements have opened doors to make new products or services which can be provided to customers. Franchise business owners should utilized technology to enter new markets, create brand value and increase their productivity. To add more, entrepreneurs should focus on following concepts to attract more customers:
Marketing
Consumers are spending more on those products that are advertised mostly on TV, social medial and other online platforms. Marketing is essential component to tell customers about your offerings. You can promote new products as well as make campaigns to create brand awareness. Approximate all people ageing above 18 years are active on social media you can make a page or blog to promote latest products.
Mobile technology
Everyone use smart phone and internet. You should make it as an opportunity to send vouchers and coupons on customer mobile phone. When present these coupons at point sale they will receive certain benefits. You can create wallpapers related to products or services offered by your company or develop free games to promote new products.
Convenient payment gateway
Current trends say that people spend more on online shopping. You should develop online platform and an easy payment gateway that can be easily used by any individual. For example retail franchise sector is increasing at rapid rate through emerging E-commerce technology.
Trainings
Productivity can be increased when employees have better knowledge. You should provide proper trainings and did regular discussion with employees to give feedbacks regarding their performance. They should be encouraged to work efficiently.

Improve your franchise business productivity by focusing on new opportunities

Entrepreneurs may accelerate their chances to increase profitability through involving modern day technologies into commercial activities. To climb from top to bottom in today’s competitive environment, all your business plans, marketing strategies, and action plans should be incorporated at right moment. Franchise business model is widely accepted by companies operate in various sectors like education and training, retail, business services, automotive and food. Companies probably increase productivity by following latest franchise trends and opportunities. In order to establish a new business in market you should know about target market, products and services distribution channel and marketing strategies. Half of 2017 has already gone but there are no signs of latest business opportunities to be capitalized by any organization. For example, internet should be utilized as greatest opportunity to develop business at international arena. Without technologies new business sectors can’t be penetrated, several multinational organization concentrate on franchise business model to increase sales.
Low cost business model developed by brands like Chatar patar, Box-o-burger and Andeywala have changed the way entrepreneurs do business. For example, fast food franchise market is booming at current scenario due to emerging new players that offer products at reasonable prices. Hence to increase market share for products and services essential steps needed to be taken. Global franchise market is experiencing new opportunities as consumers’ needs and wants are consistently growing. To put it another way, productivity could be increased by making useful business associates that sell your company’s products in new markets. It isn’t a wise decision to build sub-branches in different locations, channel partner are better alternative. For instance, Connect Franchise is a prominent franchise consulting organization working effectively to explore new business opportunities. The organization was come into existence when franchise industry is gradually shifted into organised market. Huge growth is expected in coming years due to availability of resources and infrastructure facility.

Franchise business is helping supermarket chains to expand in India

Franchise business sector seems to have recorded highest growth in year 2015-16, expected to grow by US $ 35 billion by end of 2017. Supermarket chains are part of retail franchise business segment, likely touch whooping revenue INR 47 trillion by 2017, and potential international brands waiting for right moment to penetrate Indian marketplace.

Organized market

It refers to professional market where all operational activities are performed under government license. All operators registered for sales, income tax and GST. The organized market share is comprised of popular brands, medium sized retail shops, and corporate-backed hypermarkets. At present percentage of organized market is less but by 2020 near about 20 percent marketplace will be under government eye.

Unorganized market

It comprises of traditional grocery stores, convenience stores, local vendors or hawkers, etc. entrepreneurs operate in unorganized market also comes in government list after implementation of GST.

Retail market is contributing enormously to Indian economy; approximate 14 to 15 percent is added to GDP by organizes as well as unorganized market. Soaring prices of international products didn’t affect consumer pocket because they are habitual to international brands.

Reformation        

To bring more foreign currency in India government allowed international supermarket giants like Tesco and Wal-Mart to operate smoothly. To add more retail furniture brand IKEA a Sweden based company was allowed to own 100 percent business. Several domestic brands like shoppers stop, home stop, etc. developed business in Indian and also in international markets. New laws have been introduced; recent one is goods and service tax. People now-a-days are turning up to modern fashion trends, even middle family income is also increased. Supermarket giants currently operate in India use franchise business model to penetrate local markets.

There are few factors responsible for exceptional transformation includes:

• Changing lifestyle
• Increased income
• Demand for international products
• Favourable demographics

Why franchise business service segment is booming over past years

The business service sector includes banking, insurance, outsourcing, non-financial business, R&D, etc. Service sector in India is governed by both domestic and global factors. IT sector is likely to contribute business service sector, several IT companies offer franchise opportunity. Sub-sector in business services franchise generate whooping revenue of US $ 320 billion contribute heavily to Indian economic growth as well. At present financial services, real estates, etc. is booming sub-sector enable entrepreneurs to generate huge revenue. As per reports by Indian brand equity foundation, Indian business services sector generate employment as well new business opportunity. Specialty of service industry opportunities:
Easy access
Individuals can easily operate from home as well as from small office; only thing required is better internet service. Several IT companies from foreign countries outsourced products/services in India. You can provide services to companies through generating leads for business.
Low investment
To set up business low investment is required because you are using tested products/services. To remain competitive, organization looks to outsource business to other professionals. Young entrepreneurs looking to start new project capitalize on modern day opportunities.
Manpower
For example to start financial services business, only few employees are required. Moreover, personal management will be enough during initial set up
Competition
Barrier to entry in business sector is low because there are several options available like real estate, professional services, social and personal services, etc.
Franchise business sector is booming, show unprecedented growth in past few years. It goes without saying that various business segments contributed heavily like education, retail and food but services sector is not lagging behind. Indian population is gradually increasing may touch Chinese population. On positive note growing population will add more value to Indian industrial development because in coming years India is only country that has maximum population between age group 20 to 35.