The Indian economy is very receptive to any type of business opportunity. It is because of the distinguished factors like that of high disposable income, entrepreneurial energy, growth of the urban population and many more. In the frame of the same, franchising has turned out to be the way forward for the factors like growth as well as the distribution of the products and the services pan industries in the nation.
In present times, the economy like India is one of the fastest-growing and large economies if compared with other nations across the globe. One of the youngest populations, having an average age of about 30 years who buy a franchise than opening a business.
Let Us Know About the Quick Facts about Indian Franchising –
- The franchising sector nearly contributes 1.8% of the total Indian GDP. India will contribute 5% to the Indian National Income by 20150 as forecasted.
- It can be noted that there are about 4600 franchisors that are present in India presently, which has about 50% regional brands, 34% national as well as about 16% of the global franchising sector in the nation.
- States, which are present in the south and the west region of the nation, tend to continue the leadership of franchise employment and output growth across the nation in the year 2018. The top 10 states that can be considered best suitable for starting a franchise are –
- Andhra Pradesh
- Uttar Pradesh
- Tamil Nadu
- Madhya Pradesh
- West Bengal
More facts and figures about franchising
- The nation is known to have about two Lakh franchise stores that are operated by almost 1.7 lakh Franchisees across. Approximately about 26% of buyers of the franchise are women in an individual capacity or it is even a couple led/ family business as well.
- In the present scenario, about 35% of the franchisee business are first-time business owners in the economy of India. Indian Franchising has played a very consistent role so that they could get people onto the zone of self-employment. 7 to 48% of people in our nation have no prior experience or knowledge of how to run the business.
- Graduate as well as the postgraduate people are the key forerunners in taking up a franchise business in India. As in the times today so that they could start a business. It is known that 84% of franchisees are owned in India is owned by graduates and postgraduates in India.
- About 53% of the franchising brands offer a start-up business. It tends to cost either less than or equal to about five lakhs to the prospective business owner. Thereby, addressing the high entrepreneurial drive in the nation at the lowest stage of the pyramid.