Franchise Opportunity is considered to be one of the best business opportunities that you can avail in India. Many people, especially young ones, are going for Franchise Opportunity to make profits very fast and also get the chance of a steady self-employment. These kinds of businesses are based on a proven model or idea, which minimizes the risks associated with them. If you are thinking of using franchising as a lucrative chance to make some fast profits, read the following tips to choose good ones for you.
Find Your Interest Area For Franchise Opportunity
Before you start looking at business franchises opportunity, take stock of that most important component of the equation – you.
- What are your skills, experiences, and interests?
- What did you like best and least about your past jobs? List them, then your own strengths and weaknesses in those jobs.
- How much money can you invest and how much would you like to make?
- Are you comfortable managing others or do you prefer to work alone?
- Where do you want to work? Are you willing to relocate?
- What hours are you willing to work while the business ramps up, and what lifestyle expectations do you have after it’s established?
- How do you feel about selling and the sales process?
By starting with a list of what you have to offer and what you need from a business, you can create a strategy and model for your research.
Choosing the Right Franchise Opportunity: Narrow Down Your Options
The sheer number of franchise concepts is nothing short of intimidating, but you’ll be able to start crossing a good chunk of them off your list immediately, now that you know exactly what you want.
It helps not to look at particular brands, but first at specific types of businesses (retail, non-retail, industrial, or home-based, for example) and specific concepts (kids education, broking services, or car wash services, for example). When you’re doing so, be logical, not emotional. Driving to different houses and grooming hundreds of different dogs may seem fun to you (or not, if you’re a cat person), but does it meet the criteria you’ve just established about your goals, skill sets, and risk tolerance?
And even though you’re narrowing down options, don’t cross something off your list without logically thinking it through—past your initial impressions. Akash Malhotra, who owns a franchise of cartridge refilling company in kolkata,India for never particularly thought he would be in a refilling business. But the business is already profitable in his fourth month of operations.
Check The Franchisor In Choosing Franchise Opportunity
• What is the initial franchise fee? What are the ongoing royalty fees? Are there any other fees? (Some franchisees have to pay an additional marketing or advertising fee.)
• What are the rules and restrictions? Franchises have a number of controls to ensure uniformity, such as restrictions on goods and services you sell, suppliers, how you operate (hours, employee uniforms, signs, bookkeeping and accounting procedures), sales area (limited to a specific territory) and rights to termination and resale, and renewal.
• What is the franchisor’s business background? How long has the franchisor been in business, what is the experience of the management team? Is there any history of bankruptcy?
• What is the franchisor’s litigation history? If you see a lot of litigation, even if you don’t know exactly what’s causing it, it’s not a good sign.
• Find out what you’re actually paying for. What type of initial training will I receive? What type of marketing and advertising support will I receive? What type of other support will I receive? (For example, will I receive an ordering system or point of sale system?) Will the support and training be ongoing, with monthly visits?
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