With franchising fast becoming the most popular business models in India, new concepts are being introduced every now and then to franchise arena in the country. One such unique business idea is the franchising of homes for comfort of aged people, which h
Old age home considered a taboo in Indian conservative society is finally gaining a business appeal. Old age home franchising, a unique business venture is offering lucrative franchise opportunities for the aspirants. However, the concept, well-accepted in western world is gradually gaining grounds in India as well. The foray of entrepreneurs in this business concept is sure to turn old age home franchising into a profitable business venture, witnessing its huge untapped potential. This article is a must read for the aspirants trying to venture into a unique franchise concept.
Need of Second Home
Team Ventures Private Limited (TVPL), a Hyderabad based company offers first of its kind of a home for old and retired people. Better known as ‘2nd Innings Home’ is an inspiration from the movie ‘Lage Raho Munnabhai’ informs Anil Kumar, Founder and Promoter, TVPL. Keeping in mind the increasing crime rate and murder of affluent but aged residents, who have no one to protect them, the old age home franchising concept is a sure success.
Presently there are many old age homes in India but none of them can boast of offering the best services to its residents. This can be one of the reasons of not opening such business ventures by private companies. However, TVPL has taken the initiative of beginning this business and taking the franchise route for the expansion of such homes. As informed by Kumar, “It is not an old age home but a home for providing security to aged people. I started this unique but useful business venture keeping in mind the insecurities and problems being faced by retired people whose children are NRI’s. They can always give financial help to their aged parents but cannot offer them security. This was the major reason of starting such an establishment.” Many Indians have settled abroad. They provide their parents with sufficient money for a comfortable living but cannot give them the care, protection and love they want. For such parents, 2nd Innings Home can be a perfect place to spend and enjoy their old age.
Future in franchising
With more and more Indians being settled in the foreign nations, there is a growing need for protection and security of their old parents staying alone. The aged become easy targets for criminals. Therefore, there is a dire need of protection for such people. In such a scenario, the concept of old age home is gaining popularity in the Indian franchise arena as they have taken the franchise route for future expansion. Prospective entrepreneurs can see large untapped potential in it and are sure to reap numerous benefits from it. As informed by Kumar, “We are keener on taking the franchise route as a local franchisee can understand the market and local area well. We may not know how and where to set up the homes in pan India. However the local partners can do so well.”
Prerequisites for franchisees
Presently, TVPL has one home which is sprawled across 25 acres of land in Hyderabad. The company plans to have a pan India presence soon by the franchise route. Establishing 2nd Inning Home is not an easy job as it requires a lot of investment in the initial stages by the entrepreneurs. However as informed by Kumar, “If an aspiring entrepreneur comes who owns a large piece of land, we will provide him with the capital to start the home. Moreover if he has investment, we will help in fetching good land.” Therefore starting a home for aged is not a difficult task if the entrepreneurs have capital or land.
Flip side of the coin
With changing lifestyle, the concept of 2nd Innings Home is the need of the hour in Indian society, but it may be difficult to convince who still consider it against their principles to send their parents to separate homes. One of the most challenging tasks is to convince the people to change their mind set and accept the new concept for its benefits. Kumar admits, “We are not promoting such a concept but it can give a cultural shock to many of us. However, it is especially for NRI’s who are not physically there to take care of their parents.”
To conclude, old age franchising is gaining prominence and only time will foretell the potential of such unique franchise concept. Aspiring entrepreneurs must gear up to tap the opportunity of the new concept.