Taking a franchise is easy yet confusing in today’s era. Sure there are a lot of benefits attached to it but it also draws a lot of questions as well. Does someone take the franchisee in India because he doesn’t want to start the business right from scratch? Pretty much YES! But the next thing that comes to mind is INVESTMENT!! Investment of only Money, then what about your Time, Energy & Efforts? Will I have to invest that as well?
See it is confusing.
So now What Do You Keep In Mind While Take A Franchise? Let’s see about that:
- Budgeting-
The most important thing to do is to set up a Budget Bracket in your mind. Whether you want to go for a Low Investment Franchise Opportunity which is typically the Franchise Opportunities Under 10 Lakhs or You can go beyond that. For any investment in the franchise, making a budget is very important. - Total Investment-
You must keep a check on the Total Investment of any brand’s franchise. Total Investment usually includes Franchise Fees, Setup Cost (Interiors & Exteriors), Inventory, Equipments & Billing System - Your Interest–
There are ample of Franchise Opportunities in India & Before taking a franchise, ask yourself a question. Do I have a passion to run this business? You will get a clear answer for this in your head. - Investing Time–
Starting a franchise business in India is absolutely different from setting up your own business. While taking a franchisee you do get an established & successful business model but still, you need to be always attentive in the franchise business. So before taking any decision you need to see how much time the business demands and how much time you want to shell out on a regular basis because believe it or not, Face Value is equally important as
Brand Value. - Due Diligence-
Due diligence is of the utmost importance before finalizing any franchise business opportunity in India. Learn not only about the brand but also about its company. For how long have they been running the business in the market? How is the existing outlet doing? What are the payment terms? What is the Return on Investment? What is the tenure of the franchise agreement? etc. - Support From The Brand-
You need to evaluate the type of support that is provided by the franchisor for running the franchise business in India. Each and every franchisor is having a set pattern of running business you need to understand what type of support franchisor provides you such as manpower, staff training, visual merchandising, branding, designing etc.
With these points clear in your mind you are quite prepared for making the decision of taking the kind of franchise that you want to take, rest you can decide after having a meeting with the brand.
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