India is one of the fastest-growing economies in the world and factors such as high disposable income, entrepreneurial energy, and urban population have led to a rise in the franchise business.
A franchise business offers a great platform to first-time entrepreneurs who have raw energy and are plunging into the market. It offers a great learning opportunity that they can then use to sharpen their business acumen. There are a vast number of franchises that can be acquired with low investment and are easy to implement. Let's take a look in the further sections: what is the scope of franchise business in India, how to get started, and the best opportunities in India under 15 lakh.
Starting a Franchise Business in India
The current generation of urban youth has shown a growing interest in entrepreneurship. Some have dabbled in business even before they graduated from college. The franchise business is a perfect learning ground for first-time entrepreneurs where they can learn the tricks of the trade and sharpen their skills. A franchise business provides a solid foundation for starting up in India. Whether you have unique business ideas, small scale business ideas, or small business ideas, franchises can make the process very effortless.
As a franchisee, you are already part of an established brand. All you need to do is select the right franchise, understand vision, and watch your sales plummet.
How to get a Franchise in India under 15 lakh Rupees?
India has plenty of resources to start a franchise. A rigorous research of the business niche that you’re planning to acquire, a good business plan, investing capital is what you need to get started. Here is how you can get started with a franchise in India.
- Identify the niche: Unless you’re sure of the niche, you cannot go ahead and pursue a franchise. This step will set the path for your research, for studying the market trends, demographics, etc.
- Complete the formalities: Have a transparent agreement with the franchiser and register yourself with the Ministry of Corporate Affairs. Complete all the legalities to avoid any future issues.
- Licensing: Complete the licensing formalities. From the industry to business licensing, complete all the licensing documentation before releasing the franchise in public domain.
- Ownership: Get in a legal process in place with witnesses. Once all the parties have signed duly, it's time to take over the ownership.
- Ownership gives you access to business methods, equipment (brand name, logos, banners), marketing styles.
Franchise Opportunities in India
1. Food Franchise
India is one of the largest consumers of fast food in the world, and successful US brands like McDonald’s and Subway are firmly rooted here. Urban families who’ve travelled around now prefer fast foods from famous brands. The food sector provides a platform for new business ideas, small profitable business ideas, or even small business ideas from home, depending on your investment capacity. Here are some of the top food franchises that can prove to be the best business under 15 lakh.
- Go69 Pizza
- Chawla Chicken
- Ignite Foods
- Chicago Delights Pizza
2. Sports Franchise
In India, sports is a religion and is a very competitive consumer market. With promising career prospects in this field, there is a huge scope for sports franchises to pick up in the market. Following are some of the sports franchise under 15 lakh-
- Playmore Sports Franchise
- JustCycling Sports Franchise
- SportyBeans Sports Franchise
3. Hotel Franchise
The hotel and restaurant sector has plummeted high in the last few years, thanks to the rising development in tier-2 and tier-3 cities as well. Hotel franchise is a profitable venture that gives good returns. Some of the popular franchises available in the sector as best businesses under 15 lakh are:
- Kings Donne Biryani
- Capella Global
- Desi Burger
4. Beauty Franchise
The beauty industry has become one of the most popular services opted by urban populations. With increasing employment and entrepreneurship, people are investing actively in wholesome beauty treatments. These can be small profitable business ideas for investment under 15 lakh-
- Looks Forever
- Aqua Spa
5. Travel Franchise
Travel has become a career option for the new generation, where they pursue the idea of travelling. So a franchise in the sector can really be one of the unique business ideas and also small profitable business ideas. Here are some examples of franchises under 15 lakh.
- Holiday Bookie
- The Holiday Deal
7. Clothing Franchise
Clothing products are among the topmost consumed products in the market by the Indian population. There is a varied range of franchises available in the market, from the high street international brands or the local brands with minimal investment. It is one of the best business ideas, and it is now also possible to operate small business ideas from home too.
Some of the examples are:
- Barcelona Mens Wear
- Denim Hub
- Boss the Men’s Fashion
8. Entertainment Franchise
This is an untapped area with huge potential. Urban young Indians prefer investing money in an experience for entertainment rather than buying in kind. It is an upcoming consumer sector that franchisees can take huge advantage of. If you are starting out for challenging franchise opportunities, here are some great options to leverage from.
- Ploogl Entertainment Leisure
- SoundKraft Entertainment
- 7Events event and Entertainment
- K Sera Miniplex
- Hobby Ideas
The franchise market in India is growing and is only expected to rise hereon. By 2030, India is expected to become the third-highest consumer in the world behind the US and China with an estimation of $6 trillion. This provides a huge range of franchise opportunities that have high potential and a receptive consumer market. It is the best time to be a franchisee to create a good body of experience and understand the minute details of running a franchise.
This means that along with small scale business ideas and unique business ideas, the market is bustling for unique franchise opportunities in India. Estimates suggest that almost 35% of the franchise buyers in the market are first-timers. Franchising can bring in high employment for the economy, and subsequently high success rate. The very idea of franchising provides a ready platform even for first-timers to plunge into. Research has shown that most Indian startups have tended to fail as opposed to franchising which has proved to be very profitable.
The looming economic disparity that India is facing currently can be eliminated if more franchises are brought in India. A single franchise store can potentially employ 30-40 people. The number can only grow more if we leverage the potential that franchise business provides. The dream of India shining can soon be a reality.
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Q. What are some strategies to bring a change in consumer markets in future?
Ans. Digitisation, innovation, and localisation are dependable strategies for upgrading the consumer market in future.
Q. What are some of the franchising incentives?
Ans. Franchisors offer discounts on franchise fees or the royalty for a few months is excused for a franchisor to be able to get started.
Q. What are some new trends in business for franchise owners to adapt?
Ans. Automation, decarbonising, focus on smaller cities, pandemic driven strategies are some of the trends in business that future business owners can imbibe.
Q. What are the four main types of franchise arrangements?
Ans. Single unit, multi unit, area developer, and master franchise are the different types of franchise arrangements that are frequently adopted in India.
Q. What points should be considered before signing the franchise agreement?
Ans. Intellectual property, training, royalty fees, terms of renewal, advertising, and marketing are crucial points to consider before signing the franchise agreement.
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