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With return on investment (ROI) being the king and an uncertain customer, it’s easier to go out of business if the initial costs are high. To counter this, brands have come up with various innovative models, writes Shipra Bansal
Imagine this: Two corporate employees are seated in a coffee shop in Delhi, discussing how to turn their dreams of owning a business into reality. In fact, it’s not rare these days to hear people talk about their desire to leave a regular corporate job to pursue an independent business venture. However, most of such plans fail to take off and what prohibits them is the lack of resources and know-how. In such scenarios, franchising provides an ideal way to deal with these restrictions. However, the traditional high cost of franchisee ownership still proves to be a hindrance. To counter this, franchisors are developing newer models. Here are a few examples:
Food trucks are continuing to pop up all across the country, and in more and more locations. As for franchisers, it’s an easy way to open a business with minimal cost. It’s also a great idea for additional income for stationary restaurants. All they have to do is add a truck that travels around with best dishes.
Speaking of business on wheels, another trend taking the world by storm is that of service providers on the move. Dog groomers, hairstylists, personal chefs and many more are all setting up their ventures in trucks or vans. It’s a move that gives them the ability to keep overheads as low as possible while offering a novel service to the client: a service that meets them at their doorstep.
Employee to Franchisee
Increasingly these days, young entrepreneurs are working to create startups and self-owned locations. However, younger owners do find a pushback with their ability to secure a loan. Because of this, companies have started innovative programs which allow employees to work through the chain. After proving their worth and/or completing a specified program, employees are provided with the opportunity to purchase a franchise location.
Stock on Consignment
In the apparel industry there is an increasing trend towards giving the stock on consignment, thereby reducing the investment significantly. It also helps the franchisor in ensuring that each retailer gets the stock as per his or her local needs and it also helps reshuffle the stock between high and low demand retailers.
Business via Apps
Noticeably, iPhone apps and other mobile applications are taking the world by storm. And majority of smart, forward-thinking entrepreneurs are taking advantage of this mobile apps’ phenomenon to further improve their business. This is done through boost branding, improving customer service experience, using it as a marketing tool, acquiring more customers through loyalty programs, and ultimately generating more income.