Top Franchising Options for Young Entrepreneurs
Most entrepreneurial-minded young people typically encounter two road blocks in pursuit of owning their own business. First, they probably don’t have the experience or know-how required to run a successful start-up business on their first try. The second common road block for young entrepreneurs is having adequate financial resources, as the initial investment can easily require hundreds of thousands of dollars.
To maximize their chances for a strong start, aspiring entrepreneurs might consider opening a franchise. Diligent research can turn up franchises with franchise fees starting as low as Rs 20 lakh and potential for high returns. We have picked five types of franchises that might best meet the personal and financial qualifications for young people.
Today’s pet owners are taking extremely good care of their furry friends. Pet care makes up a $42 billion industry, the seventh-fastest growing industry in America. And it is picking up in India too. There’s a huge business opportunity because… baby boomers and the dual-income household folks are consistently spending more and more on their pets… even in downward recession periods like this.
Children are our most valuable resource. And parents are investing in them—heavily. Needless to say, the children’s services industry is booming, and young investors can take advantage of a wide variety of opportunities in child-related franchises, many of which are home-based. Educational services may present an exceptional opportunity for growth.
One of the reasons that franchises are so successful in the beauty business (as opposed to brand new start up businesses) is that the combination of franchisee autonomy and franchisor experience and advice add up to a productive working relationship. Salon Franchisees have the freedom to run their own businesses and have the support of a highly professional organisation supporting them. They also benefit from having a reputable name behind them and the knowledge and expertise of the franchisor.
Today, the Indian population is moving towards fitness and overall well-being as a means to de-stress themselves from hectic work pressure, and combat unhealthy eating habits and sedentary lifestyles. And this is where young and budding entrepreneurs can set their target.
Existing franchise businesses
Buying an existing business as opposed to starting from scratch has been the conventional wisdom for aspiring entrepreneurs. Existing businesses are generally lower-risk; they may have established some sort of cash flow and probably won’t incur high costs for building out new office space.