With growing economy, disposable income growth and increasing brand consciousness, a number of western brands are heading towards India through franchising. Associating with western brands can bring lot of business perspectives to the aspiring franchisee
India with globalisation has emerged as one of the most potential countries in the world. The concept of franchising has become hugely popular in India as it has led to the rise of economic standards of the people and has provided job opportunities to the masses. Thus, with such global change, the western brands are targeting India as a land which has both business prospects and potential customers. According to Babette Marzheuse-Wood, Senior Consultant, FFW Consultancy LLP, “Most western brands are attracted to the Indian market, as they see India as the engine of economy for future. The upcoming western brands prefer expansion through franchising as it provides access to local expertise (by associating with a local franchisee). Also, As Babette says, “The local partners contribute local market knowledge and access to local real estate. They also provide local infrastructure which lessens the risk of franchise failures.” These are few basic requirements for expanding in a foreign country or an altogether different state. Apart form this; western brands usually look for aspiring development partners rather than a single unit franchisee.
So, for an aspiring entrepreneur, it can be a wonderful opportunity to be associated with a western brand by taking up its franchise. There are a number of ways through which a western brand can enter India. These are –
Well established western brands
A number of western brands from various sectors have established themselves successfully in India through franchising. For example:
These are all well recognised brands in India and they have plans to make prominent place in India. So, if you have ever dreamt of partnering with a western brand to start your own business, then it is the right time to give wings to your dreams. Here we enlist a few pros and cons of associating with a western brand.
Advantages of taking franchise of western brands
Partnering with western brands has innumerable advantages for an entrepreneur. These are as follows:
Disadvantages of associating with western brands
While on the other hand, there are a number of disadvantages associated with a western brand that includes:
So overall, one can say that taking up a franchise of a western company can be beneficial in terms of making profits and owing success.