Thinking Of Starting A Franchise Business in India? Get Started With These Tips
Posted by shaadidukaan on January 2nd, 2020
Each year thousands of students complete their graduation and post-graduation programmes and opt for the jobs that they are interested in. In an ideal scenario, some of the students, after fighting endless interviews and competitive exams, finally get landed in a reputed organisation that favours their interest. While the others, who fail to get into the top organisations, have to struggle through all the societal pressures that push them for a position in a company that’s totally out of their domain of interest. Hence, the resultant is that the employee and the company both have to perish.
It is after a while being in the industry, doing either their dream job or not, that an employee realises his real interests and what drives them. It is the time when they start looking for more opportunities that’ll help them explore their talents and skills to another higher level and become an asset to society. This is the time when the idea of being an entrepreneur sprouts up in the young minds, but the main question mark that follows is how to get started?
So, in order to tackle that question, here I have described entrepreneurship as a whole. I have tried to share the best of my knowledge in the hopes that it helps those seeking a guideline to follow on their journey to becoming an entrepreneur themselves.
What exactly is Entrepreneurship?
As per the definition of Google, “Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit”.
This definition is something that only talks about the risks that being an entrepreneur bring with it, and I personally find it quite pessimistic. Entrepreneurship is not all about taking risks(yes, taking risk is a factor), but there are many more things too.
To me, being an entrepreneur is more about being your own boss and exploring your interests to bring forward a new and innovative product that’ll further help the society and will become a part of driving force for the economy. Here, I would like to assert that product can be in any form, be it digital, physical or a service offered to the society.
A few questions that’ll help you get started
I understand that starting your own venture and getting into entrepreneurship is a big decision, and to get started with it is hard. But in order to make things a bit easier, you can start off with opting for a franchise business in India as it is much easier than starting your own startup. Here I have compiled a few questions that’ll help you clear out your vision of starting your own business.
The first and foremost thing that you have to think about is the skills that you have. It is these skills that will come in handy and will help you explore the opportunities to give direction to your business.
There are skills, and there is expertise, you need to distinguish them and find at least one domain in which you excel in. This will be the building block that’ll hold together your business model.
Take a look around at the society and find some of the standard issues and build a business model around it. Plan out every little detail that can help your business reach out to more people and make them your potential customers.
Researching about the competitors and the business rivals is really important when coming up with your startup. Try finding out what unique things they offer to capture the customer base and try learning from their successes and their failures. When looking for business franchise opportunities you must, look at the portfolio of the franchisor company and ensure that it aligns with your interests.
While you have attended the school, colleges and worked for organisations, there will be many different contacts that you have come across who might help you out in getting started. Asking help from others who are more experienced than yourself is something that always helps.
Everything seems perfect in mind, but it is essential to check the on-ground reality as well. It is crucial to check the feedback from the end-user of your products and services directly. Having a fresh set of eyes analysing your work can help point out a few problems that you might have missed.
For any business, thinking ahead is really important. It is what gives the force to drive the whole business forward. So, set the goals that you want to achieve with the business that you have started. It’ll be a vision for you to follow, but what’s more important is to break down the goal into smaller milestones as each milestone will ensure that you are on the right track.
Okay, so finally comes the investment factor. For me, it is the last factor you should deal with. After all the planning and with a proper business model at hand, the hopes will be high, and you’ll be ready to give your 100% to get investments. With a full business model analysed, you can present yourself well in front of investors and will feel more confident. Do remember to reach out to the people whom you know, share the same ideals, on which your business is based. Moreover, there are different franchise business without investment in India, which you can opt for.
These are a few things that I think will really help out in your journey to starting your own business venture.
In the end, I would also like to assert on the fact that the journey you’ll go through while starting the startup will be a bumpy ride with lots of dead ends, but it is all about keeping your spirits high and not giving up at any point. So, go ahead and design a business model that aims for the sky and be your own boss.
Now that all the questions are answered for, are you ready to get into entrepreneurship?
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