Entrepreneurship Oct, 24 2011

Defying age for profits

While we still see some studying or looking for the right job, these youngsters are already raking in the moolah by setting up their own ventures. They have not only set up businesses that are successful formats but they also have on paper big plans to ta

By Neha Malhotra
Sub Editor, Franchise India Holdings Limited, Web Division
Defying age for profits

Youngsters are said to bring a new and fresh vibe to a business. New business ideas and ideologies and the ability to take a business to greater heights are present in all young enthusiasts. Nowadays franchise is the preference for a business proposition, but rather than being a franchisee, young guns prefer to be on the other side of the fence by being in charge. They prefer to experiment and bring something new to the table.

Meet some young franchise owners

Sanam Kapoor, 25, Owner, Pinocchio Pizza, started the concept of slice pizzas in Chandigarh and now plans to take the brand across North India via franchising. He also came up with the concept of a heart shaped pizza which is not heard of before to entice customers. Vijay Abhimanyu, MD, South Indies Restaurants, manages time to run a business, study business management and also enjoy his life! The entrepreneurial spirit runs through his veins and keeps him on his toes all the time. What started as an online store for gifting plants has now prospered into a holistic retail brand that offers a wide range of interesting range of planters and garden accessories. Pallavi Goswami, the founder of Green Somethings is now on an expansions spree and has on papers plans to take the brand forward via franchising. Crepe Station Café was conceptualised in 2003 by Nicolo Morea and in 2007, Ravi Sharma became a partner to further add to the brand. Since he joined Crepe, they have opened in Mumbai, Kolkata, and Chandigarh.

Why franchise?

Youngsters who wish to start a business usually encounter the problem to flow of capital. Starting with an initial seed capital helps establish a brand but taking in forward requires a strong backing. For those who have that kind of backing, it is easier to spread wings while for those who have a strong business plan but not a lot of cash in hand can bring their business dreams to realisation through franchising. Ravi Sharma, Director, Crepe Station Café says, “The franchise route is one of the easiest and fastest methods for expansion and enables you to increase your brand presence nationwide and in other place away from the brand base. Franchising is the best option as it involves minimal capital and risk for the franchisor, obviously bearing in mind that the franchisor has to perform also.” On the other side, Abhimanyu saw a great pool of opportunities and potential for his business so he opted for the franchise route. He says, “We saw a huge scope in the concept of fine dine in south Indian cuisine. It is the most preferred cuisine in north as the north Indians families love to eat south Indian delicacies and we see a lot of potential in the markets. This made us opt for the franchise route. Moreover, we are getting a lot of franchise enquiries from all-over India as well as from US and UK. Our outlets are very well accepted in Bengaluru and we hope to do equally well in the north.”

Business sector decision

While going through a list of young entrepreneurs, it has been observed that most of them opt for the F&B business. Eating out has increased immensely in the past few years. Whatever the situation, people have got to eat out so probably that is what these youngsters are cashing on! Though it may seem all rosy but running an F&B business is not everyone’s cup of tea. Sharma tells, “Most people think that running a restaurant is very easy but it is far from the fact. It requires lot of attention to details and requires you to be very active. Therefore, before opening a restaurant, it is important to carefully consider the location, your offering, and what is going to be your USP. Once the initially challenges are crossed and your brand is built the journey becomes much easier.”

Word of advice

Being involved in the day to day intricacies of a business gives a person a lot of first hand experiences. These experiences help them become wiser and take better business decisions. Goswami says, “Be sure of your business model before you take the plunge. Give a rethought to the business plan as much as you can and never hurry into any decision. Patience and precision will take you places!” So, stop, think and then go ahead!!

Related: Transforming skills and entrepreneurship

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