Opening a franchise business in pooja samagri online involves several risk factors which the franchisee has to consider before starting business. Read this blog to know more in details.
Investing in a franchise business demands huge monetary requirements. Therefore, it becomes important to determine the factors which lie on the edge of the risk axis. You should keep in mind that the perceived risks aren’t limited to just a single factor. Rather a sum of all the risks can make your investments go almost south.
What is the Franchisor-Franchisee relationship?
Essentially a franchisee has to pay an initial fee along with the ongoing royalties to a decided franchisor. In return, the franchisee gains from the use of the brand trademark and all the rights to use the franchisor’s system and methods of doing business by selling its products and services. Reputable franchisors will always conduct a thorough market analysis before giving all rights of business to a new outlet, know about the competition in the market and other important issues. The franchisee is an independent small business who then leads the management and operations from its franchise location. It is then responsible for conducting the day-to-day range of businesses.
Here are some of the most prominent risk factors that every entrepreneur should consider before opening a franchise business:-
Overcoming Fads:-
A company like Puja Shoppe which has been in the market for many years, selling pooja things, has already captured a huge market to distribute their extraordinary services. However, if a business is extremely new to the market, the franchisee should be careful new often means bigger risk factors. The franchise fads can allow you to make money, probably if you start with work in the market early. Perhaps, there are high chances that you can get out of the market easy as well. Therefore, the franchisor must secure a good hold of the market with the popularity of its products and services. But be careful to jump on the bandwagon if it seems too faddish.
Considering factors like regionality and seasonality:-
As a franchisee, another primary factor is to consider whether the concept of business will work in the market which has been chosen to continue the work. Opening a franchise in a new location requires you to pay attention to a lot of verticals like the lifestyle of the people residing their, their daily activities and which type of market they incline towards mostly. This is where you may find your real opportunity to shine bright.
Similarly, the seasonality of the business should also be considered. For example, if you have opened a franchise of spiritual and divine products like pooja items, the business will work better during the festive seasons. However, Indians being deeply religious and faithful, you can always expect a heavy rush to your store and online market throughout the year itself. In particular, this is one of the best stores also selling fancy divine gifts online and spoiling customers with innumerable choices.
Regulations:-
Before opening a franchise business, the brand should be on par with all concerned Government rules and regulations. Often they pose a serious, concerning a threat to the business, hence hampering smooth work. There are certain things which are on the horizon and need to be taken care of beforehand. According to the Indian law system, the franchise has to obtain a license from the owner of the trade name permitting another store to sell their own, manufactured products and items like pooja samagri online. While this two-party relationship is solely based on an agreement, it will always come with some rules and conditions to comply with.
Resistance to Recession:-
You, as a franchisee, should always be prepared to handle the outcomes of a strong recession period, if there comes any. Some businesses will always perform better than others during the most difficult times. Some businesses are highly resistant to recession, thriving in tough times in the market, although the consumes will stop spending excess. This is why the franchisee must always gather the required information from the franchisor like how the business will exactly flare in different economic conditions.
Risks in Capital:-
This happens if the franchisor does not have the necessary resources to meet all their growth plans. Hence, checking all the financial systems from beforehand proves very helpful. The franchisor should disclose their financial statements to the newly opened franchise business to avoid future conflicts and disruptions.
What to gain from becoming a franchise of the Puja store?
- Pooja
samagris are a regular requirement in every household. We, Hindus strongly believe in religious rituals and love worshipping different deities. - Selling these products allow the small businessmen to grow and reap profits.
- The products sold in the puja store online are non-perishable and they stay intact for long periods.
Samagris related to pujas are not strictly market-oriented and hence they do not get easily affected by the fluctuating economic conditions. These stores tend to run their business steady.- Becoming a franchise also gives extra opportunities like arranging and managing pujas and celebratory occasions at reasonable price rates.
- With pooja products, customers can never go wrong with their quality ad condition, hence it allows the businessman to establish a reputation of their own.
- Scopes for becoming an online franchise business partner is also huge. This way, the overhead and maintenance costs are avoided.
- Your store will always be able to enjoy a steady flow of clientele for the fancy pooja items. This will increase sales since they will always buy from a reputable brand.
Therefore, to make a huge business growth, you can always become a franchisee of the renowned divine and spiritual gift store named “Puja Shoppe”. It sells the most innovative puja things and items, integrated with cutting edge technology while remaining entirely traditional at heart.