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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