Starting a business is one of the toughest decisions you have ever taken. There are many benefits of buying a franchise business and this is the reason the franchise industry is on its boom.
We recently spoke to celebrated Astro Strategist™ cum Business Astrologer Hirav Shah whose mix of knowledge in sports, engineering, and astrological science helps him prepare high-level strategies that give fruitful results in business.
Hirav Shah tells us that if you are planning to set up a business there are many things that you need to take into consideration. The first thing to consider is the economy of the country. The current state is not that good to start a business from scratch. If you have enough disposable cash and you can survive a few losses then you can take a chance otherwise we will suggest that you avoid starting a business from the beginning. However, if you are hell-bent on going for business and do not want to be in the corporate world, we suggest that you opt for a business type that is already set. You must be wondering what we are talking about? Well, we are talking about taking a franchise of an already established business house, which you will run.
There are many companies that are well established and are having a good turnover every year. So which one should you opt for? Make sure that you learn the ropes of the business so that you can keep the rope within your grasp from the beginning.
In this column, Hirav Shah shares some of the top reasons showing why to buy a franchise and grow faster.
Capital – When you go to start a business, the first barrier that comes to your mind is the lack of capital you have. Financial needs are on priority for setting up a business but good luck is, if you choose a franchise business there will be a lesser amount of money that too without the risk of debt or the cost of the equity. The amount needed to develop your franchise company will always be less than the amount needed to open a company with completely a new name.
Motivated management – The other issue faced by entrepreneurs is finding and retaining good unit managers. Without a good management environment, a business can’t run smoothly. A business spends a lot of time, patience, and money to train a manager and create a great environment but, if you open a franchise business, you will get helped with top-class motivated managers who have done tremendous work to push their company to the new heights.
No one can be more motivated than the one who is materially invested in the success of the operation. There will be several benefits because you will get long term commitment, better quality management, improved operational quality, innovations, and some other things from the franchisee.
Speed of growth – If you are serious in setting up a business, first of all, you should have a look at the data. You should compare which option is good to go for faster growth. Every entrepreneur has the same fear that someone else will copy the idea and develop a company with the same concept. As seen often, these fears convert into reality.
The main issue is that opening a single unit and making it popular takes time, a good franchise can be the best option to go with as there will not be any type of fear and you will be ahead in the competition. Franchise not only helps in financial and management requirements but they also help you to come across from the issues of human resources. In short, they will give you a solution to your every problem.
Staffing leverage – Since most of the work can be easily done by the franchise. Franchisors help you in many ways. You will need to have less number of man powers because for your profit, not only you but someone else is also working.
Reduced risk – This one is one of the most important points to consider. If you decide to go with a franchise, you will not have to worry much about the business risks because you will be with an established business having a great reputation.
Concluding the discussion Business Astrologer Hirav Shah who has always worked towards turning your dreams into reality says that if you want to open a business, you can go with a franchise option as it will give you several benefits. There are many options like restaurant franchises, schools, computer-related franchise businesses, and more. The decision to invest in a franchise business comes with many of the same considerations as starting any other business—you’ll need a passion for the business, a business plan, a team, tools that help you stay organized, financing, and a perfect astrological strategy. Good Luck!