Franchise your BIS Hallmarking Assaying Business In India

Written by Sparkleminds
Franchise your BIS Hallmarking Assaying Business In India:sparkleminds

Gold has a deep-rooted significance in Indian history, alluring people from different parts of the world with its beauty and charm. Its golden glow was visible across seas and borders, evoking emotions from millions of hearts. Over the years India’s infatuation with gold has grown stronger and stronger, with Indians accounting for most of the gold consumed globally. Gold, in Indian history, is more than an investment, it is a culturally significant metal that has found a place in Indian hearts and homes alike. Let us see how BIS Hallmarking Assaying Business In India is changing for the times to come.

India is one of the largest markets for gold, and growing affluence is driving growth in demand. Gold has a central role in the country’s culture, considered a store of value, a symbol of wealth and status and a fundamental part of many rituals.

The Government of India recently announced that it is fully prepared to implement mandatory hallmarking of gold artefacts and jewellery from June 1, 2021. Currently, Gold BIS Hallmarking Assaying is voluntary in the country.

With hallmarking unique ID (HUID), the government has embarked on a mission to track each piece of gold that is sold in the country. The government wants to do so by attaching unique identification numbers to them.

Hypothetically, this HUID for gold is similar to a PAN or Aadhar number for an individual. HUID will give a unique identity number to each piece of gold in the country. It will help track down the entire journey of that piece of gold from the point of sales to what happens with it after being purchased. The jeweller who sold it, the buyer who purchased it, whether that piece of gold is stored in a locker, turned into jewellery or simply went for reselling, HUID will tell you all.

What is Gold Hallmarking?

  • Gold Hallmarking is providing purity certification to the gold jewellery and artefacts.
  • Only three grades of jewelleries will now be hall marked under the new regulations. They are 14-carat, 18-carat and 22-carat. Earlier, ten grades of gold jewelleries were hall marked.
  • The new Gold Hallmark will contain four marks. They are purity in carat, BIS mark, assay centre’s name and the identification mark of the jeweller.
  • The system is also available for consumers who want their old jewelleries hallmarked.
  • A person found violating the provisions will have to pay a minimum fine of Rs 1 lakh or five times the price of the article.

Importance of Gold Hallmarking

  • The mandatory hallmarking of gold will protect the public against lower carat. This will ensure that the consumers are not cheated.
  • It will bring in transparency and will assure quality to the consumers.
  • It will remove corruption in the system of manufacturing of jewellery.
  • Legality of Gold Hallmarking

So how is franchising your BIS hallmarking assaying business going to help you??

Now that we know hallmarking is compulsory for the yellow metal, let’s see how you can benefit from having a franchise. Imagine you have set up a unit to do hallmarking of gold. Every jeweller has to get their products hallmarked. Won’t you be the person who will be in demand?  This means that having yourself placed in the right place will help you to have a business throughout the year. We know, gold as a commodity will always be in high demand. Having franchises across India will have many advantages for the same.

The benefits of franchising are as follows:

Rapid Expansion: The biggest advantage of franchising in a country like India, which is so geographically diverse, is the speed of expansion. If you don’t move quickly on expanding, someone else will. It is often seen that communities, friend circles, social circles, and everybody catches upon a franchisee that they see within their proximity.

Market Dominance: Take the first-mover advantage and have the market edge over the competition. The business opportunities have to be grabbed when

Additional Income: With a franchise, you can earn in terms of royalties, franchise fees, equipment sales etc. With such sources of income, it becomes more attractive to the franchisor to give out franchises.

Low Risk of Failure: Franchises have a lower failure rate. When you opt into a franchise, you generally have a network that will offer them support and advice, making it less likely they’ll go out of business.

The Indian market is a large market with the potential being limitless. With the regulations taking a huge step in the jewellery sector, we can look forward to a more advanced and reliable way of functioning in the future. Do not wait to start and franchise your BIS hallmarking assaying business in India today.

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How To Franchise Your Service Business In India

Written by Sparkleminds
Service Franchise Opportunities in India : Franchisebazar

Can you franchise a service? And If you can, will you be able to franchise your service business type as it may not be similar to many other types of businesses that are generally easier to franchise. That’s the first question you’d have while you’d contemplate expanding your service offerings across various markets. Some of the world’s biggest franchise companies are from the service industry. WSI, JanPro, Servpro, Cartridge World are amongst the top global brands in service segments franchising very successfully. Lakme, DTDC, Ekart, Waaree Solar, Asian Paints, Tally and several other franchise brands in India across various service categories are franchising. Service Franchise Opportunities in India is expanding at an exponential rate as all types of franchisors and franchisees are interested in growth.

There are products such as brick and motor companies where customers come in to browse and shop, those that serve food – whether fast, casual, or luxury fine dining. Then there are service-based industries, where the business owners provide a service to their customers. There can be a range of service franchise opportunities example: if you plan to franchise your service business which is into painting houses, installing gutters or roofs or repairing them, giving spa facilities at home etc. Where you provide a service to your customers.

Simple enough concept, right? Whether you are looking to expand your existing franchise company in the services segment or looking at buying a service franchise, there could be tremendous gains. Yet these types of companies are so often overlooked in the type of value that they can provide. If you’re new to franchising or are considering your industry, take a look at the benefits that can come from a service franchise in India. 

Customers don’t have the time to do or simply can’t do
In most cases, service franchises provide something that the normal consumer can’t do on their own. Maybe you have special equipment, perhaps it’s education or know-how that the average Joe just doesn’t have. Are you preparing taxes? Providing financial advice? Offering childcare? All of these things might be a service that someone can’t or doesn’t want to do themselves. Right then and there you have an edge up with your business, simply that you’re offering something that people need or want. You’re in demand from day one. Don’t overlook the value of providing something that others need, but can’t do on their own.

Get Ready to Franchise Your Financial Services Business In India.

Back-to-back Business
When selling something, consumers might not need to return for years. With a service, they’ll need to come back every so often to have you do the same service again. For example, getting a haircut might happen every 2-3 months. Whatever you’re doing, it needs to be done again, eventually. Right there you’re setting yourself up for ongoing revenue with a franchise that provides something that’s repeatable to the same customers, over and over again. 

Get Ready to Franchise Your Salon Business In India.

A different source of income
Increase your training, offer various tiers of services. Doing all of the above can create different revenue streams. It also helps your consumers have options as to how much they want to spend. Not everyone can afford the top price point, but they might be able to afford the lowest one. This can increase your customer base from day one, and provide the benefit that customers can choose what they want. 

Quality lead generation
If you offer a franchise service that’s rare or if folks simply don’t know where to go, your name could soon be a hot commodity. Getting referred to others by customers, or simply doing a great job allow referrals to take place all on their own. When you’re providing a service that few can replicate, you’ll be surprised at how quickly your name gets passed around to the masses. 

The Pet sitting business has become famous among pet owners and pet lovers.

Reduced Expenses
While retail businesses will need to invest thousands just to get up and running, you can make do with much less. Once your equipment has been purchased, you can cut the spending and start earning. Sure, your franchise location will need products and items along the way, but on average, you’re spending far less than different types of businesses. Your parts can be reused, and you can still charge customers for their time with each tool or piece of equipment. For instance, if you do hair, you reuse your scissors and hairbrushes, etc., and if you’re a bike mechanic, your wrenches will last for years. This means less spending on overhead overall. 

Get Ready to Franchise Your Logistics Services Business In India.

Create your own Size
As a franchise owner, it’s up to you how big or how small your operation will become. When providing a service, you can remain the sole owner-operator. Or, you can hire tens of employees and train them all on how to do a great job. The end state is up to you. You can even start out small, and see just how big your business can get.

Branch Out into Retail

Service is not restricted to retail only. You might also find that there’s good money in offering products to your customers. It is completely your decision. If there is a good lead for your franchise location, you can offer relevant products to consumers. There’s no harm. Just one more merit to a business that offers a service in a franchise setting. 

Ongoing Training is Available
You may love what you’re doing and growing rapidly. That’s one of the reasons why you got into your franchising business. But you don’t have to do the same thing on a daily routine. You can actually continue your training and learn more as you grow. Your business skills will advance while running your franchise. Choose the methods that mean the most to you and pursue them. It’s a great way to remain fulfilled in what you do, as well as adding value to your business.

If you plan to Franchise your Service business in India, remember that it has tremendous potential. Each developing city/town is going to be acting as the main hub to cater to a large set of the population in the coming days. The future is for those who are into creating a space in terms of innovating the way business works. Convenience is the new key. If you get your customers to like your service, you can be assured to get repeat customers. The generation is looking at getting work done in the easiest way possible. Would you be rather spending time travelling and waiting rather than enjoying the service at your space with loved ones? A cloud kitchen that delivers food at your doorstep, is much more the need of the hour than visiting a restaurant. This makes it all the more attractive to get franchise services at your doorstep with fewer hassles and worries. 

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Create your own Franchise Marketing Strategy

Written by Sparkleminds
Franchise Marketing Strategy : Sparkleminds

Who is executing the franchise marketing strategies planned? Franchisees..!!Wrong answer!!! No matter how good you have set your franchise business model, and your franchise systems and manuals. The franchise marketing strategies have to be planned by you to support the complete franchise organization at a central level.

Many franchises succeed using great marketing strategies. It is a continuous process that helps in the retention of customers and developing new ones. One of the benefits of a franchise is working with a company that already has established marketing strategies in place. If the franchisor does not provide a support system, it leads to confusion among the parties involved. A franchise business plan has to be allocated well in advance. Delaying it causes only delaying in getting profits.

Have a marketing checklist and act on it accordingly. You can use the following direction to better marketing.

Take the lead in Marketing

Take a more centralized approach and handle the bulk of the marketing at the corporate level. Others leave marketing up to the franchisee. Knowing what you have available and are able to do under your franchise’s guidelines is the first step to building out your marketing plan.

Provide Marketinginputs

Franchisors need to provide excellent marketing materials to franchisees. These materials are just the beginning of having a solid marketing strategy in place. It’s up to the franchisee to devote the time and resources to bring these marketing materials to life.

Be Geo-Specific Transmission

Have a strong social media presence. If you’re not skilled in how to do social media marketing, hiring a social media expert. Through centrally operated, provide posts and activities which will benefit the franchise in particular geographic zones. Promote and engage with local organizations and deepen your connection to the community so that the franchise benefits highly through wider reach. Local marketing strategy by the franchisee will enable the business to feel autonomous rather than like an out-of-touch establishment.

Build Relationships

A marketing plan should focus on humanizing the brand by personalizing the communications you send. As much as you want to sell, it is much more important for you to touch hearts and make a connection with your customers. The franchises are hugely dependent on the community the franchise is available at. This personalization can foster deeper relationships between the franchisee and the community, which ultimately can build the franchise. Franchisees must have a budget to devote to building these resources.

Hence, get your franchise marketing strategy built in a strong manner to support your franchises in delivering the results you would like to achieve.

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Optimize Your Franchise Territory Mapping

Written by Sparkleminds
Franchise Territory Mapping :Sparkleminds

A very important part of the franchise agreement is where the franchisee will operate and how the franchise territory mapping is set to clear. As and when a franchise expands, the number of franchisees grow. Apart from external competition, franchise competition increases to capture a market. The location of these franchises has to be strategized with market allocation. Whether it’s a product or service franchise, the needs of the customers in the location plays a vital role in generating revenue.

Having a good market study based on location-based analysis to select franchises can help businesses operate more efficiently and make better decisions. When a franchise knows a potential market, capturing it would be critical as a first-mover advantage. A franchise can tremendously be benefited if all territory mapping strategies are made with numbers backing them.

To maintain healthy and consistent growth, strategies for franchise territory mapping has to be done with customers in the main focus. Every franchise has its own unique set of target audiences whom they serve to. On top of, understanding the characteristics, tastes and preferences become important. Through segmentation, franchisees are able to offer effective sales incentives. Franchisees will be provided with adequate territory to generate and maintain a revenue stream that does not have to deal with direct competition from other franchisees

Franchisor role in franchise territory mapping

  • Demarcation of Franchise Territories

This is the most common criteria for any franchise expanding. Territories can be defined using simple metrics such as distance radius, ZIP codes, population size etc. Once a franchise knows its strengths and weaknesses, it can have a market strategy to implement on the location that will assist in making the franchise a success.

  • Roadmap for the future

The franchise territory mapping has to be done with the future business kept in mind. An environment that is developing has to be always under surveillance. They are the opportunity that cannot be missed at all costs. Hunting down locations that can add revenue and cater to a larger audience creates better positioning and ease of access to the customers. Conducting territory optimization analysis sets a road map for the franchise for expansion and recruiting a local franchisee at the said location

  • Overseeing Franchise Territories

Investing in franchise territories at the beginning itself will improve the efficiency of your franchise sales and ultimately reach your franchise expansion goals. Success in selling a franchise begins with providing the supply of the current and future demand of customers.

Territories are the fundamentals for any franchise as it provides them with revenue, customers, and the endless potential for growth. Choosing the wrong territories can have a detrimental effect on a business’s potential to grow. For example, if a territory is too small, there will be minimal opportunity for expansion. In addition, if a territory is chosen with little regard to location, you may find that neighbouring franchises are constantly competing for your customers.

To maximize revenue in a particular location, franchisors may offer various territory rights:

Exclusive: The purpose of an exclusive territory is to ensure that franchisee has a large enough market to be successful and a small enough market to be efficient and effective. With exclusive territory rights in the franchise agreement contract, the franchise is the only source of the franchisor’s goods or services in your agreed-upon geographic area. Lack of territorial definition can create business risk for franchisees.

Protected: Under this, a franchisor agrees with a franchisee that it will not appoint an additional franchisee in that franchisee’s territory. However, the franchisor can operate the franchise business in the territory from some other sources, such as company-direct internet sales.  

Unprotected: In some franchise systems, there is no territorial protection to its franchisees. A franchisor wants to get as much revenue as possible from its franchise locations. The possibility of franchisors opening competing stores is high in this system.

Location strategy is essential to any franchise business. The way in which you define your franchise territories and the locations where you build your stores will ultimately determine if your business is successful or not. Franchising territory mapping can help improve your decision-making and ensure that you make the right choices in terms of territory creation and site selection. When franchise territories are properly allocated, you can achieve greater economic benefits.

Once the territories are very defined, it becomes easy to compare the performance of different territories side by side and better understand that factors may be impacting the performance of that franchise. Various factors can influence performance, such as location demographics, territory demographics, and competitor locations. Franchises that leverage territory mapping is able to efficiently create and manage sales territories which helps drive sales and overall growth within a company.

Franchisor support to maximize your franchise is important. Territory mapping can benefit both franchisers and franchisees. No matter how a particular franchisor establishes territories, understanding how territories are determined and are well-respected among all franchises acts critical to have minimum disputes among the franchise in the long run.

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Why Do Franchises Fail

Written by Sparkleminds

The franchise is considered to be the safest mode of expanding a business. With a small number of failures in franchising compared to start-ups, it has become ready to go to the place of interest to invest. However, recent show a different fact. So why do franchises fail? What are the biggest franchise mistakes that have been repeatedly done by few franchises and what can we learn from them??

There is nothing as a sure bet in business. Sometimes traits are blessings but might be a curse too. Let us decode franchise mistakes in order to learn and save future businesses.

Why Do Franchises Fail:

Scattered Business Plan:

The business plan/model will be the main focus of most of the parties involved. This is the most common reason why franchise businesses fail. The best way to test whether or not a franchise has unrealistic expectations is to examine its business plan.  With initial success, franchisors want to expand into other markets without structuring the complete franchise system. This leads to confusion in the operations aspect and with the roles and responsibilities. This is generally found in new businesses. The risk of joining such franchises is very high and is a sure-shot path to crashing the entire business.

To add on, competition should also be assessed with a broad view. It has become very easy to replicate a business. Without safeguarding the intellectual properties, the franchise is at a high risk of losing. SWOT analysis is a great tool to understand the market scenario and adjust the business model accordingly.

  • Inadequate backend support:

The franchisor is responsible to give a strong support system to the franchisees. This can be in regards to marketing, IT, logistics etc. This occurs usually when the franchisor is not in a financially sound position. Without constant support, the franchise system creates loopholes which are cannot be monitored easily.

  • Poor Training:

The training of franchisees is the most important factor when it comes to franchising. Training and support have to be taken seriously. Every successful franchise has ensured proper training modules among franchisees. The delivery has to be consistent across all franchises.

Reminder courses and new training programs not done at regular intervals makes the employees lose track of the procedure. The franchisees lose the focus towards the core business due to such intervals. This is the top reason why franchises fail. Once the systems are not followed, the franchise cannot perform at its optimal level.

  • Use of technology:

There is no doubt that the internet has made the business world change into a complete dimension. If one does not move with technology, the expansion does not take place. It can be digital marketing, new equipment or the way of providing the service online. The generation is tech-savvy and wants the results as fast as possible. If the services are not upgraded with time, the business ends up losing out on customers and falls back in the line.

  • Keep your customers first… ALWAYS!!:

Be a giver and not a taker. There is the mistaken concept of always being right. As a franchisor, individual growth can only happen when the customers are happy. That is why numbers talk for themselves. The real reason for the success is in fact the customers. Keep your customers happy and so will be the franchise.

  • Get the numbers straight:

Many are delusional when it comes to facts. The imaginary number built in the head creates a false situation of bliss. That is why formal market research must be conducted to get the real facts. The decisions must be made based on the reports and numbers. Fictionalized figures cause the only demise to self and others surrounding.

  • Recruitment:

There is a big difference between loving a franchise and running a franchise. Many are simply not meant to run a business. Managing human resources is a task and requires specific skills. The franchisee need not be from a particular professional background. The franchisee should or assign a manager who is capable of handling operations and make certain the systems are followed. Hence, get your recruit your franchisee done by an expert who will be a nice fit for your business. This, in most cases, does not happen and the franchise loses its control.

  • Insufficient funds:

Insufficient funds are the most common cause of all business failure, not only in franchising. Without adequate working capital, paying bills becomes an issue. Even if the business is profitable, it can still fail if its customers have not paid it on time. Understanding the difference between cash flow and profit can mean the difference between surviving and failing. Reinvesting in the business can work wonders and could eventually result in insolvency if not done from time to time.

Knowing is only half the battle won, but the execution by action is the only way out. Now that you’re aware of why do franchises fail, take appropriate steps towards it. So, create a backup. Gain control. Optimize the training. Learn from other franchises and implement them into your business. Get your business models assessed by a franchise consultant. Giving a thought to the failures and implementing solid strategies will help your franchise achieve great success.

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Add Value To Your Franchise Training And Support Systems

Written by Sparkleminds

Let’s just say your business has been well structured and all the systems are in place. On top of that, the business proposition has huge potential. Many entrepreneurs are eager to take up your franchise.  Do you think it will be a sure shot success?? The answer is a simple “No”. Post appointing, franchise training and support has to be given by the franchisor. This is the only way a brand can achieve consistency and deliver to its customers time and again.

No matter how good business plans sound, it is the execution that does the magic. Needless to say, how training directly correlates to getting better performance and results. With the help of franchise training manuals, it enables reinforcing and bringing consistency to the table.

Look at the brands that have franchised at a large scale. There are set parameters that guide each and every employee to stick to the standards. Great franchisors have elaborate training programs, new franchisors are creating their foundation, laying one brick at a time to build their training structure.

So, how can you improve your Franchise Training And Support?

Get Franchise Manuals in place

A good education is a foundation for a better future. Designing the manuals must be done with a very broad understanding. Communication plays a key role. The end-user should be always kept in mind when the manuals are being developed.

Franchise training manuals for operations, sales etc. needs to be structured scientifically. There must be reminders for the reader for the purpose of reiteration. The pre and post-launch manuals also are designed to give adequate training to the franchises at a broad level. Most of the hindrances are removed if training is provided before the franchise starts operating.

Franchise Manuals cover topics such as operations, financial management, marketing, and advertising. Related to the idea of the business/brand, customized manuals are to be prepared to address that particular industry/sector.

Professional Training

Everyone in your HQ needs basic education to understand the differences between working with employees and working with franchisees. The main aspect is to be safe on a legal level for the franchisor. The franchise manager has to pick from the best of the prospects for recruiting franchisees. Misrepresentations, intentional or otherwise, lay a path for future lawsuits that can be easily avoided with proper training. Franchise Manager should know the fundamentals of how the business functions to clarify to franchisees questions on operations they may have.​

Franchisee Training

Interest in building franchise manuals will be anchored even further when you use them as reference materials for new franchisee training. Section-wise assimilation of the manuals gets franchisees in the habit of learning the critical information when in doubt. Clear guidelines will lead the franchisees to act ask the company policies and ethics.

The mission and vision of the brand must be clear from day one. The pre-training consists majority of the training. It helps in creating a live scenario of daily exercises, preparedness of problems that may occur and overall, on how to tackle the problem informal manner without any escalation.

The training can be given out in many ways:

  • Manuals
  • Webinars
  • Classroom training
  • On-site training

Management Training

Franchisee and franchise manager training is the most crucial part of the exercise. Once the agreement process is completed, the training has to happen with immediate effect. The franchisee needs to make certain the protocols are being followed with complete focus and accuracy.

The management will be relied on training the employees of the organization. With this kept in mind, roles and responsibilities must be set aside with distinct instruction. These play a vital role in the success of the franchise. In case the skills and managing capability does not take place, the cost of the overall franchise shoots to high volumes. 

Develop recorded training modules that can be accessed by managers, this further reduces their time and efforts. In addition, they can view it anytime to get clarity on the subject matter.

Employees Training

Franchise models vary for different types of businesses, models, industry etc. depending on the category. The training has to be moulded in such a manner. Whether there are technical, delivering, product servicing, franchisees can’t rely on them until they have been trained.

When it comes to blue-collar workers, the attrition rate is a concern as many leave the organization within a short span of time. On the other hand, skilled professionals need to be trained with higher costs to adhere to the standards of the franchise. Deciding the price and time for the individual employee must be judged well in advance by the franchisee. Manuals provided by the franchisor can also be used. simple training manuals, training aids, or videos provided by the franchisor that forms the foundation of the franchisee’s staff training programs.

Have a Checklist of Franchise Training And Support

The franchise system expands at an exponential rate. The initial phase of franchising sees slow growth. With time, the growth seems tremendous at a rapid pace and controlling all franchisees seems to get impossible. Therefore, innovative steps should be taken to always keep the information flowing. Conferences provide the franchisor with a vehicle for communicating new programs and products, conducting advanced and refresher training.

With this, the franchise and the manager are upgraded at a frequent level. The bond increases and further strengthens the relationship between the franchisor and the franchisee. When it is reminded that they’re part of a bigger and caring organization, success usually follows.

Review, Revise & Recreate Franchise Training And Support

Training the franchise is an endless process. With changing market, the needs of the franchise also change. The systems, services and products and policies will have to adhere to from time to time. The manuals also through changes. Revision of manuals is critical for franchisee training and support. These manuals should be revised once annually to always be up to date. Continuous update your business, the more you’ll need to update your manuals and training.

With the right franchise training and support systems, you can be assured of getting the business functioning optimized and keep everyone in the franchise system happy.

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Learn to Become a Successful Franchise Owner

Written by Sparkleminds

Have you ever wondered how to be a successful franchise owner? This is probably the most common question which a franchisor/business owner will ask themselves. Everyone wants franchises to run smoothly. But the reality is far from beyond. So many activities need to be done in a short span of time. Managing franchisees is not a rosy as it looks. The fight between productivity and the functioning of franchises differs for various reasons.

So, what makes a successful franchise? What are the franchise owner responsibilities? With two decades of experience and over 500+ clients, we give you the simplest answers that have been formulated through a fair share of learning.

Yet, we do have some control over our productivity and progress. But with so much to do, is working more hours better? In fact, it is not—productivity decreases as the workday and workweek grow longer. But do not despair. Here are few ways to work smarter in your franchise.

One must understand the difference between control and mismanagement of resources. Remember, when you take care of your franchisee, you take care of yourself. At times in the name of attaining perfection, franchise owners lose anchor towards the core of the idea/product/service of the business.

Let us now look at how you can be a successful franchise owner:

Technology here to stay

Brick and motor companies are shutting down at a rapid rate. Many companies have taken the technology and integrated it into their traditional businesses. Most of the management software’s helps you to get direct access to the franchise without even being physically present. This has also substantially reduced the cost of hiring an additional manager. More time you will have with fewer distractions. Many small businesses use free tools and increase their bottom line without spending a bomb.

Clarity in Communication

This is the biggest reason many organizations don’t survive. These Communication challenges exist in every organization, but if you increase your skills, you will reduce misunderstandings. Plus, the more collaborative you are, the less time you’ll need to dedicate to overcoming avoidable mistakes. The better the communication, the more efficient team projects will be.

Categorize

Prioritize what is the most important task. With time, franchises tend to deviate from their core services and start modifying the systems. Any good brand, if you notice creates strong fundamentals before franchising. Without the solid base, the whole system can be brought down before you know it. Even the smallest change must add value to the franchise. Use scales or a list of the functions in a separate manner to ensure the tasks are not affected and the compulsory actions are not postponed.

The Art of Delegating

No one is perfect and this makes it all the more reasons to make franchising interesting. Succuss of the franchisees leads to the overall success of the franchisor. It has to be a win-win situation for both. Different roles require different specializations. If at all you can delegate a task to someone who can do it better, do not hesitate and delay. Use them to free your time to focus on your areas of expertise.

Trend Analysis& Research

See how each of your franchises is functioning in different markets. It is impossible for all of them to be giving the expected return that is desired. Keeping track gives you a way to check where improvements and audits need to be done. This is a continuous process, but if done right, creates wonders in the long run for all the parties involved in the franchise.

Stop Micromanagement

You may not see it coming, or for the fact understand how huge an impact it has on others. This may sound very foolish, but putting an end to taking small decisions frees your mind up for bigger and important ones. This also gets you to do high priority tasks that need to be taken care of at the top level. Create consistency in your daily activities. Making few solid decisions automatic, you will find the work much smarter and less fatigued when you need to make an important decision.

Don’t Stop Learning

Business is always dynamic and keeps changing. new technologies, acquire new skills, and add new business needs to be addressed in an open-minded approach. Most of the successful franchises seek continuing education, attend events and workshops, and frequently get in touch with the franchise headquarters to be updated always.

Not all franchises have the knack that will make their lives and businesses better. When you work smarter, you will feel accomplished, less stressed, and freer to grow an even more successful franchise than you could’ve ever imagined. this is how simple and effective steps make you a successful franchise owner.

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Study Abroad Consultants in India

Written by Sparkleminds

India has become the largest group of emigrants. Approximately 18 million Indians were living outside India in 2020. According to research conducted by a major study abroad program in India, Leverage Education found that 94% of Indian students are excited to study abroad. That number showed sensational development throughout the most recent 20 years. The quantity of Indian-citizen people living outside the nation increased by 10 million. These Indian people have spread throughout Europe and North America, essentially, with many leaving for higher education or better work opportunities. This makes study abroad consultants in India become more aggressive in their approach to get more students.

By the numbers: Indian students studying abroad

In a report, The Reserve Bank of India states that more Indian students are studying abroad than ever before. More than 750,000 Indian students were accounted for to study in foreign schools in 2018, as per the Indian Ministry of External Affairs. In light of the numbers, India has the second-largest number of students learning abroad – behind China – and its population of students leaving the nation to study is the fastest increasing contingent of outbound students in the world.

As a result of the great number of Indians within the university or pre-university age range, the number of Indian students moving overseas is assumed to continue to see dramatic growth. As of now, there are an expected 88.5 million senior secondary students, aged 15 to 18, in India, alongside 35 million college students. Due to high competition to get into India’s most lucrative colleges and universities, lots of those students are expected to seek education abroad. Due to this high rate of study abroad the demand for study abroad consultants are increasing rapidly.

Top destinations for Indian emigrants

Destination choices for Indian students are driven by job opportunities both while in college and after graduation – as well as the quality of the education received. Indian foreigners can be found throughout Europe and North America, where colleges are ranked highest in their ability to prepare students to be leaders within their professions and their societies.

On the whole, Europe has the most elevated number of workers from all parts of the world, with an aggregate of 87 million outsiders hailing from a variety of nations, and in Europe, Indian foreigners were the third-highest national group for first-residency permissions. North America is the second most famous place, with 59 million immigrants. For Indian foreigners specifically, top destination nations include the United Arab Emirates, with 3.5 million Indian foreigners; the United States of America, with 2.7 million Indian people; Saudi Arabia with 2.5 million Indian people; and approximately 1.6 million population in Canada and the United Kingdom.

Top 3 Study Abroad Consultancy in India

These study abroad consultants in India are spread out in all major cities and towns across the country.

1.      IDP Consultancy

The company is an international education association that offers students placement services across the globe. The colleges they cover are limited to Australia, the USA, the UK, New Zealand, Ireland, and Canada. However, it is said to have a superior reach in Australia, Canada, and the UK as compared with the other countries.IDP works in course advice, IELTS prep, pre-takeoff support, visa, convenience, and health cover for students. To benefit from their services, you can go register on their site. You will be appointed a counselor to assist you through your study abroad journey. In case you choose to opt for a counseling session or want some guidance with your financial documents, you can visit a branch in one of the 22 cities they are set up in, including Jaipur, Kolkata, Lucknow, Punjab, Vadodara, Delhi, and more.

2.      Edwise International

Set up in 1991, Edwise International is a standout amongst other studies abroad experts in India. They give data in regards to excellent education in a few nations, including the UK, the USA, Canada, Australia, Germany, and some more.

The company has branches in more than 15 cities, including Mumbai, Delhi, Chennai, Bangalore, Pune, and Hyderabad. They offer types of assistance for test prep, professional advising, application, finance, and visa help. After you’ve picked which services you need, you can demand an arrangement on their site.

3.      Chopra Consultancy

Chopra’s Consultancy is an immigration consultancy in Chandigarh that provides visa help to people who wish to go to the top nations of the world like Australia, the UK, the USA, Canada, and New Zealand on permanent resident visas. AEC Chandigarh has been giving student visa help for the most recent 9 years and has a great many fulfilled students studying from one side of the planet to the other. Presently, Chopra consultancy is going to fulfill the ambitions of those people who wish to move abroad for permanent residency. Chopra’s consultancy provides the public with expert guidance in all matters related to emigration.

These companies influence many entrepreneurs to start their study overseas consultancy.  The success rate of these businesses is very high because of the favorable market demand.

The advantages of study abroad consultancy in India

·         Success Rate

The success rate of the education business is more than that of any other normal business. The study abroad trend is highly increasing in India so the chances of its success are high. Thus, if you want to invest in the business of overseas education then the risk in this business is relatively less.

·         Good Demand

The services given by overseas education consultants are highly in demand. Many students choose to study abroad every year and need services related to overseas education like visa assistance, coaching services, university selection, application guidance, scholarship assistance, and counseling services. Everyone who wants to go to study abroad needs a consultant because of lots of paperwork. So, everyone hires a consultant for all these services. Opening the study abroad consultancy is a great opportunity for entrepreneurs since the scope for growth is good.

·         Growing Market

The study abroad business is expanding at a great speed and the reason behind this is the surge in the number of students going abroad for higher education. Due to this, the business has gotten a lift which accounts for its success. Recently studying abroad has become a very popular trend in India. Thus, starting to study overseas in such market conditions can be helpful. In India, this trend is at its peak. It is the perfect time to start a study overseas consultancy.

·         Opportunity

Starting an Abroad Education consultancy business is a very good opportunity for entrepreneurs to get acquainted with the strategies of building a successful business. It is a very good option for those entrepreneurs who want to start a business alone. For those, this is a perfect match.

·         Low Investment

Unlike other businesses where you require to invest a large amount of money initially, the study abroad business requires you to only invest a minimum amount which is generally very less as compared to other businesses. Study abroad consultants in India requires you to have a small office along with 4-5 people to begin with and this way your business can be begun easily.

·         Higher chance of expansion

As the demand for overseas study increases from all over India. From every part of India, students are going to study abroad and many more plan to go. So, it can be easily expanded, you can open different branches or franchises in different cities.

Bottom Line: Study abroad consultants in India

The education sector is becoming one of the top sectors in the country. So, investing in study abroad consultants in India is a great idea. Opening a study overseas consultancy business may even be great due to its different advantages. It has a higher chance of expansion with low investment at the same time. Moreover, studying abroad business is growing at a higher rate. This is because of the increasing number of students going abroad to study. You could reap the benefit of this opportunity by investing in abroad consultants in India. You can enquire for more information by clicking here.

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Building The Best Hospital Franchise in India

Written by Sparkleminds
HOSPITAL FRANCHISING IN INDIA : Sparkleminds

Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. The Indian healthcare sector is growing at a brisk pace due to strengthening coverage, services, and increasing expenditure by public and private players. The hospital franchise in India is on a very momentum.

Indian healthcare delivery system is categorized into two major components: public and private. The Government, i.e., the public healthcare system, comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of primary healthcare centres(PHCs) in rural areas. The private sector provides a majority of secondary, tertiary, and quaternary care institutions with a major concentration in metros and tier I and tier-II cities.

Market Size

The healthcare market can increase three-fold to Rs. 8.6 trillion (US$ 133.44 billion) by 2022. In Budget 2021, India’s public expenditure on healthcare stood at 1.2% as a percentage of the GDP. A growing middle-class, coupled with a rising burden of new diseases, is boosting the demand for health insurance coverage. With the increasing demand for affordable and quality healthcare, penetration of health insurance is poised to expand in the coming years. In FY21, gross written premiums in the health segment grew

to Rs. 58,584.36 crore (US$ 8.00 billion). The health segment has a 29.5% share in the total gross written premiums earned in the country.

Hospital franchise opportunity in India

The need and growth of the healthcare industry can be seen during the Covid-19 times as the requirement of hospitals was way more than the available hospitals and the demand of the distressed people could not be fulfilled by the existing hospitals. The size of the healthcare industry in our country is just 5% of the Gross Domestic Product (GDP) as compared to other countries. A study conducted by a leading global consulting firm reveals that a significant part of the household income is spent on health care.

The healthcare industry in India will be expected to cross Rs.1000 billion in the coming three years. The medical industry is a good prospect for business in India as the profit margin is quite high. India is the largest supplier of medicines globally, occupying a 20 percent share in the global market. India is the source of more than 60,000 general brands and 60 holistic and therapeutic categories.

In India, franchising today is one of the best business models which have been adopted by some of the most companies. The Hospital Groups are swiftly emerging as India’s largest healthcare chain, and it applies the concept of franchising to healthcare. The primary objective of hospitals is to bring healthcare of international standards within reach of every individual in India. To achieve this, hospital franchising is the best option. Hospitals with multi-specialty clinics which offer facilities for Specialist Consultation, Preventive Health Checks, Diagnostics, and 24-hour Pharmacy are a tick on the checklist before going for a hospital franchise in India. Consequently, most health care services are under one roof

The clinic will be an independent entity and will focus on primary health care but Hospitals mainly focus on secondary and tertiary care facilities. Hospitals would create synergy concerning referrals. Customers search for high-end diagnostics as well as tertiary care which they believe can be provided to them by renowned hospitals. The franchisor supports the franchisee (entrepreneur) with its name and also vast business knowledge. As a result, the entrepreneur will have the satisfaction of running his own business with the support of a well-known large healthcare organization.

The Business franchise model

A company set itself by having some risk of opening a new location to the franchisees who operate in that location. They work along with it because of the profit potential as they stand together to share the profits. However, franchising is not a sure-shot formula for success and requires proper strategies to take it to the next level. To make it a sound investment, one must understand the scenario to be an ideal franchise and can take help from reputed franchise consultation firms. The right franchisee gives the brand market insights and a deeper understanding of what will and won’t work in that particular region.

Now, if we talk about the hospital franchise agreement, it includes the legal rights to establish a franchised outlet and operation of the business expansion model; among other things, obtains the license and right to utilize the franchisors trademarks, trade dress, business systems, operations manual and sources of supply in offering and selling the products and/or services designated by the franchisor.

The Hospital Franchise agreement will also define the initial fees to be paid by the franchisee to the franchisor. The hospital franchise agreement will mandate and define whether or not the franchisee is required to pay any marketing fees to the franchisor. The most common marketing fee charged by franchisors is typically referred to as a “brand development fund” to which a franchisee will contribute. The franchise agreement will establish whether or not a franchisee must contribute to a brand development fund and other obligations which the franchisee must satisfy regarding the franchisee’s local marketing efforts.

Advantages of Hospital Franchise Agreements:

1. Being a legally valid document, it binds all the parties altogether.

2. Helps in enforcing the obligations set out in the agreement in a mutually agreeable way.

3. They offer to enforce the terms of the contract without any misunderstandings that lead to a longstanding relationship between the parties.

4. enables them to avoid complex and costly litigations in case of a dispute.

5. Serves as legally valid evidence, since the terms and conditions are meticulously drafted and agreed upon beforehand.

TOP FRANCHISING HOSPITALS IN INDIA

  • APOLLO CLINIC

Founded in: 2002

Franchising since: 2003

Apollo Health and Lifestyle (AHLL) were founded with the aim “to bring healthcare of international standards within the reach of every individual.” Each of Apollo Clinics is committed to providing consistently superior quality health care services to address the day-to-day health care needs of the family.

  • FORTIS HOSPITAL

Founded: 1996

Franchising since: 1996

Fortis Healthcare is committed to providing a first-class scientific approach to medicine. FHL provides an educational program that emphasizes the development of excellence in the clinical skills required for good medical practice. The Fortis IVF centre arranges an Infertility medicine team that specializes in treating unexplained infertility and endometriosis.

  • MAX HOSPITAL

Founded: 2000

Franchising since: 2001

Max Healthcare Institute Limited (“Max Healthcare”) is one of India’s largest healthcare organizations. They create a responsive healing environment, by being nimble to the needs of our patients and delivering what they really need with precision and timing. They are focused yet fast, personal yet practical, advanced yet seamless in delivering the exact care our patients need.

Conclusion

Hospital franchising is a financing and delivery system modeled after the very successful franchising schemes in the hospital industry. It involves a franchisor developing a brand of high-quality products, offering the right to use the brand plus all its associated business operating routines including training, to franchisees (individual investors) who are assisted in setting up their clinic practices along the same lines as the franchisor (brand name, signage, and colour scheme, menu of pharmaceutical products, and pricing and marketing) for which they pay a fee periodically.

With decreasing environmental conditions and an increase in the number of diseases in India, the people of the country have become more and more conscious when it comes to their health. India offers vast opportunities for franchisors, all because of the growing entrepreneurial skills in its people. According to estimates, almost 35% of franchise buyers are amateur entrepreneurs in business. While earlier franchising was mainly done by people who were already doing some business, franchise opportunities currently act as a gateway for first-time entrepreneurs.

Thus, the demand for quality medical services is constantly increasing giving many favorable opportunities for the development of medical franchise companies. The health care system in India is universal which means that there are low-cost as well as more expensive top-tier quality medical services in the country. India has always been a popular destination for medical tourists, as it offers quite affordable high-quality services in private hospitals. So, if you are thinking of franchising a hospital in these times, it’s the best time you can think of a hospital frnachise in India.

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Building Your Franchise Disclosure Document India

Written by Sparkleminds

A Franchise Disclosure Document India (FDDI), also known as the Uniform Franchise Disclosure Document (In USA) is a lawful document that a franchisor should uncover to a planned franchisee before a franchise is sold in USA. There is no such legislation in India for franchisors who are keen to franchise a business In India or are looking at creating franchise legal documents in India. However as a good franchising practice having a strong disclosure document helps you to attract more franchisees and proves beneficial in appointing franchisees while you build your franchise marketing strategy. Further more it also ensures that you are legally protected as you have made the right information available to the prospective franchisee upfront. So lets understand more deeply on how this could help any franchisor who is looking to franchise your business in India and how you could get your franchise legal documents in India done properly from an experienced franchise consulting firm in India.

The FDD USA contains disclosure sections that, under the franchise laws, require a franchisor to reveal information about the franchisor, the franchise opportunity being sold, expenses charged by the franchisor, the lawful connection between the franchisor and franchisee, and other information about the franchise offering.

The FDD outlines complete information about the works of the two players engaged with the franchise, the franchisor, and the franchisee, and is intended to empower the potential franchisee to make an honest and informed determination about their investment into the business. Franchise documents are based on the FDD. The document spreads out how the investment will function for the potential franchisee, which is important because a franchise is a different sort of investment/business. 

A franchisor allows the party (the franchisee) to use the exclusive information, process, and brand names of a franchise. This enables the franchisee to sell a product or offer services under the business’s name. In return for acquiring the franchise, the franchisee ordinarily pays the franchisor an initial start-up and yearly permitting fees.

The franchisor will work together with the franchisee in finding a location, training, and guidance on management, marketing. The relationship doesn’t end after the initial start-up, all things considered. The franchisor will also help through planned workshops and training. Because franchises can be so varied in their way, the job of the FDD is to explicitly lay out what will and won’t be given to the franchisee and how the relationship will function going ahead. 

It is important that even though purchasing a franchise may accompany the training, support, and brand power, like some other investment. Any individual who may engage in opening up a franchise should carefully and go through with the franchise documents to know the advantages and disadvantages before buying the franchise. The FDD is a basic wellspring of information for the evaluation process.

How You Can Make Your Franchise Disclosure Document In India (FDD)

Documents required for franchise in India as you go about finalizing your franchise agreement sample draft for finalizing franchisees could have the following. The FDD contains data vital for potential franchisees about making a significant investment. Each document is needed to contain the accompanying segments in the request specified underneath and hence creating it properly in this order, (though not required by the law) will help you engage with your franchisees very effectively: 

  • Company history: This contains information about the franchisor, the franchisor’s parents, and affiliates. This segment builds up how long the franchisor has been working. 
  • Business experience: Outlines the experience of the executive group running the franchise framework. 
  • Litigation:Coverspending activities, earlier activities against the franchiseand current government injunctive or restrictive actions have to be uncovered.
  • Financial stability: Bankruptcy including the franchise, its predecessors, and its members should be revealed. 
  • Initial costs: A franchisor has to reveal any fees charged to franchisees. 
  • Other expenses: Hidden or undisclosed expenses can be a source of debate later on as it were, so a franchisor should be mindful to uncover all charges and be completely transparent. 
  • Investment needed: The franchisee should know about what the low and high limit of the initial investment should be, including an estimation of their working capital. 
  • Limitations on sources of items and services: Covers any required purchases of goods and services, as well as uncovering any proprietorship or monetary connection between the franchise and required suppliers. 
  • Franchisee’s commitments: Lays out the franchisee’s commitments in reference to roles and responsibilities. 
  • Financing: Outlines the states of any financing plans that would be required for franchising the brand/business.
  • Franchisor’s assistance and training: Explains the pre-opening and ongoing help that the franchisee can expect from the franchisor. 
  • Territory: A franchisee territory is significant because it protects against oversaturation and competition that puts your investment at risk. This is the space to indicate any geographical limitations a franchisor is setting on the franchisee.  
  • Intellectual property: Reveals the Trademarks registered to the franchise and uncovers licenses, copyrights, and other exclusive information.
  • Renewing, end, transfer, and debate resolution:In this section, the franchisee can study the terms, rights, and restrictions related to the termination or transfer of the Franchise Agreement. 
  • Brand ambassador: Covers any individual whose name or actual appearance is related to the franchise. For instance, a specific personality shows up in franchise advertisements. 
  • Financial Performance Representations:  Optional space for a franchisor contains representations about the previous or forecasted financial performance of the franchised outlets. 
  • Outlets and franchisees info:  A franchisor must give previous years of financial records to the franchisee as part of the FDD. And also lists current franchisees and previous franchisees in the past year, along with contact information.
  • Budget reports: A franchisor must give previous years of fiscal summaries to the franchisee as a component of the FDD. This incorporates monetary records, statements of operations, proprietor’s equity, and incomes. Examine the statements to make sure the franchisor is not in trouble.
  • Agreements: This is the section where the franchisor plans the franchise agreement. This includes the franchise agreement, leases, options, etc.
  • Receipts: The franchisor will survey the disclosure and business decision outlines between the two parties and provide the franchisee with some additional information. 

Importance of FDD In India in Your Franchise Business Plan

If you’re new to the universe of franchising, you most likely have thousands of inquiries regarding everything from expenses and training and support to recruiting employees and securing tools for your new business. One of the most significant origins of information for planned franchisees is the Franchise Disclosure Document India or FDD to support your franchise agreement India draft. With the amount of leads you receive in India, it is important that you create a strong FDD document that appeals to entrepreneurs of all states and union territories.

The FDD gives an immense measure of information to help you settle on an informed decision when hoping to purchase a franchise. All franchisors are needed by the Federal Trade Commission In USA to give a copy of their present FDD to each candidate no less than 14 days before the offer of the franchise. However, as a critical piece of the due diligence measure, applicants should take as much time as necessary going through the document to ensure they are completely informed before choosing to purchase. It would be recommended to follow the same timeline in India as well.

The FDD USA contains mandatory sections that provide applicants with information in regards to expenses and charges, lawful issues, turnover rates, and more. These documents can be long, technical, and tedious, particularly for someone new in the franchise world, but there is help accessible to direct you in settling on a cool-headed choice. Since the FDD is an authoritative document, you may demand the help of a lawyer acquainted with the space of franchising to go through the document for you. Another alternative is to contact the best franchise consulting firm in India that can also help you in creating your perfect FDD to give guidance while you get set up to onboard franchisee. 

The objective of the FDD is to provide information that can be utilized in dynamic interaction. It might make for dry reading, but the overlooked details are the main problem, particularly with regards to figuring out how to purchase a franchise. To understand all the details you need to hire a consultant. The FDD is a treasure trove of information that explains careful thought to stay away from potential deadfalls.

Once you have built your franchise disclosure document in india, you can also ensure that the information that needs to be uploaded in franchise portals in india like FranchiseBazar or others need to be in line with standard information protocol for third party websites. You can great results and leads when you list your brand on the top franchise websites in India like FranchiseBazar which starts giving you leads of prospective franchisees within 24 hours of uploading your standard details and requirements.

Even though the way toward inspecting the FDD can be overwhelming, it’s an important move and can extraordinarily affect your prosperity as a franchise brand in India and help you to create the perfect base to franchising your business through the perfect franchise disclosure document India for your brand.

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