Finding a right franchise opportunity in India can be complicated. People usually find it hard to decide that whether they have found the right franchise or not. If you are also finding it hard to decide if a franchise is right for you, then here we are listing top important signs of good franchise opportunity.
- Honesty: When you need to ask something about the franchise opportunity, do you get quick response and honest answers from the franchiser or your calls are just kept on hold? The way the franchiser treats you now is a nice sign of how they will treat you in future.
- Sufficient Earnings: it is important to know if current franchises are able to make a living from the franchise. You can ask current franchises as well as estimate potential earnings. Some franchisers also provide average earnings information in FDD (Franchise Disclosure Document).
- Satisfied Franchisees: Get in contact with both former and current franchises to know about their experiences about the franchise system. If the franchisees you talk to enjoy their work and are satisfied with the earnings and support then it is a nice sign.
- Advertising and Marketing Support: What type of advertising and marketing programs does the franchiser have? Does the company take advantage of the latest trends that other brands are using like social media or online marketing? You might have to pay a monthly advertising royalty. So ensure the programs are worth your money.
- Good Management: Know about the management of the company and their experience in franchising. It is one thing to run a company, but completely another thing to grow a company with franchise. From how many years the company has been providing franchises? Get in contact with the management team and the franchisee support staff to find out what it will be like to work with professionals on daily basis.
- Strong Support from the Franchiser: What type of assistance and training do you get in order to get your franchise up and running and keep it running successfully? If franchisee support is good then even a small franchise system can prove to be a great opportunity.
- Unit Growth: Constant growth in the number of franchise unit shows that a franchise is growing and successful. One key advantage of buying a franchise as compared to setting up your own business is the brand recognition and reliability of the franchiser. Besides, the more units that are open, the more brand awareness clients have.
- Industry Growth: What is the growth potential of the company you are considering? Some franchisers provide market research on their industry, but you should also do your own research. Growth potential in your local area is also important.
To discuss lucrative franchise opportunities in India, feel free to get in contact with Business Saathi.