What is a Franchise? A franchisee is a company that has been granted a license to practice business under a franchisor’s trademark, business model and trade name in any specific area.
In order to meet the increasing consumer demands, Franchising is a model for expanding a business for distribution of goods or services. The franchise business model is based on the relationship between the owner of the brand and the local operator in order to expand the already established business effectively and successfully.
In short, Franchisees are the small business owners operating businesses and franchises for granting the rights to use the licensor’s method of doing business and trademark to sell, offer, services, distribute goods and commodities.
3 major responsibilities for running a successful franchise business:
1. Building a loyal customer base and offering only approved services and products
2. Providing superior customer services and ensuring that all the employees are properly trained
3. Advertise and promote the franchise and its approved products and services according to the guidelines of the franchisor
5 Franchise Opportunities in India
There are various latest franchise opportunities in India that young entrepreneurs can explore.
Here we have listed a few of those:
• Education sector:
The Indian education sector is expected to double in the next ten years and there is going to be a rapid expansion of the digital learning market. Education is one of the great franchise opportunities to invest in. In the education sector, entrepreneurs can also explore the option of Franchise of Studies Abroad.
• Fitness:
People are always looking for options to stay fit and healthy. Hence, big brands and large gyms can be a great option for setting up a franchise business. Select a niche that’s missing in your area and introduce it at your franchise fitness club. It can help you stand out from the rest of the crowd.
• Senior care:
Senior Care franchise is another option for young entrepreneurs looking to start their own business. Senior care franchises involve medical and non-medical services for the patients such as meal preparation, feeding, nursing intervention, companionship, therapy, housekeeping, etc.
• Skill Development Training Schools:
India is looking forward to expanding and creating the skill development training programs to provide vocational training in India’s industrial clusters. This can be one of the great ways for starting a franchise business.
• Food joints:
There are various food joints that are always on the lookout for entrepreneurs to put together a pie or slice. Renowned fast-food brands still rule the franchise market.
• Hair Salons:
Haircare brands are consistently in-demand services. Big brands are always looking for people to take up their franchise businesses so that they can expand their services.
There are hundreds of new business ideas in India for the young entrepreneurs looking forward to stepping into the field of the franchise. It is recommended to do a thorough research about all the things, a workforce that will be required to run a successful franchise business. It will help in taking an informed decision.
