Top 5 Reasons Why You Should Accrue A Franchise
Written by: Kiran James
Obtaining a franchise is an immense decision and can be very difficult and tiring. There are a lot of things to be taken into contemplation if you don't have an exact idea of what you are putting yourself in there is a high possibility that you may not get your desired results. Before we discuss the reasons for investing in franchises let's take a look at the franchise market in India.
Why should you adopt a franchise?
India remains a premium marketplace for franchising Opportunity. Taking a leisure walk into any Indian Metro or upcountry Indian Market place will prove this fact. While the Indian economy has seen many ups and down in 2019 it has been a busy year for the franchising Industry. The franchising Industry in India is estimated to be worth around 50.5 billion US dollars and is predicted to go up even higher. A majority of this growth can be attributed to the service industry and the massive customer base international brands have.
The number of jobs created by the franchise sector is estimated to be 1.5 million. According to reports, almost 1000 new retail stores adopt franchising every year so that they don't get pushed out of the competition. In a country that is poised to grow to become the third-largest consumer market and has over 85% growth in the number of high net worth individuals (HNIs), India is quickly becoming a franchise hotspot. Brands that are contemporary, relevant, and reflect modern consumer preferences are the most successful franchise brands, whether they are Indian or global.
Now let's take a look at the top 5 reasons why adopting a franchise is best for you
1. Higher rate of success
According to various reports and surveys, franchises have 97 % cost-effectiveness and a lower rate of failure when compared to self-made businesses. When you buy a franchise you are becoming a part of a well-renowned brand this means that you will always have support in case your business is going through a bad phase.
2. Faster Process
One of the most impressive facts that makes franchising so appealing is that you are following a system that is already proven. The hectic process that comes with starting self-made entrepreneurship is eliminated in franchising as most of the work that is required is already tested and proven to work in any possible scenario.
3. Trusted Customer Base
Franchises offer established products or services with brand name recognition. As a result, you gain purchaser recognition, which would take a long time for a new business venture. A franchise already has a trusted customer base that is attracted by the brand name your franchisor holds. The bigger the brand the better the customer base.
4. Most of the advertisement work is taken care of
Operational promotion campaigns can be an expensive endeavor for a new start-up company, as well as time-consuming. This bustle is largely handled by the franchisor in the franchise business model. The national brand awareness advertising activity will benefit you tremendously, even if you are unlikely to contribute to a central promotion fund.
5. Learn From Errors
Managing a business can be challenging at the best of times, and making mistakes is almost inevitable. Despite mistakes occurring, you do not have to duplicate those the franchisor made as you can learn from their mistakes. When you're busy running your business, it can be hard to stay on top of all the latest developments in franchising. Franchisors will always keep you informed of any governing, legal, or industry-specific changes that will affect your franchise.
We all dream of being our boss, doing what we want, and achieving a slice of the Indian dream through business ownership. The problem is that most of us aren't sure where or how to cringe. Investing in a franchise is one way to become a trivial business proprietor.
Franchises are the fastest, most efficient, and, in most cases, most cost-effective way to expand the business, but the transformation of an autonomous business to a Franchise system is not so easy. It imposes expertise and the appropriate approach.
We at franchise Bazar help our clients to pursue their dreams of obtaining a franchise we provide the necessary support right from helping you find the appropriate franchise to the signing of the franchise document.
For more info visit www.franchisebazar.com
Written By: Shruti Agrawal
Written By: Resham Daswani
Written By: Divisha Pandey
Written By: Shruti Agrawal