How to Franchise Your Business in India
Franchise Consultants In India:
Over the
Years, the Indian consulting industry has seen substantial growth, not only in
terms of size but also in terms of service offerings. In recent years, the
demand for specialist consulting services is being immensely sought by
customers in India, which has eventually opened the opportunity for a large
number of consultants to help businesses with an expert knowledge base and
resources.
Due to
constantly increasing demand, the industry is estimated to grow at a compounded annual growth rate of 30 percent to become a Rs 27,000 crores industry by 2020,
as per the reports of The Associated Chambers of Commerce and Industry of India
(Assocham).
Start a Consultation Business:
Franchise Consultants In India
As of now,
there are about 6000 consultancy firms in metropolitan cities including Delhi
(25.7 percent) followed by, Mumbai (25.5 percent), Chennai (12.1 percent), and
Kolkata (9.1 percent). Moreover, the service sector contributes more than 50
percent to the nation’s GDP. Besides, there are around 2000 R&D
institutions and laboratories supporting several domestic consultancies
organizations directly or indirectly at a reasonable cost.
This fast
growth of this sector in India is largely attributable to improved investment
activities because of low-cost structure, entry of many big players into The Indian market, relaxation of previous FDI restrictions, and strong capabilities
in areas like IT, management, civil engineering, telecommunication,
petrochemicals, power, and metallurgy. The steady growth will ultimately lead
to an expected rise in hiring activities.
Consulting
business
Becoming a
business is not a cakewalk thus one has to gain expertise in a particular field
to run his or her company smoothly.
A consultant
is one such person, who companies, organizations, business person approach to
seek help or advice for the easy flow of the system.
A consulting
business is very much on demand these days. One can open a consulting business
alone or collaborate with like-minded professionals.
For those
who want to start their consulting business in India, here are a few points to
keep in mind:
The adoption
of best practices in data warehousing, knowledge management tools and the
internet ensures the faster growth of this industry in near future. Despite the
expansion of the consulting organizations, the size of individual firms is
growing in response to another industry trend.
Best Consulting Business Ideas in India:
1. Business registration:
As soon as
the business plan pops in the brain, put it on the paper, and then get it
registered.
“Business
registration will provide credibility and weightage to your business, as well as it will also provide you the
required mental strength and confidence “in demanding the fees.
Moreover,
business firms will consider you over others when it will come to consulting
advice, getting clients and training their staff.
One can have the power to choose whom to work with and how much to demand, don’t we all want that liberty?
2. Certifications and licenses:
To be known
as an expert in a specific field, one needs to have that amount of knowledge
and proper certificates or licenses required in that field to get recognized
for the work.
There are
certificates required in different fields to become an expert in a particular
field.
For example,
finance consultants need to have certificates from ICAI to be known as
Chartered accountants or cost accountants, or web programmers need to own
certifications from recognized IT institutes/ organizations. Even to sell
mutual funds one needs to have registration with AMFI or IRDA in case of
insurance sellers.
3. Marketing and advertisement:
Consulting
is a business that is impossible to run without any connection or network. Some
people are not even aware of the fact that there is something called consulting
business, which operates independently.
Thus make a
neat and crisp brochure, adding all the points starting from your expertise to
your charges and how you can help people in their daily life. Let them know
that you are there to help them with your expertise in a particular field.
Paste the
brochure on the advertisement wall; send them to get printed on newspapers or
along with newspapers, ads on radio and television.
4. Reference:
Last but not At least as soon as you finish your work, do not forget to ask your client to
refer you to others, if possible you can ask for a reference or recommendation
letter, which will help you in keeping a record of your business.
Moreover,
you can use them to convince other clients to build a relationship.
In this cutthroat business world, one should never leave any stone unturned. Hard work,
sincerity, and smartness go hand in hand.
Get the License you need.
o Based on
your profession, you may need special certification or licenses before you can
begin your consultancy business.
o For, For example, fund-raising consultants don’t need special certification, although
you can become certified through the National Society of Fund Raising
Executives. And in some states, you may need to register as a professional
fund-raising consultant before starting your consultancy business.
Decide what kind of Business Consultant do you want to become a few of the Profitable ones are:
o Accounting: Accounting is something that every business needs,
no matter how large or small.
Start
your Accounting consultancy Business to help businesses with all of their financial
needs.
o
Advertising: You can get hired by businesses to
develop a good strategic advertising campaign.
o
Auditing: From consultants who audit utility bills
for small businesses to consultants who handle major work for
telecommunications firms, auditing consultants are enjoying the fruits of their
labor.
o
Business: Know how to help a business turn a
profit? If you have good business sense, then you’ll do well as a business
consultancy.
o
Content writing: Everyone knows that most businesspeople
have trouble when it comes to writing a report–or even a simple memo. Enter the
content writing consultancy business.
o
Career counseling: Career counselors guide their
clients into a profession or job that will help them be both happy and productive
as an employee. Good at it? Give it a try!
o
HR: As long as businesses have people problems (and
they always will), consultants in this field will enjoy a never-ending supply
of corporate clients. You can also help businesses in recruiting good candidates.
o
Insurance: Everyone needs insurance and everyone
needs an insurance consultant to help them find the best plan and pricing for
them.
o
Taxes: A tax consultant advises businesses on the
legal methods to pay the least amount of tax possible.
o Before
setting your fees, make sure you have listed all of your expenses. There is
nothing worse than setting your rates, having your client pay you on time, and
then finding out you failed to include several expenses that materialized.
Top Consulting Business Ideas:
The Demand for Consulting Services in India:
Due to the
involuntary reduction in workforce, many organizations lack the technological,
strategic, and project management abilities to handle market and technical
changes in the ever-growing market. Therefore, currently, the business world
desperately needs consulting assistance. It is projected that by the next three
years, there would be more than 2.2 lakh people getting employment in almost
10,000 consultancy firms across the nation.
Owing to the
shortage of qualified people, some consulting firms have already devised
creative solutions by launching their own accredited MBA programs. Many people
are inclined towards this profession because of its heightened demand and
visibility, along with enticing salary packages.
The Major Strengths of the Industry:
The major
strengths that set Indian consultancy firms above the consultancy organizations
of developed economies are professional competence, low-cost structure, high
acceptability, flexible thinking, high learning agility, strong interpersonal
skills, focused approach, and overall business understanding. Moreover, their
expertise in diverse areas and familiarity with the local conditions are a few
other reasons that help them to score over the global players.
However, the
Indian consulting sector has some shortcomings, which have been hindering the
export growth such as limited local presence in a foreign country due to lack
of intensified market expertise, low-quality assurance, low brand equity, lack
of strategic tie-ups, insufficient international experience of Indian
Consultants working overseas, and low level of R&D. Despite these
limitations, the consulting sector in India is responding creatively to the
changing needs of the clients and seeking innovations to meet their future
needs.
The adoption
of best practices in data warehousing, knowledge management tools and the
internet ensures the faster growth of this industry in near future. Despite the
expansion of the consulting organizations, the size of individual firms is
growing in response to another industry trend. Consulting firms that are unable
to compete on size are trying to fulfill the client’s requirements by
outsourcing their project to another firm while maintaining responsibility for
the overall project.
Management
Consulting Industry– A Major Contributor:
Indian
management consulting industry is one of the fastest-growing industries,
fuelled by the advancement in technology and rapid adoption of mobile devices.
This sector includes areas like telecommunications, e-commerce, software designs,
hardware systems design and implementation, intranet and internet schemes and
functionality, and website development and operation.
The multiple
layers of the management consulting sector cater to a distinct set of needs.
TCS, Wipro, Infosys, are a few major IT industries in India competing with
major contenders in the global IT sector.
Challenges
for Indian Consulting Organizations
Keeping in
mind the differences of the domestic market in India concerning the Global
market, the major challenges Indian Consultants usually face in India are:
Competition
and differentiation: The biggest challenge for Indian
consulting firms is to compete with the global players in the market. There is
a need for Indian consultancy sectors to define their specializations and
differentiate themselves from their competitors.
Adoption
of New Organizational design: With
the increasing globalization of consulting firms, Indian consultancy sectors
need to adopt a new organizational design that best suits their contexts and
identities.
Outsourcing
to India acts as a challenge as well as a driver: Though outsourcing assists
development and globalization, many Indian consulting firms find that it
restrains their growth in the outsourced regions.
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Conclusion:
The Consulting Industry in India is growing at a fast pace and soaring new heights all across the world. This time, it is required to make an action plan to exploit the tremendous potential available for the growth of consulting market.
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