Know How to Grab the Right Franchise Opportunity

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Franchise as a concept is very popular among budding entrepreneurs as it has attracted a lot of people in the last two decades. According to research, the franchise industry in India has grown by 35% in the span of the last five years. Talking about the Indian GDP, presently the industry contributes over 2% and it is estimated to grow and contribute around 4% by next year. No doubt, Franchise is a gateway for new business opportunities.

There are ample new business ideas in India for those willing to explore this option. At present, there are over 1.7 lakh franchises operating in the country and it surely gets overwhelming to choose the right franchise option. But now that you have landed at the right place, read the complete article as we are going to tell you a proven strategy to choose the right franchise for you. So, let us get straight into it. 

4 Steps to Choose that Right Franchise

1. Know Where Your Interests Lie and Skillsets You Can Offer

The first and foremost step of choosing the right franchise is by doing brainstorming to know where exactly your interest lies. One can make a list of franchise businesses in India and see what aligns with their interests and skillsets. Like any other business, a franchise also requires a huge amount of hard work and that is why one should be passionate about it for its long-term growth. Here is a list of franchise businesses in India for newbies:

• Health Care Services
• Consultancy Services
• Business Services
• Computer & Internet
• Retail Stores
• Food
• Fitness
• Automotive
• Beverage
• Cleaning
• Clothing
• Beauty Clinics
• Pet Services

2. Decide a Criterion

Now that you have decided which franchise option is best suited for you, its’s time to decide the criterion for choosing a suitable franchise. This will include your budget, business size, location, preferable brands, support required from the franchisor, etc. This step will help you in knowing exactly how much you can invest in your business and what all support will you need for your franchise business to flourish.

3. Shortlist the Brands that Align with Your Goal

By now you have already understood what you are looking for in your new business. So, it is time to shortlist the brands that align with your goals. Make a list of popular brands and do a thorough study to know their complete background and working model. It is always good to know about a franchise from the people who are already associated with the brands. Reach out to them and get feedback on the franchise model. It will help you understand the brand better and hence make an informed decision.

4. Time to Compare

You have all the information, you have done all your homework, now compare the shortlisted options and decide which will work the best for you. Take professional help if required. There are franchise brokers and consultants who make this entire process easier for you. Get in touch with them and get all your queries answered.

There are various latest franchise opportunities in India but selecting the right franchise largely depends on one’s criteria and objectives. Hence, it is recommended to first know what you are looking for and what are the objectives that you want to fulfil. We hope this article was helpful for you and we could give you some insight on how to choose the right franchise opportunity for you.

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