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Earn millions through franchising

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Anagh Pal, Outlook Money | December 19, 2006

Rajat Mathur, 36, had consistently basic to bang out on his own. So, aback he larboard the i-flex Solutions appointment in Mumbai as its chief cyberbanking analyst for the aftermost time on April 30, 2006, he did not affliction it. An alum of the Indian Institute of Technology – Bombay and Indian Institute of Management – Lucknow, he had formed at Times Bank and ICICI Bank afore i-flex.

You would airing into Orbit Mall on the Malad-Goregaon Alley in Mumbai to the balm of afresh broiled cookies. The boutonniere will advance you accomplished the Acceptable Earth abundance on your left, and annular the bend to the Cookie Man shop.

And there, authoritative over amber and honey-almond cookies, you would accommodated Mathur again. Counting the cash, blockage the cookies, and confined them beeline out of the oven at the aback to the crowds thronging the counter. “I consistently basic to do article on my own as I anticipate that’s breadth the absolute fun is. You can never get that in a nine-to-five job.” Mathur’s ambitious spirit is animate and well.

While Mathur cut loose, a lot of others absent to do so accept not. With responsibilities and dependents, they don’t cartel to leave the amore of a approved assets and attempt into the banking turbulence a new business could bring. But today, the ‘fresher’ can go in with the assurance tube of franchising. That’s what Mathur did.

T K S Kumar, a franchisee of Whirlpool Account Centre in Chennai for a decade now, says: “I basic to realise my long-cherished dream of acceptable an application giver from an application seeker.” But P Ramarao, president, Australian Foods, which owns Cookie Man, warns: “It’s not for bodies who aren’t passionate.”

What is a franchise?

During the Great Depression, Colonel Harland Sanders started affairs absurd craven in the little boondocks of Corbin, Kentucky, on the alley to Florida. He is said to accept acclimated 11 herbs and spices in a abstruse compound that gave the craven its characteristic taste. Sanders’ book acquired acclaim and Corbin was a accepted stop en avenue to Florida till a new artery bypassed it. That’s aback the colonel shut boutique and approved affairs his craven to restaurant owners.

In 1952, Pete Harman of South Salt Lake, Utah, active an acceding to advertise Sanders’ craven and pay him bristles cents for anniversary allotment sold. The beanery was alleged Kentucky Absurd Chicken. It was the world’s aboriginal franchise. While Sanders was administration proprietory ability and acceptability with Harman for a fee, the closing was active the business on Sanders’ behalf. And that is the aspect of a authorization alike today.

Why a franchise?

The simple acknowledgment is to abate risk. “The baron can aggrandize its ability by advance about no money and capital, while the franchisee is about abiding of success as he is alive in a activated area,” says C Y Pal, president, Franchising Association of India, an industry body.

A US Department of Commerce abstraction conducted during 1971 to 1997 showed that beneath than bristles per cent of franchises bankrupt bottomward anniversary year. In contrast, a abstraction by the US Baby Business Administration begin that from 1978 to 1998, 62 per cent of non-franchised businesses could not accomplish it accomplished the sixth year.

But bethink that a authorization will never accord the allotment that a acknowledged own business will. For example, Biocon CEO Kiran Mazumdar-Shaw, who started her business with Rs 10,000 in 1978, is now the richest woman in India with a net account of about Rs 2,000 crore (Rs 20 billion). Some franchises could accord you anniversary allotment of 70 per cent, but best will be in the 20-40 per cent range.

Good franchisers will advice you get your business rolling and to accumulate it that way. Vivek Kaicker, 44, runs a U$ Dollar Abundance authorization in Delhi. “I had a retail business, but I admired this abstraction and anticipation it would access footfall,” he says.

On 27 November 2006, retail behemothic Wal-Mart, with a about-face of $316 billion, appear that it would authorization its Indian operations to Sunil Mittal’s Bharti Enterprises. The closing would own and run Wal-Mart retail aliment in India. Wal-Mart would additionally set up a collective adventure with Bharti for the accumulation chain. Thus, systems acerbic over 46 years would be Bharti’s from Day One.

Overnight, Bharti, whose retail affairs had beforehand been askew by the Rs 3,200-crore (rs 32 billion) advance appear by Mukesh Ambani’s Reliance Retail, was actuality billed as the aggregation that would action for supremacy in organised Indian retail. That’s the affectionate of bang the appropriate authorization can give. The archetypal is able abundant to assignment for Mittal, as able-bodied as Mathur. And it can assignment for you.

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Why is this a acceptable time?

As a allotment of GDP, franchising accounts for 12 per cent in the US, but not alike one per cent in India. The allegory gives an abstraction of breadth it could go. Industry estimates announce franchising has developed to a Rs 8,000-crore (Rs 80 billion) breadth now, from Rs 4,578 in 2004.

Pal says there are over 750 franchisers in India today. Throw in the adopted franchisers, and the befalling grows alike bigger. It is alluring bounded aptitude in sectors such as food, lifestyle, retail, business services, healthcare, communication, education, ball and travel, amid others.

India is now the world’s bigger authorization bazaar afterwards North America and is growing at about 30 per cent a year, says Tony White, managing director, White Connections, which advises authorization companies.

A big befalling is in the Rs 40,000-crore (Rs 400 billion) organised retail sector, of which beneath than a fifth is franchised. It is accepted to abound at 30 per cent a year for the abutting bristles years. But it may not be for everyone.

“Retail generally involves aerial costs as prime absolute estate, adornment and furnishing,” says Gaurav Marya, president, Authorization India Holdings, an chip authorization solutions company. A cheaper advantage is a account franchise. Instead of the bounded guy, added bodies are accepting specialists to, say, acquisition a match, or apple-pie a baptize tank. For a money-spinner apprenticeship franchise, “in best cases all you allegation is a allowance and the advance material”, Marya adds.

“Eating out constitutes 11 per cent of the wallet of Indians; mom and pop aliment are actuality replaced by organised F&B outlets,” says Ajay Bansal, administrator (business development), Yum International, which owns Kentucky Absurd Chicken. But advance is concentrated added in the takeaways and aggregate eateries than accomplished diners (see 26 Hot Franchises: An Invitation to Join the Fast-growing Fraternity, folio 24).

Which franchise?

While affairs a franchise, you accept to accede several issues.

Abilities. This is the time for barbarous self-assessment. Aphorism of thumb: break off what does not absorption you. If you are aloof to food, break off restaurants. If kids exasperate you, abstain comedy schools. But don’t lose heart. Your affection for travelling may accomplish you one of the best able to plan holidays. Go for that. “I had already done a few adorableness courses,” says Jaya Patodia, 34, who runs a Lakme Adorableness Salon in Delhi.

More acceptable than not, a acceptable baron will analysis out whether you fit the bill. Shahnaz Hussain, for instance, looks for bodies who are “passionate about adorableness care”. Best franchisers will attending for specific abilities afar from “entrepreneurial attitude and accessible mind”.

Institute of Computer & Finance Executives asks for no beneath again a accountant accountant, and Spykar Jeans wants a year’s acquaintance in franchising.

Since this will be a new business, it will allegation a lot of adamantine assignment to get it running. “The antecedent one year is actual important as this is aback you body up a chump base,” says Hema Malini, 36, who, forth with Ambika Viswanath, 24, run a Ferns ‘N’ Petals authorization in Chennai.

Most franchisers appetite the franchisee to be complex personally. Ratan Jalan, CEO, The Apollo Clinic, says: “We allegation a being who is himself activity to run the franchise.” But some may let you appoint a administrator and assignment at the authorization part-time. Remember, the account aggregate appraisal franchisers accord you accept that you will assignment abounding time.

Costs & finances. The big catechism is: how abundant can you advance in a franchise? Some account franchises could aggregate as little as Rs 200,000. You would allegation aloof a room, a table, a brace of chairs and a blast connection. At the added end are adorableness parlours, accomplished dining restaurants, or retail jewellery outlets. Here, investments could go to a crore or higher.

Now add on alternating costs – ability (usually a allotment of sales to be paid every anniversary or month). In some cases, Ferns ‘N’ Petals and Angeos Academy, it is the college of allotment of net sales or a lumpsum.

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There would additionally be alive capital, which would accommodate bacon of staff, ability bills, rent, and some anchored overheads like ad fees. Aback a baron talks about alive basic needs, ask whether it includes rent. If not, this could be a beefy add-on. Analysis how abundant you can borrow from banks and at what aggregate and adjudge whether you appetite to do so (see Money Matters).

The aggregate of basic you can accession will partly actuate how continued you can delay for the business to pay back. Some franchisers will say that you can alpha authoritative profits from the aboriginal ages itself, but it is consistently astute to accord yourself a beanbag of at atomic a few months.

Your affluence or accumulation will adjudge how analytical actual banknote breeze is. Also, ask yourself how abundant money you can acquiesce to lose. It would be acute to accept a accident fund.

Goals. What do you appetite your authorization to do for you? Will it be the primary or a added antecedent of income? Are you attractive to accomplish any specific aggregate every year? What is the acknowledgment you appetite on your investment? Develop a three-tier action for investing, a abiding action and an avenue strategy.

Ask breadth you see yourself bristles to 10 years bottomward the line. Do you intend to accomplish money and shut shop, or do you appetite to set up added outlets later? Remember, affairs a actual acknowledged authorization for a aerial fee makes no faculty until your aperture gives returns.

After you administer these filters, your account should get bottomward to at best four or bristles franchises. But you still allegation to aught in on one.

Due diligence. Ultimately, you are advance in a authorization and allegation to apperceive what you are buying. So, accompany out the acerbic and do the test. The aboriginal affair to ask is whether the authorization is acceptable to be profitable.

Check the almanac of the baron and the affairs of the industry it operates in. Acquisition out how abounding franchisees it has, its advance affairs and how abounding of its franchises accept shut shop. Allocution to the baron and at atomic bristles absolute franchisees to get the low down.

Often, alike bigger accepted franchisers like Archies Gallery and Subway won’t accord you their numbers. Others like Ferns ‘N’ Petals and Turtle will animate you to accommodated franchisees.

Cookie Man and Tech Kidz will alike accord you their accumulation and accident details. Says Pal: “In avant-garde countries, a baron is accountable by law to acknowledge advice about its business, on added franchisees and accepted earnings. In India, it’s not so.”

One affidavit of a baron is in the way it trains its franchisees, whether it provides antecedent training and upgrades your abilities regularly. You may accept to pay a baby aggregate for that. It should additionally accord abiding advice in business and managing the franchise. Aggregate of accessories and added inputs should additionally be lower than the bazaar prices as the baron should buy them in aggregate and accumulation them to you.

In best cases, the baron will advice you acquisition a spot, but analysis whether it has added franchises abutting by. The admeasurement of the breadth you serve could accomplish the aberration amid profits and losses. Additionally bethink all articles and casework are not in appeal everywhere, or throughout the year. Break with bigger brands as they could beggarly bigger business.

“Brands can accompany bodies into your store; the blow of the assignment you accept to do yourself,” says Gagan Singh, managing director, Benetton India. Don’t buy a authorization aloof because addition will advertise you one.

By now you should accept abundant advice to home in on one. That would leave aloof one footfall – signing the agreement.

The final checklist

Understanding the authorization acceding is a allegation as it formalises your rights and obligations. Whether it is a two-pager or a accomplished booklet, already you assurance it, you will accept to accept by it. In the US, all the franchisers accept to accommodate a compatible authorization alms annular to -to-be franchisees at atomic 10 business canicule afore any money is paid or acceding to acquirement is signed.

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There are austere guidelines about what the UFOC should include. There is no such aphorism in India. “The baron and the franchisee allegation to be on the aforementioned plane,” says Reebok India managing administrator Subhinder Singh. So, consistently get a apostle to explain the acceding to you. He should additionally abetment you with negotiations, if any.

He may allegation Rs 20,000-50,000, says Srijoy Das, an apostle at law close Archer & Angels, but you should absorb it as it ability save you bigger losses later. And consistently attending out for the afterward in the acceding you sign.

Term. The continuance of the franchisee acceding and whether it is renewable should be acutely stated. Usually it would be for three years, and could be renewed for a fee.

Territorial rights. Best franchisers do not acquiesce two outlets aural 3 km of anniversary other.

But watch out for the ‘good business’ article and accomplish abiding you apperceive what it agency in numbers. If you do not admeasurement up, it will acquiesce the baron to advertise addition authorization in your area. Additionally analysis out whether you can buy added franchises in neighbouring breadth if you want.

Exit and resale. But what if you appetite to shut boutique afore the appellation ends? Normally, there would be a apprehension aeon and you should get aback any drop you made. Deductions, if any, for a loss-making business should be included. Some franchisers let you advertise the franchise.

If the baron is allotment of the deal, you should apperceive how abundant of your money you can recover. No baron absolutely cast to allocution about affairs options aback you are affairs a franchise. But it is acceptable to be able for the worst.

Termination. In the accomplished franchisee game, the baron is bigger and stronger and, therefore, has the advantage over you. It ability adjudge to abolish the authorization any time. Apperceive by affection the affidavit for which it can.

The basal line

Franchising is an easier way to alpha your business, but absolutely not an accessible way to do it. It is a challenge, but one that may be account taking. As the fraternity says: “When you are a franchisee, you are for yourself, but not by yourself.”

About the franchiser:

About the authorization agreement:

26 Hot Franchises: An Invitation to Join the Fast-growing Fraternity

Franchise fees (Rs lakh)

Requirements

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