Kolkata is no doubt a lucrative region that holds enormous business opportunities for franchisors.
The modern-day existing and aspiring franchisors are constantly looking up for innovative ideas for enhancing and growing their business. As the competition is rapidly rising in the Indian business market, things are getting more complex for franchisors while expanding their business beyond different territories.
Kolkata is no doubt a lucrative region that holds enormous business opportunities for franchisors. But stepping into the franchising world isn’t that easy at all. While Kolkata is among the top business destinations in the country, the region has its own challenges that franchisors need to deal with in order to emerge successful.
As Kolkata is all set to host India’s premier and most trusted business tradeshow ever – FROEXPO 2019 Kolkata, it’s essential to look out at some of the challenges that revolve around while establishing a business, especially in Kolkata.
Financing is no doubt one of the most basic factors that help business either to grow or fail in the business world. In other terms, financing is the make or break element of any business. Starting or expanding a business in Kolkata requires good financing capability as a franchisor that can help a business grow without any difficulties.
Organizing a Right Team
This is another key obstacle that franchisors experience while setting up a business. Especially, when you are planning to run a business in a complete alien territory, it becomes very important to have quality team members on board that can help a business run successfully. Therefore, franchisors should organize a team that matches their vision, culture, and work ethics.
Lack of Investors
Despite being the 2nd biggest city in India, Kolkata still has various untapped segments that require the attention of existing and aspiring franchisors. The situation makes thing difficult for franchisors that are looking for quality investors. Often, investors would prefer to invest in a proven business model rather than something new. Thus, franchisors need to prepare a good and attractive business plan that can get the essential investors on board.
Different Customer Expectations
Every city or region has its own local population with variant demands and expectations. Same is the case with Kolkata. The consumers in Kolkata might be having different expectations from the brands that are invading or running in the city. Especially if a franchisor belongs to a different region, things become more challenging from his/her point of view.
Thus, in order to eliminate this obstacle, existing and aspiring franchisors should hold thorough research on their target market. This will allow the franchisors to learn and understand the changing patterns of the local customers, later enhancing their products or services accordingly.
If you want to showcase your brands to business seekers, click here to get registered and connected with FROEXPO 2019 Kolkata.
Image credit: forbes.com