With the rising acceptance of franchising model, a number of aspirants have come forward to start their own businesses. Kapil Prakash, Owner, NH-1 Factory Stores (Ambala-Delhi highway), shares the success story of his franchised outlet.
Ramanjit Kaur (RK): How does it feel to own multi brand outlets?
Kapil Prakash (KP): It is a very good experience. We are doing business from the last nine years. I entered into the franchising sector by taking up the franchise of Reebok and now I own other brands like Gini & Jony, Spykar, Numero Uno and many more. Overall, we are satisfied with the way our franchises are working and the way companies conduct their businesses. So, having a multi brand outlets is a very good experience.
RK: Do you believe that taking a franchise is a better option than starting a business from scratch?
KP: I would say that taking a franchise is the only option to start your business, especially when one wants to start a business with a renowned brand name. Moreover, every company is trying to open up exclusive outlets, which is done mostly through franchisees. So, I think it is a great model to start a business on your own.
RK: What inspired you to take the franchise of Reebok and other brands?
KP: We had never thought of entering into the retail sector. But when the company people approached me and they liked the location, then we also thought of going ahead with it. And it was a good decision and we took it at the right time. Now we are operating multi brands profitably.
RK: What new initiatives and practices have you introduced in your multi-brand outlets?
KP: The main initiative that we have taken is regular stock which is very important for any kind of retail business. It is a necessity in order to ensure regular footfalls at the outlets and to avoid pilferage that can eat up your profit. If the pilferage is high then you may end up in losing money rather than earning profit. So, as a franchisee you need to keep a check on it to ensure smooth running of the franchise.
RK: What support does the franchisor provides you to efficiently run the franchised outlet?
KP: The franchisor provides us with all the necessary support. For instance, regular updates of the software. They also organise audit on yearly basis, which helps us a lot in improving our business manoeuvre. They keep us updated with the latest innovations in the retail segments.
RK: What are your future plans? Do you have plans to take up more outlets?
KP: We have plans to open more outlets in different locations within the vicinity of 70-80 kms of Ambala.
RK: Any advice for the aspiring franchisees?
KP: The aspiring franchisees should get into the franchising business through proper channel. They should do rigorous research of the company and the way business is operated. The decision should not be impulsive rather it should be given a deep thought before starting a franchise.