Concept of “franchising” is fast growing and globally accepted theory that is creating a larger pool of jobs and startup options for all the business enthusiasts. Franchising model consists of two levels – one franchisor, who passes their trademark or brand to the second level that is the franchisee, who invests some amount to take up the brand name and use it in another location. As the business market is open worldwide, many international and nationally established brands are looking for partners in new entrants of the business sector. Their novice and fresh thoughts and their trade name are making a dual profit to both the franchisee and the franchisor. Franchising firms like Franbs, play a major role while selecting the right franchisor. Having the expertise and years in the market across the nation, it is easier to assist the newbie in taking better and wiser decisions.
International Franchise Association President & CEO said, “ The franchise sector continues to grow to add 1,84,000 jobs over the past 12 months.” Franchising can be simply put as distributing one’s products through different stores under the same name. This is encouraged globally as the majority of us would like to enter into the business field but either do not have the godfather figure to help us out, or the right finances to initiate the process and make a brand individually or just the fear of starting it from the scratch, and this is when opting franchising helps in taking that big leap. This methodology although sounds fascinating and easy, but maintaining the brand name in a similar format at different locations is the greatest challenge for a franchisee. There are pros and cons for every deal and so does franchising have it too.
Franchising although is a new process accepted by the business market, the graph at which it is growing, the method is not constrained only to the food industry, it has spread across 75 different industries making it viable for every startup planner. Some of the profitable ideas taken up with the franchising experts are to invest in businesses that are into fast food, online business, recruitments, coffee shops, marketing, diet food industry, and many more. As per the International Franchising Association, the current trend in the franchising sector is into:
- internalization of franchising
- involving women and minorities
- more use of technology
The above topics are trending as women in many parts of the world are less encouraged to enter into the field of business due to lack of experience or capital. Either of the states, there are lesser chances of openly taking up franchisee option, that is where the International Franchising Association wants to play a role. Similarly, technology is widely used in every sector, and franchising is also taking the benefits of technology to advertise the brands and reach out to the right franchisee or enthusiast.
There are many mediators or guides in the lucrative business of franchising, who know the tips and tricks to pick the right franchisor and the apt business model as a startup. Franchise in India is one such firm that encourages and supports new entrants of the business sector by providing with ultimate guide and opportunities that are available in the market. Their professional advice helps in better judgment. If you are also a follower of franchising and its benefits, then hopefully this article might have given you a better picture of what you are looking at.