Best Franchise consultants in India

 

What are some ways to start a business?

If you are an aspiring entrepreneur looking for business opportunities. This blog is for you. As the pandemic continues to pose a threat to businesses, venturing into an entirely new business can involve considerable risk and can also result in failure of the same. On the contrary, if you buy the franchise of a renowned and successful franchise.

 

 A franchise not only comes with brand goodwill but also provides a set of tried and tested successful strategic plans. The rate of failure involved in opening a franchise is almost negligible when compared to a startup.

Why should you choose a franchise business?

The franchise business is growing at a sumptuous pace in India. The franchise industry has witnessed a growth of around 30-35% over the last four-five years and the overall turnover is estimated at around INR 938 billion. Currently, the sector contributes more than 1.8% to the Indian GDP and is estimated to contribute around 4% by 2022.

 As the fastest-growing economy, the Indian market has tremendous potential for franchising business. With a high percentage of the young population, a franchise model will develop and progress well through shared ownership.

Till the end of 2017, the Indian franchise market was about INR 936 billion which has presented a considerable rise. In India, franchising as a growth and expansion route has exhibited commendable and prolific results across various sectors.

 The franchising business in India was worth INR 848 billion in 2012. In 2017, it reached INR 3,570 billion, growing at a compound annual growth rate (CAGR) of 31% per year. The market is projected to reach INR 10,500 billion by the end of 2022, presenting a growth rate of 24% CAGR.

 The reports suggest that the entrepreneurial spirit of Indians has led many individuals to enter the franchise business. Presently, around 35% of all franchise owners have been first-timers in business. These entrepreneurs choose franchising due to the following reasons:

●     Wide range of benefits it offers such as reduced risk

●     Opportunity to associate themselves with an established brand, training, and support

 

Is it better to buy a franchise or starting a new company?

When it comes to starting a business, there are various assessment factors to determine the right fit

●     Franchise owners benefit from being part of a a larger, successful company that has already paved a strong and successful path that will make it way easy to generate profits.

●     Individuals who believe they can build a better consumer web and want the freedom of entrepreneurship may be better off starting their startup.

Before you choose to venture into either of the two there are a few questions that you need to find an answer to, if you want to make the right choice.

 1.How do you handle risk?

If you are thinking about starting a new business, you should be comfortable with taking up a high degree of risk. However, you should consider the amount of risk you are willing to take on. For entrepreneurs who are more risk-averse, or who are simply looking to lessen their exposure to contingency, franchises are an appealing option. It reduces the risk element of entrepreneurship to a considerable extent, thanks to their established support system and proven business model.

  Do you want to follow a pre-asserted format or do you want to give it a try?

The biggest advantage of the franchising model is that all the fundamental, up-front work has been done  this includes the curation of a marketing plan, formulating staff-related policies, designing logos, deciding on store layout, vetting vendors, and ordering stock. With a proven business model in place and all details established in advance, you will be in a position to start your operations from day one.

  If you are someone who would want to have your input on these aspects of a business and if you get excited about creating a marketing plan, picking your vendors, designing the organization of your store, and deciding on the details of your business — then starting your own company from scratch may be more appealing to you.

 3. How do you handle taking command from other people or organizations?

Owning a franchise gives you autonomy and independence — you are your boss. However, you will have to run your franchise unit in compliance with the predetermined stipulations, which may include sharing your franchise’s financial erudition or spending a specific amount of money on advertising and marketing. All of this has to be done in acquiescence of the franchise agreement

 The best franchise companies also share a great deal of financial information with their franchisees in return. This allows them to benchmark their accomplishments with the rest of the franchise system. This can be a huge advantage for franchisees to help develop their financial performance and business profitability. Keep this in mind as you reflect on which business venture is right for you.

Pros and Cons of a Franchise

A franchise business is the one that allows you to get into business FOR yourself but not BY yourself.

Pros

Instead of having to reinvent the working wheel, a franchisee gets a lot of support from the franchisor, offering a better chance for success. A franchise owner often receives help from the franchisor in strategizing the working of the franchise unit.

●     Site selection for driving optimal traffic with consideration for locations of competitive businesses

●     Design and construction of physical facilities in the store to lure more customers.

●     Financing to cover initial franchise fees plus start-up costs that have to be incurred in setting up and processing the franchise unit.

●     Training program to learn the business to follow the proven operational methods

●     Grand opening programs to jump-start the business and also as an advertising and publicity techniques.

●     National and regional advertising to grow sales and publicize the franchise unit.

●     Routine business operations to maintain best practices for optimal efficiency and to ensure the regular working of the franchise unit.

●     Access to bulk purchasing agreements from approved vendors to hold down the operating expenses.

●     Ongoing supervision and management support to answer any queries and doubts regarding the working procedure.

This structure helps to considerably lower risk, compared with starting your own business from the ground up. It is also instrumental in helping to overcome common obstacles that are faced by many new entrepreneurs who have a lack of business experience and access to capital.

Cons

For some entrepreneurs, it may feel a little heavy-handed and result in a frustrating lack of liberty. Some franchisors exert more control than others. If you are looking for a business in which you can be creative, innovative, and apply your personal touch or set your pricing, make sure the franchisor is willing to give you the desired level of freedom.

 ●     Franchise fee. This is the up-front fee that you are required to pay for the right to become a franchise owner of a specific brand. On average, the franchise fee across all industries was $35,185, but the fees can also be as low as $15,000 for some franchises.

 ●     Start-up and operating expenses. This is the capital cost required to build and supply the physical business, including property, equipment, signage, inventory, promotion, insurance, payments, and more. Franchisees generally require financing to cover these expenses, which can run well into a six figures amount for most industries, and into the millions for others, such as the lodging industry. Some franchisors assist their franchisees with financing.

 ●     Royalty payments. The franchise brand sustains a percentage of the gross sales from every franchise. This is the big ongoing income stream that motivates business owners to consider franchising their brand. Sometimes, there is a separate royalty fee just to help counteract advertising costs. A Royalty fee need not necessarily be a monetary fee, it can also be a part of the sales.Thus, a franchise can be the ideal option for an aspiring entrepreneur who would want to reduce the risk of their businesses at a higher investment cost.

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Franchise proposal sample

 

How to create a franchise business plan:

franchise steps

Franchising is pretty close and invariable to the term business development, growth, and expansion of a pre-existing venture. If you wish to successfully franchise your business, you require a strategic plan and a tried and tested step-by-step procedure that needs to be followed. To formulate a concrete strategy for your business, you should always consult experts who can guide you throughout.

 The goal of a franchise consultant is not solely franchising your business or meeting the legal requirements to sell franchises, but to build a franchise a system that, from the very start, can take the advantage of the very best practices in the franchise industry and is strategically focused on enhancing the strengths of your business, minimizing its weaknesses and establishing a flexible but rock-solid foundation that is designed to create, making it potential enough to scale up and grow your franchise system.

To achieve success in the process of expanding your business, it is necessary that you follow a proper set of procedures and resort to the correct methods of setup. It is essential to build a proper operational strategy that can benefit the business in the long run and lead to the generation of profits from the very beginning. How to franchise your business accurately is a big question that stands ahead of any expansion procedures that need to be followed.

Given below is a list of steps that must be followed by every business to ensure a proportionate working: 

Analyze your business model

It is very important that you make a thorough investigation of your business type and analyze if it is a franchise or not and if it is a franchise one then find out a suitable way to expand it through franchising by using sector. Before we get started on a new project and begin working with a new client, an initial franchise assessment is necessary to determine if franchising is the right fit. 

Assess your business 

As a separate entity, every business has a unique model and operational process, it is important to determine what works best for you as a business wanting to expand its operations in the market. It is important to evaluate your business's strengths, weaknesses, competitive advantages, unique selling points, legal protections, and future development goals. Throughout the franchise launch process, it is crucial to focus on developing a franchise system that best meets your development goals and that will maximize the.

 

 Take up a market competition assessment

To formulate rock-solid and progressive operational strategies, it is important to take up proper market research and get an adequate understanding of the strategies being used by competitive brands and then formulate concrete and escalating strategies for your business and outrun their market success. Getting expert advice can always be considered when it comes to formulating competitive strategies.

Preparation of a franchise blueprint

Establishing and creating a franchise system is a process that evolves in due course of time. It is important to ascertain your goals, business, and brand and once you complete the competitive franchise study, you need to create a blueprint mapping out of the skeletal structure for your franchise system.

 A franchise blueprint should incorporate the following points:

• Franchise fees and investment structure that is competitive and encourages potential multi-unit development in the coming future.
• Royalty fees and establishing fee structure that rewards franchisees for success and is a brand that achieves your growth and development goals
• Multi-Unit opportunities available in the future and whether or not your franchise system will be focused on setting up single-unit franchise opportunities or multi-unit franchise opportunities with development agreements.
• What will be the lease offered to the franchisees and the extent of territory expansion. A clear plan on how to manage franchisee operating territories, and forms of protection that may or may not is granted to franchisees investing in your brand.
• A list of proprietary products and sources of supply which also includes the identification of core products and services that must be purchased from you or your designees and a clear mention of whether or not you may generate additional revenue from your suppliers
• Many other factors, including factors that are specific to your business and the strategic plan for differentiating your franchise system, attracting franchisees, and various policies required that would help in attracting potential franchise broker's interest in promoting your franchise offering.

 Prepare a franchise proposal

A franchise proposal is an essential document that helps you to lure more and more franchisees by helping you to easily and effectively pitch your idea to potential franchisees. It is necessary that your franchise proposal is very precise and it reflects the working procedure of your business and also puts forth a report of the presumable profits that the franchisees can expect to earn on investing in your brand. Your franchise proposal must mention all the benefits including rights to hold intellectual properties, market expanse, and the pre-established customer base that they will receive on taking up your brand's franchise. This will develop the confidence of the franchisees in your brand.

 Development of a franchise agreement

 The franchise agreement is an important part of your franchise disclosure document. It must provide you with the very best policies and protections and must be structured and focused on the strategic growth of your business even if it is a part of a super competitive market.

 Depending on your strategy and planning to meet your goals, your franchise agreement is not a mere agreement for any of the franchises between your business and its unit but a working model for your franchises. Your franchise system must be structured with multiple development opportunities where a franchise may sign a franchise agreement giving them the right to establish one unit or they may be offered a franchise agreement where they are granted the opportunity to establish multiple units of your brand. Your franchise agreement needs to reflect your idea of working with your franchise system and must be designed to facilitate franchise sales for your business. You can always refer to a franchise agreement format when preparing your franchise agreement.

Develop a marketing strategy

 As a franchise owner, you hold the responsibility for marketing your product to consumers and present your franchise as an opportunity to prospective franchisees. Coming up with a solid marketing plan will keep you on track as you grow your brand to a bigger one and also enable you to expand it and develop in the long run.

without proper marketing and awareness of your brand, you would never be able to expand through franchising.

It is always advisable to keep your business models as simple as possible so they're easier for franchisees to understand. Larger franchises often require their members to participate in a common advertising fund. 

 When you are marketing a new franchise concept, the more difficult it gets for a potential franchise partner to grasp and understand the whole business model, the harder it will be to recruit good franchise partners. You will have a much better chance of succeeding at your goal if you as an individual and as an investor can fully understand your franchise model.

Thus, it is important that you assess your business and thereafter stick to strategies specific to your business enterprise that can help in efficiently expanding your business and taking it to great heights.

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