Amid huge competition in today’s business arena and according to industrial experts, it is advised to start franchising at a young age. Let’s find out why...
Starting young in any business sector can be quite advantageous for anyone if proper direction is taken. Similarly in franchising, aspiring entrepreneurs who start young and Chalk out a plan for their success are the smart movers. All you need is motivation and the best use of your energy. Here’s why starting a franchise business early in young age is beneficial.
Younger people are said to be more flexible. Since they are less acquainted with the professional world, they do not fear experimenting and taking risk. They take challenges and make ways for success because of no bigger responsibilities and family pressures. When asked about tips for young entrepreneurs on how to start their own business, Zorawar Kalra, Founder & Managing Director of Massive Restaurants pvt ltd told us: ‘Though I don’t think it is right for me to be giving tips to people as I’m still learning myself with each passing day, there are two things that I’ve learnt from my father, which I can surely share with those who have recently or are wanting to step into the hospitality retail space:
- Spend a considerable time, effort, energy and resources in research on the kind of cuisine / food and the audience you want to serve. Get into kick starting only when you are absolutely sure about the business and the product you have developed.
- Unlike popular perception, hospitality isn’t a “glamorous” field; it is a lifestyle that one chooses, which not just entails awards, accolades and recognition but also numerous sleepless nights, crisis situations and requiring one to be absolutely hands-on to ensure that the vision is being executed as per plans, which can at times leave you with less time for your family & loved ones. So choose wisely.
Never let your ideas die
Almost every youngster with an entrepreneurial bent of mind, has an idea ready. So, when you are ready with it, don’t let it die. Instead start working on it. Youngsters don’t hesitate in taking risks when it comes to start-ups. Do all the required research and home work. Jump into the trade only then. Always know well about your competitor. Are you better than him? What unique he is offering that you don’t have? What new are you coming up with? Be ready with such questions in mind. Many successful businesses have grown from just a thought. Work on the thought that what best you can offer to your patrons. If you are in your 20’s or early 30’s, try and get loans. Many banks offer great schemes for start-ups. Try and get guidance and support from some experienced and senior people too. Talk to them. Take time to discuss all that you have in mind. Attend conferences and events that can be helpful for you to grow faster. You can also seek business advice from friends, relatives and family members.
Always remember that franchising always gives you a chance to discover and get support from your franchisor. If you are young and are planning to take franchise rights of a brand that is owned by a veteran, do not hesitate to take guidance from him. If you are ready to take his brand on zenith, he will surely be content in guiding you to the best of his abilities.