If you wish to do a business with least amount of risk you can opt for franchise business in India. You must know what the business is all about. In this business a parent company or franchisors lends his brand name and a business system. As a franchise you need to pay for the right to do business under the franchisor’s name and system.
Franchise Business Opportunities in India
Franchise industry in India has witnessed a growth rate of 25-30 per cent. This makes it one of the fastest growing industries in India. In the next couple of years it is expected to entrench itself further. The Indian fats expanding middle class in India now has more disposable income than before. This augments well for the franchise industry. Franchising as a way of doing business is accepted widely throughout the country.
How to Start Franchise Business?
If you wish to start a franchise business you need to find out what you are quite good or what is it that you enjoy doing.
You need to consider fiscal questions, like how much do the franchise cost and the potential earnings from the business. A badly chosen franchise may cause you to loose heavily. And to know all this you need to carry out extensive research. The Franchise Association of India site is a very good starting point, and it provides many good pointers.
Before you start a franchise business make sure all paperwork is in line with franchising guidelines in India. You need to take the advice lawyers and accountants before signing any agreements. It is also important to carry out interviews with present franchises to determine satisfaction within the system.
Important Things to Do:
- Visit and talk to as many franchises as possible.
- Talk to the franchise companies and gather an idea of the previous record of the company. Ask as many questions as possible. Do home work for this purpose.
- Be very thorough in your investigation
- Carry out comparative analysis of other franchises preferably in the same businesses
- Be thoroughly aware of the terms of your agreement
- Room for financial maneuverability is essential. Plan for more expense and less profitability than you think you need.
What to Avoid:
- Never Hurry. Cutting down on research can be risky.
- Avoid being optimistic about your personal finances. Be conservative and realistic
Small Franchise Business in Mumbai, India
Mumbai being the financial capital of India has multitude of business houses which offers franchise opportunities around the country. The range of franchise offered is varied and numerous. You can avail franchise in small businesses like food, greeting cards and gifts, jewelry, fashion houses, beauty parlors, education and lots more. Franchise directories of Mumbai can provide you the list of franchisor in your chosen fields.
Franchising in India can be successfully used to start and expand a business.