These days, all the products and services are recognised by brands. The more visibility of brand , there is more sales for the product or Service. If you have plans of starting up your own, Franchising is a New career path. Franchising is a new business model, Where The product, Services all ready created by brand.You need to invest certain amount, for getting them and serving the service in your area. So, you will have a legal rights for certain period. The franchising model gives you expertise guidance to do the business. Brand image will give you quick business. Most of the time, the pay back will be in 2 - 3 years.I found there is one website which gives you all the support, advisory, a platform to interact and various avenues for franchising. The website is http://www.franchiseindia.com/ . You can start the business with in your budget. Before starting any franchise business keep the following points in mind:
- make sure that you are aware of the business.
- Clearly read the terms and conditions, and understand them.
- Do a proper market analysis on your own about the business.
- How is the market competetion for the business
- How long the business can run...means sustainability
- Have a visit to various customers who had taken the franchise, take the first opinion about the business and the support the franchise owner gives.Discuss about the legal issues etc.
- The budget given by the franchise owner may be not sufficient to start the business.So, you do your own calculation and payback time.
- A simple business logic is, if you are ready to invest (ex: if you deposit 1 lakh rupees in bank as a fixed deposit, how much you get ,say 9% intrest rate. 9% is the risk less return), you need to get the return more than the Risk less return i.e more than 9%.Also you need to consider the Financial risk return, Market risk return.
- You need to be patient, customer oriented.
- Never compromise in the quality.
- Serve the customer with a smile, they will bring you more customers.
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