10 Franchise Mantras To Look Out For In 2023

India is poised to become the third-largest consumer market, after US and China and consumer spending in India is expected to grow from US $ 1.5 trillion at present to nearly US $ 6 trillion by 2030.

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Also, the number of ‘ultra’ high-net-worth individuals (HNIs) in India is expected to double to 3,30,400 with more than US $ 300 million worth of assets by 2022. While these stats are from the pre-Covid times, the growth prospect still stands true even if the numbers may vary. This rise in the number of HNIs is creating a level of sustainability in the franchising ecosystem. Moreover, India offers vast opportunities for franchisors courtesy the surging entrepreneurial instincts of its people. According to estimates, almost 35 percent of all franchise buyers are first-timers in business and these new entrepreneurs are very receptive to international franchises. Also, with the onset of the pandemic, franchise websites are flocked even more by people looking to pick up franchises from reputed global brands rather than starting their own business. According to Franchise India, franchising has witnessed a growth of around 30-35% over the last four-five years and the overall turnover is estimated at around Rs.938 billion. During a webinar hosted by Franchise India, Global Franchise Expert Greg Nathan zeroed in on the top 10 trends that franchise industry will swear by in 2021.

1 STRONGER FRANCHISEES TO LEAD: While the economic fall out from the pandemic has left many small businesses vulnerable, most franchisees will have a better chance of survival. However, some will still need to close or sell, creating opportunities in networks for stronger franchisees to expand. Franchisors need to have clear expandability criteria in place to ensure this growing cohort of multiunit franchisees is suitable to run these additional businesses.