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All you need to know about Franchise Business Opportunity in India
The franchise business model has recently gained a significant following in India and is increasingly being adopted by those seeking to become more independent business owners while facing less risk. With a rising middle class, growing consumer markets and friendly government policies, there is plenty of opportunity for franchises in India, especially in the healthcare sector.
The purpose of this blog is to discuss in detail the franchise business, the benefits of this business model and necessary considerations to select the right franchisor for better opportunities.
Franchise Business Explained
A franchisor is an entity that provides permission to operate in a certain territory under its brand and a franchisee is the person or entity that is given that permission. A franchisee pays a certain fee and normally an additional percentage as royalties to the franchisor for the right and services to sell its goods.
In India, this model is allowing entrepreneurs the opportunity to use proven business models and established brands while lowering the chances of failure when establishing the business. The expansion of the franchises in the Indian market can be pinpointed to the following reasons:
- Consumer Demand is increasing: With rising middle-class consumers and evolvement of taste and preferences, there is a huge gap for many products and services, which can be met through franchising and is beneficial for investors.
- Risk of Investment is low: Most of the Franchises are said to have a tried and tested business plan, which lowers the risk of starting a new business. Franchisees can leverage the existing sales, marketing, supplies and operational infrastructure of the franchisor.
- Assistance and advice: It is common for franchisors to give instructions and assistance to their Franchisees, assisting them in solving problems to establish a business and grow in the business.
Strong Reasons to Consider Starting a Franchise Business
- Brand recognition: The ability to market products that have an already established brand is one of the advantages. This inherent reputation can be a great boost to your sales volume.
- Basic and expansive training: The majority of firms offer so many trainings to their franchise holders, including product training, marketing training and operating training. This practical approach enables the franchise holders to run their operations efficiently.
- Advertising potential: Franchise owners already have the promotional materials and advertisements made available to them by franchisors and so they build on the established marketing strategies of the brand.
- Use of established firms to enter the market: It is relatively easier for franchisees to enter the market and establish networks with healthcare personnel and distributors as they have the support of an established firm.
- Shared experiences: The franchisees come on board with other franchisees who are also business owners. It means it is a great opportunity to benefit from the knowledge, experience and teachings of the other business owners, maximizing the potential growth of their business.
How to find the right Franchise Opportunity?
- Find the right market: Like any business, franchises require enough demand. Spend time looking for the sectors doing well in your area, understand the demographic and consumer behaviour, it will help you choose one that actually works.
- Check the franchisor: Find out about the franchisor’s background, focus on history, system support, financial status and many others. It is advisable to ask already set franchisees about their experience with the franchisor.
- Consult the Franchise Agreement: Look through the franchise contracts thoroughly and seek legal advice if needed. Ensure you understand what you are signing up for, including how long the agreement goes for, when it may be terminated and under what terms.
- Dedication and effort will be required: The advantage that franchising offers is lower risk than other methods. However, it is not a push button system. Total time and effort are necessary to make your franchise a success.
Conclusion
If you don’t have high capital to invest and don’t want to face the ricks of failure, Granmed Pharma is one of the largest privately held pharmaceutical companies providing Franchise Business Opportunity in India. We are a WHO & GMP Certified PCD Pharma Franchise Company in India.