Most of the existing franchises which can be found in the market had the idea to start their own business at least once in their life.
The dream of starting their own business grew more with time before they found themselves adapting the franchise model.
Franchising model is something from which both seller and buyer can make success. The ability to use others money for expanding their own business is something which the franchiser prefers a lot. Growing their business in this way is more rapidly than going through some investors or other kind of lenders.
Franchisees also enjoy many perks which comes with the franchise model. There is a higher chance for gaining success than starting something of their own. From the location to the interiors of the outlet, everything is handled by the franchise which removes a lot of pressure from the franchisees. The only thing that they have to do is to provide the franchise model with required money they demand. Rest everything is taken care by them.
With perks comes drawback too. Franchise being the best model has some drawbacks too. Franchisees lack in terms of independence from the product they sell to the interiors of their establishment. Despite of having some creative ideas in their mind, they are unable to put it in action as they are restricted. “Franchise model is something which everyone is looking for in the current time. “With the advantage of making money and profit rapidly, this model is sure shot success for both franchisers and franchisees,” says Bhavesh Bhatia who is the owner of Pahmos, Noida.
Some benefits of franchising model
India is witnessing the invasion of many franchises which are being loved by the people. The full -service franchise is expected to grow by 8 % in 2018 which clearly indicates that this model has clearly marked its presence in the market. Knowing the perks of having a franchise, people are now taking interest and are ready to pay the franchisers the amount they demand.
A franchising model comes with a simple mantra which is “Just follow the system”. It can be considered as the reason behind why franchises are so successful in today’s time. Following this mantra, franchisees tilts towards buying a franchise thinking that if they are going to follow them then success not very far away from them. Franchise is considered to be a model which can provide people with profits in a short span of time. The only thing required is to invest in the franchise and get training.
“Franchising model has changed the way f&b industry is working now. Brands like Mcdonald, Starbuck, Pizza Hut etc have expanded to every region because of the franchise model. It was my passion and dream to start something of my own otherwise I also would have moved towards a franchise model enjoying the perks of having it and making profits by serving the people,” shares Divij Bajaj, owner of Headphones lounge.
Things are changing for the franchising models with time. Initially, they were just focussed on finding the investors for their franchise so that they can extend their brand. They almost took independence from the franchisees by applying all the ideas by themselves. But things are becoming more mutual now. Franchisors are trying to make the buyers comfortable with their ideas and cultures.
Franchisers and franchisees should share towards working with mutual goals and ideology towards the success of franchise unit. Some independence should be there so that it can lead to mutual understanding which will work for the brand as a whole.