There is varied spectrum of franchises ranging across varied industries available and it’s tricky to know where to start when deciding which will be the right one for you.
After talking to more than 100+ franchisees, we perceived that its very significant for any entrepreneur to do a proper homework before investing in the franchise. What happens when things go wrong, here are some tips for potential franchisees:
1 RECOGNIZE YOUR OWN SKILLFULNESS A practical application for a potential franchisee is to try and work out their skills. This will help them to scale down to the right franchise category they can invest in. It will help the franchisee to clearly choose the business category that more closely matches what you are good at. Is your strength managing a team of outstanding, motivated staff? Or you are good at attending one to one customers? Or do you have a tech related interest? Are you suited to a business that operates indoors or outdoors? Do you actually work for a business that gives you a level of flexibility? It is very significant to answer these questions as it will help you categorize which franchises might suit you.
However, a successful business is one that integrates both: how well you work on the business and how well you work in the business. So prior to deciding on the right one, ask yourself whether you’re well-suited with the idea or not.
Esta historia es de la edición December 2022 - January 2023 de The Franchising World.
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Esta historia es de la edición December 2022 - January 2023 de The Franchising World.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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HOW DAVID BEATS OUT GOLIATH
Can mom-and-pop shops truly compete against big-box behemoths and e-commerce giants? Yes, experts say-but they have to think and act truly local.
A YUMMY BOX OF BIZ OPPORTUNITIES
Noodle Box was born 28 years ago after two young Aussies discovered a cultural melting-pot of flavours in the hawker food markets of SouthEast Asia. It opened its first restaurant in Melbourne. Read how the brand has grown from strength to strength since then as Sean O'Connor, Network Development Manager, gives a sneak peak inside 'Noodle Box' to Parina Sood.
GAME, SET, WIN: WELCOME TO THE BUSINESS OF PICKLEBALL
The interesting new sport of Pickleball is gaining popularity in the country. Here's your chance to know how can you win big by associating with the biggest brand in the business, Pickleball Kingdom, as Ace Rodrigues, Founder & CEO, Pickleball Kingdom gets into a candid chat with Parina Sood.
HI-TECH APPROACH TO ETHNIC WEAR BIZ
Abhishek Agarwal, a Lucknow-based businessman in the garment industry had been looking to establish a strong foothold in the wedding apparel market. His search finally ended when he signed the dotted line with Manyavar & Mohey. Read on to know why he zeroed down on this particular brand and how has his journey been so far as a multi-unit franchisee, as he gets into a candid chat with Parina Sood.
How CSR can elevate Restaurant Industry further Impacting the society
The food and beverage (F&B) industry is among the world's fastest-expanding service sectors, boasting an impressive annual growth rate of 7.2 percent. The food service market in India was estimated to be about 70 billion US dollars in 2023. It is estimated to increase to 125 billion U.S dollars in 2029 as reported by Statista. With the aim of maximizing profits, restaurants and F&B brands worldwide are continually striving for financial success. Beyond the pursuit of profitability, these businesses bear a significant responsibility towards societal well-being, known as Corporate Social Responsibility (CSR). CSR emphasizes the importance of businesses contributing to societal benefit through responsible practices and initiatives.
RISING WOMEN POWER IN BOOMING PRE-SCHOOL INDUSTRY
The hand that rocks the cradle, rules the world! Nonetheless a world that itself is expanding rapidly. Welcome to the flourishing pre-school industry in India and the rising stake of women in its expanding universe.
FRONTRUNNERS IN FRANCHISING
Entering its 25th edition, the prestigious Top 100 franchise list celebrates the most outstanding opportunities in India's franchising landscape. Distinguished by its comprehensive methodology, Franchise 100 stands as the nation's sole franchise listing that assesses businesses across diverse dimensions. These top brands are classified into four categories: Established, Emerging, Debutant, and International.
LIGHTHOUSE LEARNING PLANS AMBITIOUS EXPANSION, MAKING IT TO 3200 IN NEXT THREE YEARS
Lighthouse Learning Pvt Ltd, formerly EuroKids International Ltd, demonstrates resilience and growth, expanding its network of pre-schools and K-12 schools. In FY2023, it added 450 franchise preschools, bringing the total count to approximately 1,600 Eurokids franchisees and 35 Kangaroo Kids franchisees pan India. Prajodh Rajan, Co-founder & Group CEO, Lighthouse Learning Pvt Ltd discusses the brand's strategies and expansion plans with Beny Sachdeva
BABYSTEPS TO SUCCESS
Minimee extends beyond being a mere retailer to becoming an omnichannel brand, engaging customers across various touchpoints. Aiming to expand their presence nationwide, catering not only to new and expectant mothers but also to children up to 10 years old. The brand further plans to diversify into soft play, stationary, and educational ventures, adapting to evolving business dynamics. In a candid conversation Pratima, Founder, Minimee talks about brand's USP & expansion plans.
$401 million investment surge in the hospitality sector during FY23 : JLL
There is an increasing interest in hotel development activity in Tier-2 cities, with 54% of the total signings taking place in these locations.
