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There's a myth that opening a franchise business in India will require millions for investment but the truth is it doesn't require millions as you think. India is currently the third-largest consumer of goods and services in the global market. A franchise business is easier compared to a traditional business where you will come up with an idea and develop it into a big business which is energy and time consuming but franchise business allows you to gain traction for your business from day one itself depending on the brand you choose for the franchise.
The idea of franchise business is that a reputable brand or company known as the franchisor agrees with the franchisee under which the franchisee is licensed to do business on behalf of the franchisor.
A franchise business is a much safer way for business investment because you already have a set of customers based on the brand and locality. This is a low-risk type of business that reduces spending on branding, advertising, and marketing. A franchise is not only an easier model compared to traditional businesses but also a great contribution to economic growth as it allows a rapid expansion with the brand of your franchise.
Lower operating cost is one of the main benefits of the franchise business. You can start a Lenskart or Domino's Pizza franchise with just 30 lakhs which will recover the investment and give you a great profit in the long run. There are disadvantages regarding franchise business as well like there is no exit strategy, you will have to bear all the profits and losses according to the agreement.
Exiting the franchise business wouldn't be exactly in your control but to abide by the rules and regulations of the parent company. Constant monitoring by the parent company takes away the flexibility as a business owner but gives the perks of fewer risks when it comes to customers and sales.
Due to the low investment in the franchise business, it has high-profit potential when the franchise is working hard on business. Franchise business also acts as a chance to try out for all aspiring entrepreneurs to know their stature. Business brands from abroad have gained a greater foothold in India.
Here are the 10 most popular franchises that would cost you millions with low risk because of the popularity of the brands:
Lakme by Hindustan Unilever
Hero moto corp
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