Starting A Jewelry Franchise:
In the first place let’s have a look on why you should own a franchise, as an entrepreneur you would have a number of business start up ideas but promoting your marketing and business expertise can be a hard nut to crack in a market where there are thousands of competitors, franchising can help you out in this regard, getting a franchise from a multi national brand guarantees international market for you which is already familiar with your brand’s specialties, thus at a very low cost and risk you can start up but one thing that might discourage you is “you have to abide by the rules”, multi national companies often want their franchise owners to follow their policies and strategies. Their policies are the key of a “franchisor’s success” thus following them will only enhance your capital and ratings. In the start of entrepreneurship there can be various set backs but having a huge business name can save you from falling back, your customer can trust you if he has been experiencing something extra ordinary from other franchises, so the trust factor is some how balanced and you are free to experiment new things within your sphere.
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Franchiser companies offer training programmes: You might think that in a jewelry business why would you want a training session, but let us get deep in this matter, designing and staff management are two crucial aspects that have to be looked after in a franchise development, for following company’s policy and making a coherent collaboration training sessions are quite significant.
Why a jewelry franchise? Jewelry is a very primitive and old industry, and there are three main reasons for this sector’s growth, Traditional aspects, for example in south Asia wearing jewelry is a custom symbol of happiness. Entertainment and luxury, jewelry is a sign of luxury and mostly well off upper middle class and higher classes used to wear statement jewelry articles. For attracting attention, some people are quite concerned about their looks and appearance and wearing the right jewelry article can boost up their personality. Value of jewelry in India is undeniable, it is a part of Indian culture, it makes up to US $ 21.95 of the annual budget in India thus starting a jewelry franchise in India specifically can be great success as it is the best and most lucrative franchise opportunity in India and one of the top business opportunities in India but before starting entrepreneurs have to look after various things not just their love for gold and diamonds, from Indian business women to the Indian house wives every women is some joe engaged in wearing jewelry articles, it could be bangles, earnings, necklaces or matha patti etc. Bollywood and fashion industry is playing a crucial role in enhancing such kind of business and if your brand is associated with any of these industries then your marketing is a huge challenge for other competitors.
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How to start these franchise business:
1.Finding your domain in jewelry industry: You will not earning peanuts in this business, that is why this franchise business is not a piece of cake for entrepreneurs, the first step will be the recognizing your entrepreneur business idea, it can be any design or market set up you can come up with but as India has a huge interest and appetite for jewelry and there are a number of jewelry business in India, so you must come up with some new market strategies, furthermore you can decide if you are having a retailer franchise or an online franchise ( which are mostly business start ups with low costs)
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2.Hiring a franchise consultant: second step is hiring a franchise consultant, you can find a number of franchise consulting services these business consultants will help you find the right company for your business investment, you would explain your investment schemes and they would tell you the most suitable company with the matching investment scheme. They work as brokers they also work for the franchiser who are looking to expand their business, it is a crucial stage and must not be skipped because there can be some points you will be missing out and for having a confidence you must hire a investment consultant, it’s your investment and you must make sure that you are putting it in the right business because investment trust is a prerequisite before getting into any business. 3.Deciding budget: Budget is the back bone of your idea and spark, one thing you have to keep in mind before even starting working is that you mist have a flexible investment, jewelry business is a multifaceted business and there are different dimensions linked with it. There could be new designs everyday because apart from traditional, the modern designs keeps on changing there can be various reasons for these changes such as the fast telecommunications and the fashion industry, nevertheless if you feel like you can not coup up with the high investment and multi national strong brands then you must make it cleat to your franchise consultants or the investment advisors, do not lie to yourself and do not even fool yourself or your business advisors by telling that with in this time frame you would be capable of investing more, rely on what you have, plan for the future but do not rely on your planned future. 4.Risks and challenges: Franchise development in India or in any other country requires a franchise fees, which will be almost 2 crores for various business start up ideas in India, next thing for the jewelry franchise in India is stocking the products, but as in jewelry there can be some modifications in the design and if your franchise is letting you come up with new ideas the you will buy articles that would be adjustable such as pure gold and raw jewels, but mostly brands move with some standard designs any how managing to buy an inventory before startup is another challenge, in this case you must again review your budget. Pro tip : do not try to exceed your limits! After deciding the budget you must calculate other risks related to the jewelry business in India, with too many competitors you will have to pace up, your store and its appearance and locality is very critical in deciding success of your franchise www.frantastic.in
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business in India, try to find a crowded place and a corner store, which would be used as a local landmark, although buying a franchise is a already set market but your own shop and it's daily earnings are what you will be counting on, so you must gear up for attracting a huge number of consumers, for getting a high rating train your staff for meeting and greeting customers, here your leadership qualities will help in growing your franchise business, every franchisee maintains a different culture within its sphere and that is what makes it different, of course a franchisee can not change the minor policies developed by the franchiser company but these minor details are what you can look after for getting a high rating by your consumers.
Conclusion: Jewelry franchisor companies in India are safe heaven for investors to start up, franchisee do not have to work much for promotion and market value it is already built by the franchisor company, for business start up ideas, entrepreneurs just need the basic investment knowledge, consult a franchisor consultant before investing, lastly franchisee must be an apt leader who can manage the culture and business environment because at the end of the day a franchise has to pay the royalties from it’s income and earning a pertinent capital is a necessity for meeting the requirements set by your marketing god that will be the franchisor company.
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