With a great potential of new ideas in franchising world, those who aspire to build their business are looking up for new business startup ideas and are choosing franchises of those new business models that are the becoming the talk of the town
There is a constant battle among industry giants and other emerging business models in the world of entrepreneurship. What they are competing for is the throne of ‘the biggest giant’, which means walking on a double-edged sword. The entry of fresh and new business startup ideas or concepts is intensifying the war even more.
Either way, the franchising world is reaping all the benefits of this war as both old and new business ideas are taking a franchise route for expansion. The new business ideas are attracted by franchise model and are getting advantages of the model due to their trendiness and newness. With a great potential of new ideas in franchising world, those who aspire to build their business are looking up for new business startup ideas and are choosing franchises of those new business models that are the becoming the talk of the town.
Why New Business Startup Ideas are Taking Franchise Route
Franchising is a business model that is very lucrative in itself. It benefits both the franchisor and franchisee on many different grounds and that’s what attracts business aspirants. The popularity of franchising business model in India can be seen by the fact that the franchised businesses have captured a market size of USD 7.2 billion with an annual growth rate of 30%. And when we talk about its worldwide reach, franchising creates almost $2 trillion every year around the world.
By looking at the above data, one can estimate the potential that the franchising industry possesses. If you’re a budding entrepreneur who aspires to own a franchise, here are top 10 new business startup ideas that are shaking the world of franchising.
No one might have thought how huge the potential of a laundry business is, until a few organised players in the market came into existence. Believe it or not, laundry services are among the most demanded services. Most consumers find laundry a hectic work, and wish to get rid of it. With the increase in the number of nuclear families and the rising purchasing power, the market for laundry service is witnessing a sky rocketing growth. With the advent of the startup culture, the laundry business has become mainstream. UClean is one classic example to analyse the current scenario of the laundry service market. According to recent reports, UClean has $1M in estimated revenue annually. The brand has many franchises across India and is among the most lucrative business ideas.
With the increased penetration of mobile phones across all the levels (tier I, II, & III), the refurbished phone market is yet another business idea that is taking the world by storm. Just as the market for refurbished phones took an organised turn, the business idea that has always been there in the market witnessed an uprising ride.
Refurbished phones market is making its way towards the organised market via franchising that is unlocking the hidden potential of such a niche market. Brands like Phonup have created their niche in the refurbished phone industry and offer lucrative opportunities to like-minded entrepreneurs.
Driven by a low-cost business idea, refurbished phones market has been further pushed by the franchise business model. The typical franchise requirement of a refurbished phone franchise is mentioned below:
Investment: Rs 5-10 Lac
Area: 100-300 sq. ft.
Expected ROI: 60%
EV charging stations
Owing to the environment degradation and the government’s huge push towards ‘Make In India’ initiative, the market for Electric Vehicles (EV) is gaining speed just like a bullet train. Just as important EV has become in the recent years, the demand for EV charging stations is also witnessing a higher demand.
EV charging stations are in grave demand as the government is focusing on streamlining the electric vehicle scene in India. As mentioned above, more and more production and distribution of e-vehicles is being ensured, which paves the way for the demand for more and more charging stations, and hence there will be a surging growth path for charging stations in recent years.
Brands like Panasonic are taking the initiative to launch their own EV charging stations in India with the help of franchising model. Hence, electric vehicle charging franchise becomes a lucrative platform for entrepreneurs to venture in.
Mobile Repair chain
Just like refurbished phones, the business model of mobile repair had also been dominated by the unorganised market for a long time. In today’s time, consumers consider buying phones a status symbol and they spend their money on branded phones as if buying phones is an investment. So, if a minor scratch on the screen seems like a big deal for them, that’s why they turn towards trustworthy mobile repair shops.
Mobile repair shops have now gone all modern. As mentioned before, users now prefer brands that are trustworthy. Taking this consumer behaviour to their advantage, modern mobile repair chains are taking up franchise route for expansion. Franchising gives them a brand recognition and helps them in building consumer’s trust towards their brand. A big name in the mobile repair industry, Phixman.com is a franchise brand that has been serving people with high-quality services at an affordable price.
Tea or Coffee Shops
Tea and coffee are two of the most preferred beverages in the world. In India, the majority of people prefer tea while the population of coffee lovers is also increasing. Tea/Coffee shops are becoming favourite hangout spots for Indians to have a conversation over tea and coffee, thereby making it a perfect place for investors to invest their money well.
Gone are the days when tea/coffee shops were as local as any other kirana shops. Now tea and coffee shops are no less than expensive bars and cafes when it comes to ambiance, thanks to the modernisation of small businesses that has taken the whole world by storm. With the market taking an organised structure, a franchise in this segment could be lucrative.
Bridging the gap between service providers and vendors, key features like easy accessibility, low price limits, and availability of two vehicles ranging from Honda’s Activa to a Hayabusa makes it an interesting genre of business, attracting people that are visiting cities.
The concept of the baby spa is surfacing in India as the affordability is increasing and parents are becoming more open for the healthy growth of their children. The concept of baby spa is so fresh, and hence brands are looking to expand via franchising route, creating entrepreneurial avenues for those who feel themselves aligned with the business idea.
Pet Grooming has recently developed into one of the lucrative business opportunities around the world. Largely dominated by the unorganised players, the Indian pet care market has started pushing the barriers and is entering the elite space in recent years. With the increasing number of pet owners, the opportunities for the professionals have gone multifold in the last few years. You could own a pet grooming franchise anywhere.
Owing to celebrity influence, increased health consciousness, social media use, and numerous health benefits, Pilates has become a growing fitness trend in India. Fitness enthusiasts are demanding to introduce Pilates session in fitness centres as well. Entrepreneurs are cashing on this growing trend by introducing Pilates Studio franchises to cater to the demands of the Pilates enthusiasts.