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Business partners at Friends Bakery recently took the franchise of Monginis and are operating five outlets across Bhubaneswar, Cuttack and Puri
Please describe your entrepreneurial journey so far…
Our entrepreneurial journey was informative and challenging at the same time. It is a partnership firm of five business partners, including me under the label of Friends Bakery. Our franchise association with Monginis commenced almost a year ago. It is a proud association with such a big brand, as it speaks volumes.
How did the alliance happen?
Prior to our partnership, we did our homework well and saw a lot of potential in the bakery segment and since there are no other big brands, we thought of having a manufacturing unit at Mancheshwar, Bhubaneswar. We had put an application on the Monginis Website and were called for discussions and finally got approved.
How many franchise outlets of Monginis do you have at the moment?
Currently, we are operating five exclusive Monginis franchisees, and we are planning to open 10 more in the next two months.
What are the benefits that you have enjoyed being associated with Monginis?
The biggest advantages are its taste and value for money, along with brand value. The thought process in deciding the range of products, the current preferences and the changing demands were few other benefits. The expertise advice and guidance in the areas like HR, marketing, logistics, and technical know-how are also motivating.
Why you chose Monginis?
We see a lot of potential in this market, but there was a gap. And we wanted to fill this gap with a renowned brand like Monginis.
What is the initial capital and area required to open a Monginis outlet?
It should be around 250 – 350 sq. ft., and the investment size should be approximately Rs 12 lakh, also depending upon the shop size and locality.
What is the breakeven period?
We have just started our journey. We expect it in about 30-36 months.
The right recipe to your success…
A base of potential market, layered with dedication, interest, and topped with quality and guidance, and support from the parent company are the keys to success.
What will be your words of advice for aspiring franchisees?
This is an ever-growing market and this is the time to foray into this segment. When you have a great brand with you, success can’t be far