It is better to own a franchise of an already established brand to avoid risks in starting a business. Read on...
To many investors, a new business may seem a risky bet to invest the money. And investing on a franchise business is quite appealing to them as it has lesser risk factors. In franchising, the franchisee buys the rights to market and distribute the goods and services of the franchisor’s company and use its business name for a fixed period of time, whereas a new startup has to be setup from the scratch.
Franchising model is incorporated by a lot of aspiring entrepreneurs due to its numerous advantages. So it is better to own a franchise of an already established brand to avoid risks in the business. If you are an aspiring businessperson, then here’s the list of business ideas from the topmost franchise categories that could assure you a successful entrepreneurial venture.
Retail Business Franchise
Retail is a simple process of selling goods and services to the consumers through multiple channels of distribution through which you can earn a profit. Starting a retail business all on your own could be quite a daunting task. So, in order to avoid risks, an entrepreneurship in retail could be started by buying franchises of other brands. You could buy book stores, candle stores, consumer durables, e-retail, super marts and other retail franchises to venture into retail entrepreneurship.
Automobile industry is a huge industry and is gaining significant growth due to increased purchasing power of customers. With increasing demand of personal vehicles, there are various small segments that are blooming. For example, vehicle repair, car/bikewash, custom paint jobs, aftermarket parts, wheel manufacturing firm, electric vehicles etc are some of the segments that emerged from the increased demand of automobile industry. Buying a franchise of the above mentioned segments could be quite lucrative.
Beauty and Health Franchise
Beauty and healthcare are two most essential requirements of today’s lifestyle. An increasing demand in beauty and health has given birth to so many new business opportunities that have flourished the sector even more. There are so many beauty and health related franchise opportunities available in the market such beauty aesthetics and supply, beauty salons, cosmetic accessories, clinics & nursing home, pathological labs, gyms & fitness centres, medical spas etc.
Educational Business Franchise
With a large number of school goers in the country, a lot of new business ideas are emerging in the field of education. A huge range of business ideas such as pre-schools, competitive exam coaching, online learning platforms, learning apps, artificial intelligence based appliances, assistive technology, make up the educational franchise scenario quite a competitive one. One could simply buy franchises of big players in the market such as Kidzee, Logiscool, Eurokids etc as they are quite successful in the market.
Food and Beverage Franchise
With increased purchasing power and willingness to spend more on eating out, food and beverage sector has seen an immense growth in recent years. Buying an already established F&B brand’s franchise could be quite a lucrative business opportunity as it would be already tried and tested and accepted by the customers.
There are various segments in F&B sector such as bakery, snacks, ice cream parlors, online food ordering services, restaurants and bars, food trucks, among others.