Some Do’s & don’t for Potential Franchisees
Geetanjali Mehlwal, Franchising Professional, Way2Franchise.com

There wasn't much happening in the form of franchising, in India, till about the mid 1990s; barring a few exceptions here and there. Post liberalisation, and in particular, towards the present decade, the concept of franchising has expanded exponentially and is growing at a healthy growth rate of about 30-40%. Franchising, today, encompasses many diversified areas, from retailing, childcare, garments, food, and education amongst others. The list is growing manifold, thanks to the spectacular economic growth of the country, the availability of liquid cash, and the ever increasing ready to indulge middle class.
As a business, franchising may seem like an easier model to adopt, but it is a serious trade decision, and before entering into this business, there are certain Do’s and Don’ts that a potential Franchisee may take into consideration.

Dos:

• Do select a business that interests you and to which you can passionately devote yourself.

• Do self appraisal, whether you have what it takes to slog 24x7, by committing your money and energy.

• Do research suitability of your selected business to the region you are planning to set up business in.

• Do plan your financial requirements, with great thoroughness, to undertake and run your selected business, and means available to fund these requirements. You may consider hiring professionals to advise you to plan it in great details.

• Do a thorough research on your selected Franchisor. It is advisable and highly desirable to select well established, financial sound, quality managed and reputed Franchisor. It may seem initially more expensive but in the long run would prove reasonable and tension free. Go travel and interact with other Franchises having business of same Franchisor. Talk to them, clear your doubts.
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