Are you confused about whether to choose a startup or have a franchise business in Mumbai?
Then this blog is for you. As the pandemic impacts workplaces, becoming your own boss is becoming a more and more common alternative for many people. Choosing whether to start a new company from scratch or buy a franchise is a great opportunity to start your entrepreneurial journey. Finding a unique company idea, expanding a customer base, building brand awareness, and managing financial flow without advice are some of the obstacles that come with starting a business. In the first ten years of operation, the majority of startups will fail.
The path to commercial success is, in fact, frequently paved with unexpected turns, dead ends, and restless nights. An increasingly popular choice is to invest in an existing brand if you’re not familiar with the ambiguity and risks of establishing a company from scratch. Franchising strikes a solid balance between individual independence and on-the-ground assistance from a proven business plan. It is a tried-and-true idea because franchise owners have a greater success rate than startup founders after five years.
Franchise vs Startup
When you create a franchise business in Mumbai, you have support from the very beginning. Compared to a franchise, starting a new business entails far more risk. The franchise business in Mumbai has a significantly lower risk factor. When it comes to starting a franchise, franchisors try to safeguard their brand awareness by giving constant assistance to the franchisees. An individual has a variety of options when starting a business. It is possible to establish an existing franchise or launch a new startup firm. Decisions may be made in light of a number of variables. But starting a franchise is always a safer and more secure alternative.
Reasons why starting a franchise business in Mumbai is better and safer than startups
- Brand recognition
In contrast to a franchise, where customers are already familiar with the brand, it’s offering, and the associated reliability and quality, a new business may not be able to generate brand equity. One of the biggest advantages of choosing a franchise is that starting your business will cost you less money and time. Even if your company is completely new to a market, the image of the franchise business can provide the initial, highly important word-of-mouth advertising. Thus, the likelihood of success will be considerably higher.
- Mentoring and training
Imagine not having ever used a flotation device while swimming. Would you endanger your life by diving into a body of water headfirst? If you had a swimming instructor guiding you and keeping you afloat, it would be considerably safer. For new franchisees, training in franchising does that. Few people possess the skills or expertise necessary to excel in every aspect of business in the startup environment. When you own a franchise, however, you have a partner who provides a combination of becoming a boss in your own right and gaining access to the extensive expertise and experience of starting, running, and expanding a firm.
- Low risk
Even while there are certainly some risks involved, expanding an existing business has generally been less risky than establishing a brand-new company. You already have support from an experienced player in the field, who is providing you with the training to handle the business, their business strategies, and also the brand recognition that they have earned so far. In contrast, the startup owner has to start from the ground level without any guidance or training and also has to invest a lot of money.
- Supplies and equipment
When starting a business, the owner must organize all the materials that must adhere to strict quality standards, and negotiate the lowest prices. But with a franchise, the franchisor handles all of these tasks. All you need to do is invest the money; the rest will be handled by the franchisor.
When you acquire a franchise business in Mumbai, you gain management of a business with an existing customer base, continuous cash flow, and profits. In contrast, it may take a startup a long time to become profitable. Buying a franchise can provide greater certainty over working capital if you are establishing a new business. As a franchisee, you won’t need to spend time cultivating a trustworthy relationship with suppliers because the franchisor and their vendors have a long-standing relationship that ensures they acquire the best products at competitive prices. Some people might be concerned that owning a franchise can be more expensive than starting a new firm. However, it’s often simpler for you to obtain finance to buy an established business than it is to launch a new one. Additionally, a franchisee is given permission and a license to use the franchisor’s trademark, which has proven to be quite beneficial.
Thus, franchising is a much safer option than startups. So, if you have decided to start a franchise business in Mumbai, you should check out the Naadbramha Idli franchise. Naadbramha Idli restaurant is the best fast-food franchise in Mumbai. They serve Maharashtra’s No. 1 Idli. They have more than 45 franchises so far, and all of the franchises are highly profitable. Naadbramha Idli provides a food franchise for under 15 lakhs in Mumbai. So, if you want to start a franchise business in Mumbai, Contact Naadbramha Idli to know more about their franchising opportunities