The world of franchise has grown tremendously over the last few years and according to the Ministry of Statistics and Programme Implementation, as of now, over 14% of the total entrepreneur base in India comprises of women and it is increasing day by day.
Presently, there are hundreds of franchise opportunities in India for women and men willing to make a mark in the field of entrepreneurship. In this article, we are going to take a closer look at the points that make franchise a lucrative business opportunity. So, without further ado let us begin!
Aspects that make Franchise the Best Business Option:
• Easier to Get Business Loans or Funds
People wanting to start a business often opt for business loans for funding. Banks are keen on financing for a franchise than approving a loan for entirely new business idea or a start-up. It is easier for them to calculate the potential returns from an established franchise by looking at the Franchisor’s track record. This helps the bank to understand as to how quickly the borrower is going to repay the loan. Although there are a plethora of business ideas for women and men, it is recommended to do a thorough research before finalizing a particular franchise business.
• Multiple Benefits and Timely Guidance
A franchise business has multiple benefits like it offers an extensive and thorough support to the budding entrepreneurs. Right from guidance related to business concepts to laying out the strategies, a franchisor provides all kinds of required support After all a strong support is all one needs while starting off in the new field.
• Assured Financial Success even for Budding Entrepreneurs
Entrepreneurs without prior experience or exposure in the business sector or the service field can also be rest assured of success if they opt for a franchise as they get complete guidance and strong support from the franchisors. This enables even budding entrepreneurs to be rest assured of financial success and this is one of the strongest USPs of a franchise business.
• Ensured Return of Investment
The Franchise has a higher rate of success than independent start-ups as their approach has been tried and tested by the franchisor multiple times. You invest in a business to get higher returns but if in case, you end up losing the money it can directly affect your financial goals and business plans. In a franchise, there are very less chances of losing the funds. Hence, investing in a well-tested business is always a great decision.
A franchise system is based on the principle of replicating a proven business model which is easily scalable in multiple ways. One can scale the franchise business geographically by starting in one area and then they can always expand to the multiple locations.
These are some of the advantages that make franchising a great option for those willing to venture into the world of entrepreneurship. If you are driven by passion to become one’s boss, then franchising truly offers the satisfaction of becoming self-dependent.
Wish you all the best for your dream venture!
