These 5 Trends Hold the Power to Refine Your Business Five Franchising Trends to Look Out for
This story originally appeared on Franchise India
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
With the way the world economy is growing and evolving, the franchise business is going to have to change as well. Franchise industry in India is today estimated to be at USD 47-48 billion and this number is growing at 30-35 percent year-on-year, according to PTI reports. In order to keep moving ahead in the franchise business, there are some things which the evolving franchising market in India will have to adopt. Here is a list of those aspects:
Online and social media
With social media reigning supreme, it 's a platform where people are discussing brands and strategies as well. It cannot be ignored and therefore needs to be monitored to see how people are taking to a brand. More than conventional advertising and marketing, it is social media which is building the reputation of a brand and its long-term chances of becoming a franchise.
Health and Education
These are two sectors which will witness further growth and boom. India as a nation is becoming more health conscious and switching to organic food options, healthy eating, and fitness. It is also getting to be more serious towards educational frameworks which support elementary learning at school and college level. With advancing technology and new learning methodologies, the Indian parent and learner want to be up-to-date and at par with the west. Therefore Health and Education are going to rule the roost.
BeSpoke and Customisation
Gone are days when people would go to tailors for fitted garments and look for individualistic home décor. Today, the young entrepreneurs are franchising their unique product ideas and specializing in a particular line of Bespoke wear, customized shirts, mugs, services and much more. It is the era of customization and there are franchisors willing to invest in expanding because the market is looking for such experiences. Stakes are high but returns of investments are also guaranteed.
Organics and Greens
Two things attracting the attention of the franchise-friendly market are eco-friendly assortments. So, whether, it is an energy drink, or a salad bar or even business of outsourcing plant keeping at home and offices, everyone is looking for service providers and are willing to pay for it. If you are thinking of starting a business, these are two areas which are sure-short winners in the long run. Also, you will find many takers for such a franchise as well.
The millennials are not scared to take risks; so is the middle-aged and older generation. Everyone is willing to take risks and wants to do something of their own. A lot of older couples are now looking at franchisee models as a way to own their own space and business. They are willing to learn at a larger stage in life and strive to work as a part of an established brand. This is another reason why franchise business will not have a problem looking for the right kind of franchise partner because there are many standing to take on the challenge. A lot of professionals, especially from the IT background are choosing the franchise route to entrepreneurship. This has been a trend for the last 4-5 years. The industry has witnessed a year-on-year growth of 30-35 percent according to industry experts.
This article was originally published on Franchise India by Uttara.J. Malhotra.