When it comes to starting your own franchise business in India, it is not a decision that can be taken overnight and there is a need for putting in a lot of thought to it. Before getting started, there’s a need to weigh all the different pros and cons that starting a business brings with it. Setting out on a journey requires an exhaustive amount of market research and also a few funds to get started.
With all the investment comes the risk factor too, that’ll always be there in your mind, but what I always suggest is to start small and when you are confident enough that your business franchise will be growing at a pacing speed you can go ahead with increasing the investments further.
What makes taking up a business franchise an excellent choice?
An appealing option for many of the to-be-entrepreneurs, when looking to get started with their own business, is to take up a franchise of an already well-established organization rather than starting to build the business ground up. If you are looking forward to opting for a business franchise online then it is important that you get into the purchase well-informed and carefully go through the entire franchisee proposal as well.
The Definition: What Exactly is a Franchise?
A franchise is a business opportunity that is put forward by an established organization. It is a legal and commercial relationship between a company(franchiser) and an individual(franchisee) to expand the business while sharing the resources. The franchise is responsible for selling the product or the services that are supplied by the franchiser.
Yes, owning a franchise business in India is a fantastic choice but just like the other business options, franchising also comes in with a lot of pros and cons as well. So, here I have wound up a few of the common advantages and disadvantages that’ll help you decide, if opting for a franchisee a great decision for you or not.
- No need for huge investments
Taking up a franchise does not require a huge investment and the cost is very much lesser than starting a similar business of your own. The initiatives of the government to support the ease of starting a new business makes the path really easier and can bring in a lot of investment for the business as well. You can even take up a franchise business without investment in India quite easily.
- The risk factor is minimal
The higher success rate is what usually defines a franchise as it is backed by a much bigger organization. These corporations already have an established business model that is already tried and tested and following on their footsteps is something that greatly minimizes the risk factor.
- No prior experience of running a business required
One of the biggest advantages of opting for a franchise business in India is that an individual who have no prior experience of doing the business can easily manage everything. The franchisers provide all the essential training that is required along with the resources that are necessary to kick start the business.
- Big business network for support
The independent approach to do the business along with the huge business network of the clients that are already established by the franchisers is one of the biggest perk that you’ll definitely enjoy when working as a franchisee. Being a franchise owner brings with it the credibility that eases out in expanding the business.
- Mutual benefits and profits
A business franchise opportunity is all about growing together and sharing mutual benefits and profits. Yes, the franchisees with the big names tend to have much higher franchise cost but the returns on investments(ROI) are also higher.
- You’ll be entering into a formal agreement
The biggest drawback is that you’ll have to sign a contract with the franchiser and will have to work according to the predetermined guidelines. There will be a lesser scope for creativity than the vast scope that you can explore when starting your own business.
- The performance of other franchisees will affect your reputation
Since the franchiser and all the franchisees together work as a single entity, if the reputation of the other franchisees breaks down, it’ll directly affect your reputation as well and can greatly affect your online franchise business too.
- Buying a franchise means sharing the profits with the franchiser
Setting up a franchise helps get you started with the business quickly and gives great result since day 1, but what comes along is the sharing of the profits as well. You’ll have to put in extra effort to make is profitable for your business.
These are a few of the pros and cons that buying a franchise brings with it and will help you weigh your options in making the choice. What I think is that it is all about balancing these pros and cons that can help you succeed in business, “The better the balance, the more will be the profit and thus a better choice it would pose out to be.”
What Makes Owning A Franchise Business In India One Of The Best Business Opportunity For A Female Entrepreneur?
Owning a franchise business is something that is a great opportunity for a female entrepreneur as there are various different traits that make women a perfect candidate to take up the challenge.
Women are great at strategizing
Everyone knows that all women are great at creating the strategies, making the rules and then adhering to them. This is a great trait for any entrepreneur as setting up well thought strategies is something that can make a business franchise in India successful.
Women are trained managers
All the women since their childhood are trained to manage the family well. This makes them a real expert in managing themselves and the others. A woman can easily handle a team and can multitask much more efficiently than a man.
Women are great at Organizing Stuff
You’ll hardly find any women who like being unorganized. It is a hardwired trait in every woman since their childhood to be organized, and they live up to it perfectly. Be it their desk, cabin or their personal space, they like everything to be at the right place.
Women are more Persuasive
Yes, I personally think that a man can never be as persuasive as a woman. All women tend to give their 100% in everything and are ready to go an extra mile just to get the things done. It is this persuasive power that comes in really handy to bring in new franchise business opportunities as well.
Women are great in Experimenting
As per me, the success of a franchise is very much dependent on the experimenting factor. Every woman is great at experimenting different approaches to solve out the same problem and get the desired output while also being in the realms of the guidelines that are set forward by the franchisers.
These are some amazing traits that every woman possess and these are a few that makes her a perfect entrepreneur.
Are you a female who’s considering to step into entrepreneurship?
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