How to Get Franchise in India
India contains a broad spectrum of opportunities for interested entrepreneurs and businessmen, more particularly when franchising is concerned.
There are several options to choose from when deciding on an ideal franchise option to start a business.
As the Indian economy continues to grow, so does the interested Westerners that engage in business ventures in the country. Western franchises are a popular business option for entrepreneurs that are interested in seeking their own form of financial independence. If you decide that you want to open a business in India, or more particularly a franchise then there are certain guidelines you will have to follow.
First is deciding on the location. The success of your business will depend on its location, which in turn will depend on the type of business you will want to open. You may opt to open your franchise in a economically booming sector or for one of the poorer ones in the region. The advantage of opening a business in a densely populated and economically rich location is that you already have the benefit of a target audience which may be more challenging to obtain if you open up your business in a less densely populated location in India. There is also an advantage with this however since you will have little to no competition in the area.
The type of franchise you plan on setting up is just as important as the location. You will want to make sure that these two factors jive with each other. Whatever decision you make there will be risks, and with that you will need to weigh your options accordingly. The success of your franchise will depend also on how you manage the business. You will need to create and develop and effective business plan once you decide on the franchise you wish to develop. With this business plan decide on whether you want to travel to India yourself to discuss the specifics and legalities of opening up the franchise, or you can contact the franchiser through email or phone to come up with an agreement. Naturally, travelling to the country yourself will help you generate a better business agreement with the franchiser that discussing issue over the phone, yet it will be risky and costly so weigh your options once again.
Visit the local government of the area in which you want to start your business and settle all the necessary legalities. These will depend on the location and the type of business you plan on running. Also prepare to set your qualifications for the staffing of your business. You will be dealing with Indian people so there must be a clear flow of understanding and communication. Get to learn the language or get someone to interpret for you to avoid misunderstandings. Lastly you will have to plan on the marketing and advertising of your franchise which in often cases are provided for by the franchiser.