Become a Franchisee
What is a Franchisee?
If you are keen to start your own business, you don't really have to strike gold or rob a bank! We bring you some interesting ideas on Franchises and becoming a Franchisee that could put you in business, without much ado! We live in an exciting world where, through the Internet you can become aware of the power and the benefits of Franchising.
If you were to take over a franchise of an existing brand / business in your city / locality, you will be a Franchisee, eg. If you open a Nike showroom, you will be a franchisee of Nike, the brand.
Will it guarantee success?
No, there is no guarantee of success. A new franchise will be like a start-up business, without a large investment. Remember, there will be no guarantee in terms of profit or revenue.
What should I consider before becoming a Franchisee? |
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Conduct market surveys to find out whether there is a need for the product.
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Evaluate potential customer base
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Talk to other franchisees
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Choose a sound company / brand
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Evaluate the company's / brand's financial health
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Research the brand's market share. Find out whether it is a leading and an established brand and check out the quality of the product they manufacture.
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Identify the need for it in your area / city / locality eg. It may be wise to open a store for clothing for teens if there is a college in the vicinity. You know your customers are within reach.
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Locate a strategic outlet, which is accessible, offers visibility and ample parking.
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After taking up a franchise, you may need to wait for at least one year, before |
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hear the cash registers ring! It's important that you have staying power. |
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Buying a franchise resale may make things easier for you. That way, you will be buying an existing business which already has a customer base. However, this may cost you more. |
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You will need to sign a Franchise Contract |
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This may contain hidden clauses, so pay attention to them |
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You may do well to consult somebody who specializes in Franchise law. |
The role and responsibility of entrepreneurs is changing as India changes. This is an important issue to think about, because the nature of entrepreneurship is different in India- it is more complex, complicated and more granular than the West. 
List out business ideas and make your choice. Once you have identified your business idea, find out what you will require eg. Staff, inventory, storage space, communication network, stationary etc 
