Planning toBusiness opportunities: Planning To Buy Franchise buy franchise 25th oct 2012


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When you own small or entrepreneurial enterprises and companies, you can use franchises and establishments to market the products and services of the company to the world at large. Most franchises have comprehensive marketing plans in place for the overall franchise, there are many people who may need your service, but may not know about your business. Effective local franchise advertisements will put you in front of these buyers when they are ready to buy.

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Planning toBusiness opportunities: Planning To Buy Franchise buy franchise 25th oct 2012

  1. 1. October 25, 2012 [WWW.FRANCHISEPARTNER.IN] Business opportunities: Planning To Buy FranchiseAt one point or another in your life, you experience the lack of challenge, monotony and boredom. Thisbrings to you a restlessness, which pokes and coaxes you to do something more, something creative,something challenging and maybe something of your own. You start exploring your options and realizefor someone without abundant financial backing it becomes a little limiting to think of startingsomething of your own. A new business venture calls for a sound business idea, resources (financial,human etc.) and a guide, among other things. However, not everyone has access to these things. Whatdo you do in such a situation?Fortunately for you, the concept of a Franchise Business in India is catching up all thanks toorganizations like the Franchise Partner . A franchise a way of doing business, wherein the owner of abusiness grants an individual, right to market and sell his products or services under his brand name. Theowner in this scenario becomes the franchisor and the individual here becomes the franchisee. Tounderstand the concept of franchise business and its opportunities, we need to go back a little in thehistory and look up how it all started. The concept of franchising business is not new at all.Even in the middle ages, some of the governments granted rights to certain individuals of high standingin the society, a license to carry out certain operations like taking care of the civil order and calculatingtaxes. In the same period lords or the courts granted certain individuals right to hold markets, operateferries and perform other business activities, in exchange of a certain amount of royalty. Another morecommercial and relatable example of trademark/product franchising is of Singer sewing machinesCompany in the United States that created a franchise in 1851. This was the embryonic stage of thesewing industry and Singer lacked the required finances to market sewing machines. It then turned tofranchising. The problem was sorted by commissioning representatives who would sell and repair ormaintain its line of machines. Today franchising business opportunities are blossoming rapidly. Thoughfranchise business opportunities in India are at an emergent stage, but the curve is a positive one.However, just like everything else a franchise business in India has its own pros and cons. Taking theright steps can help reduce the risk.Preparing to Buy a FranchiseBefore you rush into buying or investing in a franchise, you have to carefully think about a few thingsincluding your objectives, interests, capabilities and how much capital can you put in? When it comes tothe factor of the capital, you have to consider the following:• An estimate of the investment• An estimate of the losses you can afford• Whether you are buying the franchise alone or in partnership• Whether you need sponsors, if yes then whoFranchisepartner 1
  2. 2. October 25, 2012 [WWW.FRANCHISEPARTNER.IN]• Whether you can sustain yourself when you start up the franchise in IndiaAnother point of consideration is your objectives, and the points of concern in that category wouldbe:• Defining your objectives• Whether you have a particular minimum annual income in mind• Does your interest lie in pursuing a particular area• Whether you want to sell a service or product• What kind of work hours are you willing to put in• Whether you would operate the venture yourself or hire someone to do it• Whether the earning from the franchise be your sole income or you have an alternate source todepend on• Whether it is a long term plan or short, an approximate idea of the time period• Whether you wish to expand to multiple outlets or continue with one In addition, your capabilitiesneed to be evaluated before making any kind of decision. Listed here are certain points to ponder on thesubject:• Whether the franchise of your choice require any technical know how or relevant educationalqualification• Whether you have a set of skills or qualified to offer and put to use• Whether you have any prior experience of owning or managing a business yourselfSelecting a FranchiseAfter this analysis and evaluation, it is time to select a franchise business that you want to buy or investin. A few things must be explored before you come to the decision.Demand• Whether there is a demand for the product or service in your target community• Whether the demand is season specific• Whether the demand of the product or service continue to rise in the future• Whether it generates a repeat businessFranchisepartner 2
  3. 3. October 25, 2012 [WWW.FRANCHISEPARTNER.IN]Competition• The level of competition, not only in the target community but also nationally, needs to be analyzed• Whether there are other franchise or company owned outlets by the franchisor in that area, if yesthen how many• Number or competing companies selling similar products or services• Is your target community familiarized with these competing companies• Are the same/similar products or services being offered at comparable or lower pricesYour Entrepreneurial Abilities• Whether you would be able to run your business even if the franchisor goes out of business• Whether you would need the franchisor’s inputs like training or marketing facilities to run it• Whether you would need the same or alternative vendors• Whether you would be able to run the business yourself if cost cutting leads to letting your staff goBrand Recognition• Whether the brand has recognized and a registered trademark• How old is the franchisor in the business• Whether the company has some reputation in terms of product or service quality• Whether there have been complaints registered by the customers with some sort of consumer forumTraining and Other Assistance• Whether there is any training or continuing support provided by the franchisor• Whether the training provided is up to the industry standards• The background of the franchise owners should be explored extensively• Whether they have specialized relevant background or training to help them succeed• Whether you have a similar supporting backgroundFranchisor’s Experience- Whether the franchisor has been in the industry for long- Whether you are comfortable with the franchisor’s proficiencyFranchisepartner 3
  4. 4. October 25, 2012 [WWW.FRANCHISEPARTNER.IN]Expanding Opportunities- Whether there is some scope for you to grow and expand your venture in future- Whether the franchisor is open to let you expand to multiple franchise opportunitiesIf you are in constantly looking for a chink of hope that can either make your work interesting andchallenging or that you may someday muster up enough courage to take the risk and go looking for yourown challenges, the best franchise business opportunities in India are opening up and helping you doexactly the same. Coming up of companies including the Franchise Partner only means additionalsupport and better chances of your succeeding in the long term.Franchisepartner 4