Hotline: 1800 102 2007
Hotline: 1800 102 2007
Search Business Opportunities

3 Key Challenges That Businesses Experienced In 2018

Challenges have always been a concern for business owners while establishing their business.

By Features Writer
3 Key Challenges That Businesses Experienced In 2018

Entrepreneurship and franchising are becoming the hottest buzzword in the modern day business industry. But establishing a startup or a franchise business is a difficult task with several roadblocks and challenges.

The Indian business industry in 2018 witnessed new businesses emerging in order to make their presence in the competitive industry. In fact, 2018 could be considered as a year where the business industry saw many unique and innovative ideas that tried to transform the business industry. Though, many businesses achieved success while others faced failure.

Challenges have always been a concern for business owners while establishing their business. Some go with a basic strategy while others opt for new generation tool in order to eliminate the challenges from their path to success as a business.

Mentioned below are common challenges that the industry faced in 2018.

Market and the Product

Most of the franchisors and entrepreneurs had a rough time while planning their market and products or services according to the requirement. Validating your business idea becomes an essential step in order to eliminate this issue.

Many experts stated that conducting market research at regular interval could help you understand the market. Once the market is understood, it becomes easier for owners to know the demand of their customers, planning products and services according to the requirement.

Retaining and Hiring the Right Staffs

Hiring the right staffs for your organization is always a key step towards attaining success as a whole company. Many brands experienced defeat in 2018 because of their staff issue. As an owner, you need to design certain guidelines that could help you get staffs fitting to your culture.

Always remember that the right staffs on board could help you experience rapid growth in business, increasing productivity as a whole.

The right staffs react to the situation accordingly, making sure that even a drastic situation is handled calmly, not affecting the business sales.

The Rise in Competition

In order to grow as an entrepreneur or franchisor, you need to deal with the tough competition that is currently present in the business industry. Most of the brands that failed explained that the lack of factors like being fiery and logical at crucial moments.

In order to keep rising with the rising competition, having a healthy conversation with the competitors could help a bit. Sometimes, you could get an idea about how they are working in order to sustain in the market and how can you innovate with your offerings for providing an experiential experience to customers.

Therefore, establishing a franchise or startup business was not a cakewalk in 2018 and neither it would be in 2019. But it’s definitely one of the best lucrative opportunities for investors if dealt with the challenges perfectly.   

Comment
image
image
image
image
Related opportunities
  • Fine Dine Restaurants
    About Us: Pangu Hospitalities Services Pvt. Ltd.is all set to become..
    Locations looking for expansion Delhi
    Establishment year 2011
    Franchising Launch Date 2019
    Investment size Rs. 20lac - 30lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi Delhi
  • Fine Dine Restaurants
    About Us: Started in year 2000, Samvene–The Bagel Café (STBC) is..
    Locations looking for expansion Delhi
    Establishment year 2000
    Franchising Launch Date 2019
    Investment size Rs. 30lac - 50lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater New delhi Delhi
  • Multi Cuisine Restaurant
    About Us: Established in 1994, Tomato's, a venture of Ahura Restaurants..
    Locations looking for expansion Ahmedabad
    Establishment year 1994
    Franchising Launch Date 2011
    Investment size Rs. 1 Cr. - 2 Cr
    Space required 2600
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Prahaladnagar Ahmedabad
  • Furniture/Home Decor & Furnishing
    About Us: Established in 1999, with a love for woodworking, Woodniture..
    Locations looking for expansion Delhi
    Establishment year 1999
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts