7 easy steps that you must follow to open a Franchise

Opening a franchise is an absolutely intriguing idea, and most people today, are drawn to it. Instead of starting their own business, they prefer opening a franchise to get into the business. Precisely, because it’s a known brand and does not really need that kind of investment. These days there are many options in India, you can get started in literally any part of this country.

However, you need to know the basics before you jump in. so here’s a list of some easy steps that you must follow to open a franchise: -

1. Do your research – Begin by exploring a bit about the franchise in general. Think about how it works and what its scope is. Does it suit your plan or not? Once, you have decided about these things then you can choose a franchise that you’re personally interested in, like a food business or clothing brand. The next thing you have to research is the budget and rules and regulations of that franchise. Choose a franchise that suits your budget and keep yourself up to date with the rules.

2. Go prepared - The franchisor will call you in, once you have chosen a franchise. They will discuss their policies and the expectations they have from you. You should come across as a zealous personality, who is enthusiastic about their products and services. Make sure to be the best on the Discovery day.

3. Franchise agreement- Legalities play an important role in any business, especially a franchise because it is not your business. Closely read and understand the contract. Put forward the expectorations that you have. Do notice any discrepancies and its best to consult a lawyer to avoid any problems.

4. Franchise funding – It’s easier to get funding for a franchise. You may want to look for ways of investment before applying for the franchise. There are numerous options available in the market today ranging from bank loans, crowdfunding, etc. some franchises do offer you the loan as well, it’s a good idea to merge with your franchisors. It will include fewer formalities.

5. Franchise location - If you are looking for a certain kind of franchise, then you can definitely check in about the cultural context. For instance, a place like Gujarat is a dry state; it would comparatively be better if you open up a franchise of clothing or food instead of liquor. You can easily fine franchise for sale in Ahmedabad,and in many other parts of India. Be wise in choosing your location; keep in mind the type of product and your budget. You can either buy or even take up a place for rent.

6. Franchise training – Before you open the franchise, you must take the franchise training program. This will teach you about the brand and its products clearly. You will need this training in various aspects, including marketing, selling, negotiating the prices, etc.

7. Grand opening - Create the necessary buzz; it is extremely important to create the hype. The first impression is the last one right? You could give discounts on the first day, decorate the outlet, etc. to help your brand gain popularity. Either you make it or break it.

If you’re somebody, who’s new to the business world, it’s advisable that you begin by opening a franchise, it’s more convenient, tested and tried. Franchisors are looking for new people to spread their networks. As of October 2019, there is a 200+ franchise for sale in Mumbai with profit margins up to 60%. You can look for states like Mumbai, which is like the hub of brands and try your luck there. You can easily find a franchise for sale and other states of India. these tips will help you in making the right decision.

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rajat shah Joined: November 7th, 2019