In an exclusive interview with Joyshree Saha, Virag Joshi, President & CEO, Devyani International Limited talks about his focus towards overall development of the brands.
How has been your journey as a franchisee?
We are in this business for last 20 years. We have opened our first Pizza Hut store in 1996 in Jaipur. And the journey was really good with many ups and downs. Simultaneously, we have exceptionally good relation with our franchisors. And that is the reason; we are growing in all the brands and we also look forward to grow more and more in coming years.
How significant is franchising model in today's world?
It all depends on the brand's pull. As taking up the franchisee of brands is viable only when the brand is successful. You can take the franchise of as many brands as you want, but it should be profitable and customer focussed with a strong brand recall within the customer segment. Also, you have to nurture the brand. It is only then that the success of the brand and the franchisees comes into the picture.
What according to you are important tips for becoming a successful franchisee?
To be a successful franchisee you need to have enough cash flow to sustain the business in the initial phase. Apart from just running your franchise unit, you have to keep in mind that your contributions are crucial for the growth of the brand. This is not a short terms process, so good gestation period is required to make the brand profitable.
What sort of training and support are offered by your franchisor?
All training manuals are provided by the franchisors. Training means they offer modules for the development of the people, new innovation in products, services, operating procedures and processes to customers. In addition, franchisor provides modules for how to maintain the quality and process.
Where do you see yourself five years down the line?
We will be growing and keep on investing on the brands, mainly in the food sector as it is our core business.