Is your business functioning purely on e-commerce and software technology? If yes, franchising is a scalable means to grow your business. Scroll down to know how it is purely a win-win opportunity for the franchisor and the franchisees.
Entrepreneurship in India has seen a new face with the emergence of unique startups. According to a NASSCOM report, India is a fast growing community and the fourth largest in the world when it comes to startups. There are 3100+ startups in India. A large proportion of these businesses are technology backed brands offering services to both the corporates and consumers. Having established the business, the brands have opted for franchising to grow and expand.
Established in 2008, Multilink is one of the leading e-commerce business solutions providers. With its persistent efforts to create growth opportunities for individuals who want to gain beyond the limit profit, Multilink has brought in its exceptional upshot in the form of ‘Business-In-The-Box’ which serves as a platform for services under four hub categories- travel, banking, utility & entertainment. Chirag Shah, Founder & CEO, Multilink says, “We provide Air & Bus Ticket Booking, Railway E-ticketing, Hotel Booking, Car Rentals, Mobile- DTH Recharges, Utility Bills Payment, Money Transfer, Prepaid Cards, Movie – Theme Park Ticket Booking and Insurance.”
Another brand that has a unique business model of operation is MoneyOnMobile, which is a part of My Mobile Payments Limited (MMPL), a mobile payment solutions company. It enables purchase of goods, making easy payment top-ups, payment of utility bills, DTH recharges and more, just with the click of a button.
Growing web of profits
1. Ease of expansion for multi-unit franchisees: Franchising enables replicating a clear and successful business formula and expanding the brand quickly nationwide. Thus it is a viable opportunity for multi unit franchisees.
2. Minimal investment: The investment on part of franchisee is low. Usually no separate set up is required and franchisees can carry out business with their existing business. “Some brands allow cross selling of products and services to existing clientele and attract new customers of MoneyOnMobile for his existing business. The business can work in tandem with existing business with no specific skill set required,” says Shashank Joshi, Managing Director, MoneyOnMobile.
3. Area constraint is reduced: The requirements in terms of area remain flexible. As the brand already has a presence in digital space, so extra cost for spending on e-marketing is also saved tremendously.
4. International expansion: It is easy for entrepreneurs located abroad to invest in the business and thus help the franchisor grow overseas and conduct business in foreign markets. While smaller, independent businesses may have a difficult time building and establishing their global brand presence, franchising can help the potential businessmen in achieving success relatively quicker by investing.
5. Challenging the myth: There exists a belief that in order to become a franchisee of a technology brand, you ought to hail from a technical background. Due to this reason, people refrain from investing in these brands. However, this is not the case. If you have the caliber of doing a careful research and are well informed about the opportunity, then it is the right category for you to invest in.