The franchise system in India has existed since the mid-1990s. The franchise is one of the most successful business models in the world and is growing rapidly in India as well. Many brands in many categories have increased their presence in India through franchise models. Franchise is one way to structure the business. Typically, a business owner (called a franchisor) licenses a third party (called a franchisee) to run and / or distribute the business using their business name and system. This license is given for a fixed period by charging a fee.
Franchise fees may be a lump sum payment to the franchisee or a continuous fee (for example, some percentage of revenue or profit) from the franchisee, or a combination of both. Through franchising, the franchisor has an option to form a chain of stores.
Be your own boss | Buy Low Investment Franchise Opportunity
There can be many reasons for buying a Franchise|Franchise Opportunity. for example:
Franchises get incentives to own and run their business. Financial incentives are directly linked to franchisee efforts. Some aspects make it easier for a franchisee to take up a franchise than starting their own Business. Franchise should be a strong brand.
Franchises are regulated through the Franchising Code of Conduct, which is administered by a governing body. This gives legal protection to the franchisee. Under this, the franchisor is required to give business information (eg financial information) to the prospective franchisee and the franchisee can exit within seven days of signing the initial franchise agreement.
Generally, the franchisor helps the Franchisee identify a better business location, which can reduce the risk of Business failure. Apart from this, franchisees also help franchisees to start a business. The duration for the franchise may vary. It can be as short as one year or forever. The franchisor also provides training and knowledge (including past mistakes). This can be general business training according to its business model or in areas such as marketing, merchandising and accounting.
Buying a Franchise is usually cheaper than starting your own Business. If the franchise sells goods, the purchase price of the franchisee is usually cheaper than the standalone business as the franchisor may have the advantage of bulk discounts. Franchises also have some advantage of advertising from other franchises. Franchisees can be protected (within the group) from competition, which will depend on the terms of the agreement.
The Low Investment franchise model is better for young person to start their business career. According to the CEO of Mastbanarasipaan.com, ‘Franchise is a profitable deal for both franchiser and franchisee. The franchisee gets the benefit and support of the already strong brand name and can save on the cost of running the business.
Best Franchise In India Beginning
Many people hesitate to start a business because there are many risks associated with it. Franchising is a readymade business concept in which the franchisee gets the rights to the brand from the franchisor and can quickly earn profits by being the franchise operator of the brand in the market. However, there are some difficulties associated with each business. There are many things to keep in mind before you take a franchise. However, the franchise business model comes with a track record of success, reducing many of the risks.
Be the Best:
Select some business brands of your choice and see the requirements for them. Go to the company’s website and it would be better to go to its office to know the actual situation. Talk to existing franchisees or investors.
Tips For Franchisees|Franchise Opportunity
- Have a business plan ready before the deal
- Talk to professionals
- Understand the franchise concept
- Contact existing and franchisees
- Meet your legitimate business needs
The Indian franchise industry is currently estimated at $ 24 billion and may reach $ 35 billion by 2020. There are some challenges associated with each business. There are many things to keep in mind before you take a franchise. However, the franchise business model comes with a track record of success, reducing many of the risks associated with the business.
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