India interior design market was valued at USD 23.2 Billion in 2020. The projection for the year 2027 is to reach USD 38.2 Billion, i.e., at a CAGR of 7.4% during 2021-2027. There is no doubt that the interior design business is developing rapidly in the Indian market. The Indian interior design franchise market is being driven by the booming market. Moreover, the developing populace, rising pay levels, and urbanization contribute to the development of India’s interior design market. Other contributing factors include the expanding demand for interior design corporates, home tech mania and media influence and varieties in ways of life and living benchmarks.
Theme-based designs for commercial and residential spaces are in high demand. The style ranges from Indian, American, Mediterranean, European Style, are gaining traction currently. With the visible transition in the Indian work culture, office furniture and interiors have seen a major evolution. Office commercial spaces are expected to opt-out for various interior design services in the market. Old and established offices will also consider refurbishing their office spaces along with start-ups and new offices. Hotels are also coming up with design guidelines and pose as trendsetters combining creativity and sustainability. A few of the best interior design franchises in India are:
Aamir & Hameeda
Livspace Lipika Sud Interior Pvt. Ltd.
HomeLane
Designcafe
Chaukor Studio etc.
Let us have a look at the grounds on why the industry is booming and sees no signs of stopping in the future.
A growing number of designers
Financial backers are steadily expanding their interests in India’s housing market. A large portion of the ventures is moved in business properties and cooperating spaces. Along these lines, the rising housing business sector will likewise support interest in interior design in India within a reasonable time frame. An increase in interest in Tier I and Tier II urban communities of the country is also adding to the rising number of interior designers in India. Numerous engineering companies are moving into India’s interior design market which is adding more strength to the sector.
Increase in need for customized Interior Design
With the flood of societies and worldwide patterns, Indians are accepting new plans and designs for their homes. With regards to working on their home, they will spend more on such services to get styles suited to their needs. Office spaces are likewise expected to increase. The significance of an excellent workplace for further work performance and motivation.
End-user of Interior Design market in India
In view of end-use, the Indian market is divided into business and home. The business fragment as of now rules the market and is probably going to keep up with its matchless quality in any event, during the estimated time frame. Interior designing is encountering an ever-evolving development in the market due to the expanded interest from business land. Due to the interest in business space, this area is relied upon to fill considerably in the long run. In India, the work culture is going through an incredible change, which has prompted an advancement in the place of work, which in turn is driving the business segment of India’s market.
The hype of modern interior market scenario
In light of the sort of beautification, the India interior design franchise business is assembled into a recently improved, and revamped section. The new portion created the most noteworthy income in 2020 and is probably going to keep up with its predominance over the time frame. Indian housing markets have encountered uncommon development in the course of recent years, essentially because of the workplace and private space interest. The change in India’s work culture and the developing interest in lavish ways of life are key variables driving development in this class. With an expansion in all around planned and rich business spaces and recently enhanced homes, the industry keeps on developing.
Provincial Insights
In light of geography, the market is divided into North, South, East, and West India. The Indian market is overwhelmed by North India and is relied upon to remain so in any event, during the time frame. The development of housing projects by both public and private organizations contributes enormously to the development of this district. The developing number of corporate workplaces in the district is likewise driving the development of the India inside plan market.
The Indian interior design franchise market is divided and is cutthroat in nature. A great deal of footing on the lookout for the services, there is swarming of originators and studios which is driving benefit low. However, the market is relied upon to show development in the future. Small and medium-sized planning organizations have a huge share in the market. This only leads to several other factors which will boom the interior design and home décor industry.
The automobile industry consumes plenty of energy before they ever make it to the open road. Automotive production leaves an enormous footprint because materials like steel, rubber; glass, plastics, paints, and lots of more must be created before a replacement ride is prepared to roll.
Similarly, the top of a car’s life doesn’t mark the top of its environmental impact. Plastics, toxic battery acids, and other products may stay within the environment. Fortunately, junkyard pile-ups are getting much smaller than they were within the past. About three-quarters of today’s average car, including the majority of a steel frame, are often recycled.
Production, recycling, and disposal costs to the environment are difficult to quantify and largely beyond the control of most consumers. It’s also true that the majority of an automobile’s environmental impact, perhaps 80 to 90 percent, are going to be thanks tofuel consumption and emissions of pollutionand greenhouse gases that climate scientists say are driving global warming.
Petroleum products raise environmental red flags even before they’re burned. Extracting them from the world is an energy-intensive process which will damage local ecosystems. Shipping fuels can also consume plenty ofenergy, and creates an occasional environmental disaster like an oil spill. As world demand rises, and unconventional fuel sources, like oil sands, become more economically viable, the ecological impacts of petroleum extraction may additionally increase dramatically. That’s another reason why fuel efficiency is so important.It’s also partly why electric-powered vehicles can help reduce environmental impacts, because the natural resources are not harmed.
The issues are oftendifficult to tease out of other factors, like increaseand resource consumption. And to eradicate such global issues on environment due to the growing of automobile industry the new type of battery based plans has recently been introduced by the Indian government that led to the holistic plan of a roadmap for the future of battery sector with different ministries like power, new and renewable energy, road transport, department of science and technology, heavy industries, external affairs, mining and environment, forest and global climate changeworking in sync as all of them would govern some aspect for the success of the world. With the inevitable growth of Electric Vehicles (EV) and renewable energy sectors, it’simperative for India to forge an ecosystem that permitssetting-up an indigenous battery manufacturing industry. India has been hooked in toexternal imports for oil, solar Photovoltaic (PV) equipment and now even batteries to satisfyits requirements. This makes India vulnerable to becoming hostage to risky supply chains and geopolitical tensions alongsidemammoth capital expenditures. India cannot afford to lose the bus within thebattery sector which is becoming a key for achieving a coffeecarbon economy.
The Electric Vehicle Market is projected to achieve26,951,318 units by 2030 from an estimated 3,269,671 units in 2019, at a CAGR of 21.1% during the forecast period. The base year for the report is 2018, and thusthe forecast period is from 2019 to 2030. The electric vehicles market has witnessed rapid evolution with the continued developments in the automotive sector. Favourable government policies and support in terms of subsidies and grants, tax rebates and other non-financial benefits within the sort of set lane access, and new car registration (specifically in China where ICE engine new car registration are banned in some urban areas) the increasing vehicle range, better availability of charging infrastructure and proactive participation by automotive OEMs would drive the global electric vehicle sales.
The involving and evolving of charging units and battery manufacturers-
The coronavirus pandemic has strengthened the necessity for encouraging domestic manufacturing in India since it’s overly hooked in to imports to suffice its requirements. This has gained urgency since substantial commodities are imported from China, a country, with whom India’s geopolitical tensions is making trade increasingly difficult. With mega targets to build up the renewable energy mix, especially solar, to its power generation capacity, and an increased specialise in electric vehicles (EVs), India has got to make concerted efforts to incentivise the domestic manufacturing of EV components, renewable energy equipment and batteries.
India bought batteries worth USD 1.2 billion in 2019-20 making this sector heavily hooked in to imports. The key sectors which will drive the demand for batteries is that the growth of electricalvehicles (EVs) and renewable electricity storage. EVs are poised to scale back India’s oil import bill and contribute to cleaner air and hence the country has set a target of getting 30 percent EV penetration by 2030. India is additionally tendering many renewable energy plus storage projects where the stationary storage components are going to be catered to by batteries. India lacks the capacity to manufacture cells commercially and, hence, to chopthe coston imports, the Indian government has made plans to indigenise battery manufacturing. A report by NITI Aayog has stated that if India has got to meet its EV targets through one hundred pc domestic manufacturing of batteries, it might require a minimum of 3,500 GWh of battery storage at a wholesale cost of USD 300 billion, which can be but half the value of oil imports thus avoided. The India Energy Storage Alliance (IESA) has estimated a 300 GWh demand till 2025 taking into consideration the EV and energy storage system opportunities. In lieu of the growing battery sector, the Indian government launched the ‘National Mission on Transformative Mobility and Battery Storage’ last year to plugphased manufacturing programmes for battery and EV components. The initiative will support fixing of large-scale export competitive integrated battery manufacturing plants in India. NITI Aayog has proposed fixing gigafactories aggregating a capacity of fifty GWh over subsequent ten years at projected cost of USD 5 billion. The most dominant battery technology today is that thelithium ion (Li-ion) batteries. All the opposite breakthroughs in battery innovation aren’t scalable commercially as of now. Research shows that cost of Li-ion battery packs fell by 85 percent within the last decade and can further fall by 35 percent by 2024 to below USD 100 per kWh. A recent report states that the Li-ion battery manufacturing capacity will grow fourfold to 1.3 TWh in 2030 compared to 2019. Asia Pacific dominates this capacity by accounting for an 80 percent share and, within this region, China, who is that theleader is predictedto double its capacity from 345 GWh to more than 800 GWh by 2030. Rare earth metals like lithium, cobalt, nickel, manganese, etc are the essentialraw materials required to manufacture Li-ion batteries, for which mining of the required metals and fixing of manufacturing plants are highly capital intensive. China has made heavy investments locally and overseas (Latin America, Africa and Australia) in mining lithium and rare-earth elementmetals. Also, China has financed a hugebattery manufacturing capacity making it difficult for other countries to compete.
India has so farnot surveyed if it’s sufficient reserves of lithium. Last year India discovered around 14,000 tonnes of lithium, but this is so oftenoften far less compared to 8.6 million tonnes in Chile, 2.8 million tonnes in Australia and 1.7 million tonnes in Argentina so asto achievebuilding a battery manufacturing industry.
Boldly, India has recently acknowledgedKhanij Bidhesh India Pvt. Ltd. to explore strategic mineral assets abroad. And, India and Australia recently signed a preliminary deal to supply the critical minerals required for a new-energy economy. Though India was late to the solar powerequipment and Li-ion manufacturing race, but it shouldn’t miss the long runbattery technology opportunity. Instead it should explore new approaches by providing for long-term research in multiple aspects of battery manufacturing. These include solid state batteries, battery-chemistries with higher energy densities, new battery materials and chemicals withstanding higher temperatures, hydrogen fuel-cells, etc. If India lays a robustresearch foundation for battery technology, it can use this unique opportunity to steer during asector that interests many economies. India could jump an entiretechnology phase by moving straight to novel battery technologies and strategically reduce its battery import dependence and risks of supply squeeze. Bridging the rift between industry and laboratories can aid faster transitioning towards commercial manufacturing of batteries. The government offersventure funding or high-risk funding to research institutions that specialises in battery technology which shall enable them to showcase the commercialisation potential of their innovations. An example might besodium-ion battery technology whose performance is inching on the brick ofthat of Li-ion batteries and therefore the staplefor these batteries are oftensourced locally leading tolow costs also, As the number of batteries start multiplying, it will cause a bigquestion of battery waste disposal since this willhave serious environmental implications. A report has predicted that by 2030, the battery recycling industry in India are often a million-dollar opportunity. Recycling at an industrial level is completedby EU and China, but the market is at a nascent stage. To scale backimports and attain sustainable battery manufacturing, but looking up to the battery recycling matter is equally important.
There isa requirement for an enabling framework where circular economies of manufacturers undertaking battery recycling or new enterprises that specialize inrecycling develop within the approachingyears. Government of India has renewed its support to the domestic industry to formIndia self-reliant under its ‘Atmanirbhar Bharat’ scheme.
In addition, the growing sensitivity of varied governments toward a cleaner environment has increased the demand for zero-emission vehicles. Developed nations like the US, Germany, and therefore the UK are actively promoting the utilization of electrical vehicles to scale back emissions, which has resulted within the growth of electrical vehicle sales. The electric vehicle market is dominated by globally established players like Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric vehicle market.
The growth and Scope of Electric Vehicle (EV) market
Moreover, EVs have 75-80% less moving components and this ultimately translate to a way lower maintenance bill. Over and above the robust operating expense angle, EVs also possess an inherent advantage when it involves performance and drive ability. In the last few years, trends suggest an increase in interest among the common masses for electric cars as compared to electric two-wheelers and ICE or petrol/diesel cars, as seen on Google Trends. The manufacturing landscape of EVs, which solely won’t be dominated by the worldwide automakers earlier, is additionally now seeing a reign, as numerous Indian automakers now take a deep dive into the electrical vehicle space, tapping the growing potential that the country has future. India’s push toward electric vehicles are creating opportunities for companies in ancillary spaces like battery manufacturing, consistent with an analyst at diversified financial services firm Motilal Oswal. The move toward electric vehicles is, “inevitable” globally also as in India, where higher fuel prices can make owning cars that run on electricity comparatively cheaper, The acceptability will increase once you have the infrastructure There are two basic sorts of electric vehicles: people who believe batteries and therefore, the hybrid vehicles that use both batteries also as plugging into an external source of power, such as a charging station. What is even more interesting is the mindset of the Indian population is additionally slowly evolving, with many now willing to form a switch to EVs soon. A recent study has highlighted that by 2022, most consumers in India would consider buying an electrical vehicle. This in itself may be a key trend which is probably going to trigger the expansion of the EV segment within the country. Definitely, government intervention and policy has a key role to play in promoting electric mobility within the country. Indian policymakers are actively pushing EV adoption over the recent years, and multiple initiatives have also been introduced to develop domestic capabilities across the whole EV value chain. Besides strengthening the EV manufacturing capabilities, renewable energy targets also are being revisited and various measures are being adopted towards effective recycling of raw materials. The battery price also has been expected to fall by quite 30% between 2018 and 2025, which can make electric vehicles (EVs) cheaper over the amount of your time. Besides this, the government of India has announced various tax cuts and subsidies to further encourage more and more peopled to shop for EVs. The bulk of the thrill in India’s electric vehicle sector is in ancillary spaces where companies are working with global players, many of whom are looking to enter the lucrative market You wear a one hand the battery manufacturers, which are looking to develop the battery for the EVs, and on the opposite side, you’ve got companies like Motherson Sumi, who are into the electrical a part of the vehicles, They are becoming increasing shares of business globally from the (electric vehicle) space. Motilal Oswal prefers Motherson Sumi and Exide Industries, which are up roughly 29% and 11% year thus far as of Monday’s close, respectively. Motherson Sumi works with automakers around the globe in areas like wiring harnesses, rear-view mirrors, cockpits, bumpers and more. Exide sells automotive and industrial lead-acid batteries. Hence, moving to using electric vehicles give businesses the chance to become involved in innovative transport developments which are addressing environmental issues. Setting environmental concerns at the heart of your business can be a key part of demonstrating corporate social responsibility.
The initiative taken by companies on EV in India
It seems that Electric Vehicles (EV) as a thoughtseems to possessfinally come to India. There are many positive green signals coming from the governmentand industry because thenumber of EVs on the road in India has began toincrease. Karnataka are getting tobe home to Tesla’s factory in India, following announcements by Chief Minister BS Yediyurappa and Union Minister for Road Transport and Highways Nitin Gadkari. Investment sentiment has picked up for the planetwith renewed interest by venture capitalists with over US $300 million reportedly invested in companies that affect EVs and better battery technology this year. The number of EVs on the road has also been steadily increasing, and in 2019-20, the amountof EVs on the road stood at 155,400 growing at around 20 percent year-on-year. Government policies just like thatFaster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) which givesubsidies for EV production and charging infrastructure are a welcome fillip. Phase II Clinical trial of the scheme has an outlay of INR 10,000 crore ending this year for creating more demand for EVs. The 2019-20 budget announcements for tax subsidies for loans on EVs are again aimed toward proliferating new kinds ofautomobiles. Broadly, there isa renewed interest by the general publicin owning an EV considering high fuel prices within thecountry, which successivelymakes most goods costlierand contributing to an overall inflation within thecountry.
With these broad signals to the world, there are, however, some policy issues for decision-makers in government, industry, and academia to think about. Like, the Ola Electric on revealed its plans to line up the world’s largest electric two-wheeler charging network. SoftBank-backed Ola Electric plans to providecharging solutions to all or any or any its electric two-wheeler customers. It unveiled the Ola Hypercharger Network, the charging network for its upcoming two-wheeler products starting with the Ola Scooter to be launched within the approaching months. The Ola Hypercharger Network are getting tobe the widest and densest electric two-wheeler charging network within the planet, with quite 100,000 charging points across 400 cities. Within thefirst year alone, Ola is fixing over 5,000 charging points across 100 cities in India, quite double the prevailing charging infrastructure within the country. Ola alongsideits partners would set it up at an estimated cost of $2 billion over a period of 5 years. In India, Ola is now in direct competition with electric two-wheeler makers, like Ather Energy, Hero Electric, and TVS Motor Company. However, the charging network won’t be available to other electric vehicle players and only the purchasers of Ola Electric. And recently, India is also going tocapitalise one of the foremost abundant elements on earth — hydrogen. Minister of FinanceNirmala Sitharman announced the National Hydrogen Mission during the Budget 2021-22 to realizefrom this universally-available element. The green energy source could also compile varietyof India’s biggest companies like Reliance, Tatas, Mahindras, and Indian Oil, the needof the hour could also bea coalition of stakeholders a bit likethe Hydrogen Council or the ecu Hydrogen Coalition. Companies like Indian Oil, the Tatas, the Mahindras, the Eicher — allow them to be an areaof the coalition. Then speciality chemicals companies like Reliance are oftenalso a neighbourhood of it. To be more specific With more and more car manufacturers focusing their efforts on making EVs, it is only a matter of time before there isan EV in every segment and by every major company. The year 2021 will witness the launched of the manyelectric cars and here are five of them The Volvo XC40 was initially introduced within theIndian market with a diesel. Sometime then, the companygot obviate the diesel and brought during a petroleumengine in its place. Now, we’ll be getting a thirdavatar of the XC40 in India and this one are getting tobe all-electric. This one has been eluding us for a couple oftime now. First showcased at the 2020 Auto Expo, the eKUV100 could also be totallyelectric version of the regular KUV100. Another product that was showcased to us at the 2020 Auto Expo was the electrical version of Altroz. The smart-looking hatchback has proven to be a successful product for the home-grown carmaker. It comes with a choice of three engine options currently – 1.2-litre NA petrol, 1.5-litre diesel and thusthe recently launched 1.2-litre turbo-petrol.
The Future of Electric Vehicles (EV)
EVs and therefore the grid can have gigantic synergy. Not exclusively would EVs be ready to charge at whatever point there’s excess force, they need a battery valuable for engrossing variable environment friendly power. They will significantly offer reinforcement power for the lattice. This is often one explanation to make for EVs, one that comes with forceful season-of-day valuing (modest charging when force is excess).
Nonetheless, EVs are efficient—with regenerative braking capturing energy in any case squandered and furthermore due to the characteristic productivity of engines, particularly at low rates—they pollute less. The EVs were designed to guard the environment but thanks to slowdown within the Indian economy, they need now become a requirement in India. There is an unexpected climb within the costs of petroleum and diesel, and pollution levels are gravely high in practically every city of the country.
In such a scenario, EVs seem to be a hope for cleaner future.
There have been enormous changes, especially in technology, but also in individuals’ attitude towards vehicles’ effects on the environment. Although the electrical vehicle market is at the present a rewarding objective for organizations and new businesses in India, there are a couple of obstructions in its production fabricating electric vehicles locally being one among them. Also, battery manufacturing is essentially an upscale endeavour. The Indian Government should focus its energies on checking out these difficulties.
When a franchisor is looking at franchising in India, the franchisor should have a blueprint in terms of expansion plans in the number of cities, which franchise model they would be adopting and expanding with. Before expanding in India, Ministry of Corporate Affairs is the platform a franchisor should visit.
So, if you are a foreign brand, who wants to expand business in India. You should visit the Franchise brokers in India. This will help you to understand the nuances of franchising in India and how to set it up.
The legal bindings to make note of is taxation policy according to the state, city, region the brand wishes to franchise. Exploring currency risks as they would be dealing with the currency of their home country. The franchise legal framework in India is directed by laws under Indian Contract Act 1872, Transfer of Property Act 1882, Foreign Exchange Management Act 1999 and more. Before you start a franchise in India visit these institutes.
Franchise Intellectual Property
Businesses expanding into a newer location in the home country or foreign lands has to be certain about few things. A franchise intellectual property has trademarks, design logo, trade secrets of the brand for a brand identity.
An entrepreneur must understand the two types of franchised business which is as follow:
Product & Trade name franchising, here the franchisee is given permission to use the trade name and trademark in order to sell the franchisor’s products or service or both
Business Format Franchising, franchisor permits the usage of tradename, trademark, trade secrets, functionality and more to the franchisee.
Franchising Consulting Strategy Framework
It is tough for an entrepreneur to franchise since a lot of things are to be considered when franchising. There is a need to develop a commercial strategy for the business and look into legal framework for the business.
The two types of framework are used while developing your franchise business is – Strategic and Operational Support. In the operational support the recommended changes will help the brand in the long run, while looking at different geographies of India. Franchise experts will also give operational tips on the small functions of the office, this includes finance, human resources, procurement and more.
Conclusion
With above given brief details a franchisor regardless of the origin of the brand can understand franchise procedure in India. Also, what are the legal institutions that guide your franchise in India in terms of rules, regulations and more. This calls for an expert when it comes to franchise registration in India and understanding of franchising intellectual property etc. We provide guidance in registration of franchise agreement in India and help you understand steps in franchise registration in India.
At Sparkleminds we conduct a detailed study on the brand and provide consultancy services as per the business functions. The main challenge for us is to understand dynamics of the market and develop a business model on those lines. Therefore, our research is based on primary as well as secondary sources.
We always look at providing the best service when it comes to franchising!
You might be aware of the term “Franchise” or “Franchising”. So ever wondered how to become a franchisor and expand your business across the world? Yes? then you would be glad to know, business owners tend to adopt a franchise model than starting company-owned outlets.
Hence, your business has to set a milestone and understand from where you could start expanding. Because when you decide to expand, it can cost you a lot and being a startup, it becomes hard. Thus, the franchising model comes into the picture. If you opt for franchising; your major part would be to design a franchising model for the business. Once the model is ready, you are good to start with the expansion of business in the desired demographics.
Sounds easy? But this takes a lot of research about the territory, market demands, cost calculations and more of brainstorming. Furthermore, the biggest task is to find the appropriate business seekers as a franchisee. Therefore, the team of Sparkleminds comes in picture. We not only help you in designing the franchise model but also help you choose the most suitable one.
Should I Franchise my Firm?
Pondering upon should I franchise my business is common among business owners, regardless of the age of the business. The best way to upgrade your knowledge on this is- reading on topics or a discussion with a professional in this field. Sparkleminds has over 2 decades of experience in this industry. We provide complete support to growing/established entrepreneurs to learn about how useful it is to expand via franchise.
Is it the Right Time to Franchise your Business?
An entrepreneur must understand the right time to franchise one’s business. It is always great to start looking at franchising your business. Start the process only when your products or services have been accepted by the public, the market. Moreover, the target audience is well defined and generating revenue for at least a year. There are a few products and services which are hard to franchise, but with our expertise, they are also franchise-able.
Start Franchising
One of the biggest dreams of an entrepreneur is to establish his/her business in every city across the world. It takes time and effort to reach that stage, in the industry you serve. There are a few points that need to be kept in mind before you start franchising your business:
Do you have a Set Business Model?
Do you have you the investment and Documentation in place
Is your brand marketable and Ready to be Adopted?
Is Your Business Franchise Ready?
There are 10,000 + companies in India that have used a franchise model for them for expansion. There are also close to 5000+ companies which are going to join the bandwagon in the next 12-24 months with this, the market is at a pedestal to offer a variety of franchise opportunities to the entrepreneurs to start a business.
Franchising is the most preferred ways to expand business in their home country and countries across the globe. Business expansion via the franchise mode has proven to be successful and effective, for large companies as well. Big brands have believed franchising as a successful means to expand base be it a mid-size or a small company
So, now you know the potential of franchising and what it can do to help you expand your business. Let’s start with the evaluation check of your business. You could also take the franchise quiz at Sparkleminds to get a score of where your business stands currently and whether you are really ready to start franchising.
Requirements to start a franchise
There are a few criteria’s that need to be in place before one looks at franchising their business.
Model Development
The first part is to have demonstrable success in place. You will need to have a few outlets, at least a couple, that are already profitable and have been running successfully for at least 12 months. This creates the base for the franchisor to learn and adapt to the customer requirements. In case the franchisor wishes to have the first outlets through franchises, then they may need to invest additionally from their end in the first couple of franchises until they have cracked the success formula and have at least one year of profitability in place for every individual outlet that is operating.
Legal Identity – It means that if you are selling a product or a service it is required to have a trademark/ service mark for the same.
Business Prospective – The business venture should be set up on long term goals and should be in a position to sustain for the next decade or more. The more unique your business, the better it will be Franchisable.
Franchisee Guidance – The business model of the venture must be easily explainable or teachable to the franchisee. The franchisor should be well-versed with the intricacies of the business, and should be in a position to give all the required training to all its franchisee and educate them on running the business successfully. The, required skill-sets for the franchise to function effectively should be taught to every franchisee owner and the skills should not be limited to the original franchise owner.
Resource Provision – The Franchisor should be able to provide brief information about the business along with the costs that could be incurred while setting up the franchisee. It is a must for a franchisor to abide by the protocols of the franchise business. Once the business is performing good, the franchisor can collate the operations and prepare a manual for further use.
Team Managing – The franchisor should be able to hand costs of the new franchisee and also train & educate them on spending the right amount of money to pay salaries or recruitment of employees etc.
How to become a franchisor
The process of expanding business starts when you have successfully established your first outlet and have a huge database of happy and satisfied customers. This is when you should look for other locations, markets and (or) cities for expansion. While making the plan, conduct the research about your requirements and the optimum locations for reaching out to the right customers.
Since India is well-diversified there are high chances of the products or the service to be accepted in other cities and expanding the market base. There are a lot of ways to expand your business in India i.e. Joint Venture with existing businesses, own stores or franchising to interested franchisor.
The most preferred method of expansion is by reaching out to the franchise consultants. So, if you want to contact one of India’s most experienced consultants then Sparkleminds would be the ideal platform for you. The Franchise Consultants at Sparkleminds can help you understand the potential of your brand, and also provide valuable insights on how to franchise your business and make the franchising process easy for you. We have been in the industry for over 20+ years and have worked with a plethora of brands. At Sparkleminds we have understood that every brand is unique and need a customized franchise strategy, support for the same.
India is known for immense business opportunities, be it for National as well as International brands. Various international brands have expanded their footprints strongly in India, either through company-owned outlets or franchising. If you are a business owner and are looking at expansion, then there is no better time than now, to learn how to franchise your business in India and then get started with the franchise marketing and recruitment activities. I will bring out reasons as to why this is the time to start franchising your business and go ahead of the competition.
India with a GDP predicted growth of 7.2% in 2017-18 is considered as the fastest growing economy and the land for business opportunities. The government’s initiative like Make in India, Digital India, Start-up India has made it an easier route for various MNCs to invest. This has also resulted in most unorganized businesses looking at the organized formats.