The growth in the Ayurveda industry has been more impressive than anyone predicted. In the last two decades a number if small and large corporations have emerged in the field, each carving out their niche. Another business model has become increasingly popular: franchises. Many Ayurvedic firms are actively pursuing franchises as a means of expanding their business.
Creating a franchise relationship works for both parties. The parent company benefits from the added resources of the franchise, especially in expanding their market base. Franchises also have multiple benefits from this partnership. Here are some reasons why you should consider ayurvedic companies for franchise:
Work at your own terms: This is your chance to work according to your wishes and pursue your dreams. Many of us dream of owning a business, but few are actually able to do so. Most of us spend our life in the rat race. But owning a franchise is one way of starting your business. You can pick and choose your speciality, chart a business plan and strategy. You will be responsible for any success as well as any failure. You can also reap the benefits of the success.
Low risks: Franchises are one of the lowest risk ventures that you can make in starting a business. In many ways the business is already established and your role is only in expanding in a particular sector. Most of the investment – product development, manufacturing and other associated costs are already taken care of. Both your investments and liabilities are limited in this scenario.
Encouraging Ayurveda: For many people it is the philosophy of Ayurveda that is the main draw. Many practitioners and small firms are involved in small Ayurvedic firms because of their intrinsic faith or interest in Ayurveda. They believe that running an Ayurvedic firms is a means of encouraging this ancient science of wellbeing.
Cashing in on the growth: The most compelling reason for investing in the Ayurvedic sector is the opportunity to tap into the growing interest and market of Ayurvedic products. The Indian Ayurvedic industry is expected to grow by 16% during the 2016-2021 period. In the personal care market, the share of natural remedies (dominated by Ayurveda) is close to 41% of the overall market, reaching Rs 18,500 crores.
This is one of the highest growth segments in the market with a rapidly increasing base. There are multiple factors that contribute to this sector’s growth. For instance, growing spending incomes means people willing to spend on personal care products is increasing, raising the revenues from this segment.
Support: Unlike many startups that must chart their own course without any, a franchise has the backing of the parent company. This can extend from setting up a business to organizational support with training. Many parent companies regularly train franchises in sales, marketing and organizational procedures. This can be invaluable to a new set-up which has very little experience or know-how.
Monopoly market: A number of ayurvedic companies for franchise offer monopoly markets. This means that the franchise has the sole control of the product in the given region. They can use this to carve a unique identity and enjoy control over demand and supply. This gives them a greater control and share of profits from a region, since no other franchise will be able to offer the same product.
Stepping stone: Many businessmen and women have actually started with franchises. With low risk and ample support, franchises are a safe option for a fledging business, as explained above. For many young entrepreneurs it has acted as a training ground from where they could expand and grow. Many franchises end up expanding into other territories, some venture into related business. At the very least, a franchise is an excellent training ground.
Options: Prospective franchise owners can literally pick and choose from he many options available. There are different partnerships available in the market today with many options in investment patterns. They can also select from the kind of products the want to sell, from cosmetics, pharmaceuticals to cosmeceuticals.
There are many reasons why many people are going for Ayurvedic companies for franchise. They have access to a readymade product that promises impressive growth in the future.