As India progresses from becoming a developing to developed economy, the populace is experiencing a typical pattern of getting ‘rich in assets, short on time’. This is the time when new businesses opportunities begin to emerge in the economy as retail and service based businesses drive growth & profitability by giving convenience to the consumer. Franchising becomes a key enabler of these emerging businesses as a customer becomes fastidious in choice of product & services and desires consistency in experience. Homes are bought and sold through franchised real estate companies. The same homes are cleaned, painted, and decorated through a franchise enabled retail set-up. Cars are purchased, tuned and washed through franchises. We can have our hair cut, clothes cleaned, kids cared for all by franchised businesses. We can travel from one part of the world to another through franchised businesses. India is now a case of “Growing economy-Growing franchising”.
A case in point is the US economy where one out of every three dollars spent by Americans for goods and services are spent on a franchised business. The reason is simply because franchising can be easily adapted to the needs of almost any industry sector that requires an effective and efficient distribution channel. Thus today, a large variety of business sectors are expanding successfully under the umbrella of franchising.
Franchising: A route for self-employment
This is also a superb time for most people looking into starting, running, and developing their own business to take a plunge and franchising is the best way to go about it. A franchise has the ability to take the hassles out of the business initiation process. It not only provides you the Business know-how but also gives you branding, marketing support while providing access to ready customers and network with vendors. Franchising has a proven track record which, as long as the concept is chosen for the right reasons and implemented properly, will deliver its promise to be a blueprint for business success.
There are many types of franchise businesses available in all business sectors across various investment levels thus offering a business opportunity to anyone who is game for it. Anyone can become a business owner through franchising because it is a secured form of business. It particularly offers advantages to the people who may have wanted to get into business on their own but not by their own and this is why untapped potential entrepreneurs like professionals, women, military veterans, retired professionals and fresh graduates can discover a Business Gateway. Franchising vouch on the fact that these people make best franchisees for several reasons.
Franchising can very well work for women as they get a gratification of being their own boss and can yet maintain flexible hours of working. It increases her financial power, ensures better utilization of her education and corporate experience, if any, together with fulfilling her desire for more autonomy and aspiration to connect with the world. While multitasking skills & discipline of day to day management is inherently present in women, an established business format of a franchise can help them with training and operation systems that have been tested and validated to gain success.
Interesting facts and figures of Franchising in India:
Quick facts at a glance
* 1150 established franchisors
* 85% franchisors-India origin & 15% Global
* Close to 60000 franchises Pan-India in 2007
* 100% Growth recorded in franchise industry from 2004 to 2007
* Education is the most franchised sector, food followed by fashion comes second & third.
* 150 franchise suppliers and consultants in India
* Growing to become World’s second largest franchise marketplace.