Any business whether big, or small becomes successful only after facing numerous challenges that can either make, or break the business. Let’s have a look at few such challenges faced by any low-cost businesses.
Entrepreneurship is being recognized as a panacea to many economic problems in India but a big sprawling business is not possible by all. Most entrepreneurs start small then gradually spread it via franchising etc. According to Anil Sharma, Vice-President, Retail & Franchise, Ferns N Petals (FNP), “Low investments and high returns always work well to grow the business that’s why FNP adopted this low-cost business model in 2002. Today, in metro and non-metro cities any person can take FNP franchisee in just Rs 6-7 lakhs. At present, FNP has 252 outlets across 93 cities in India.
This model has made FNP the world’s largest chain of flowers.”
However, there are few challenges that an entrepreneur needs to be prepared and address during his/her journey, which are listed as below:
Capital deficiency at initial stage:
This story is from the August 2017 edition of The Franchising World.
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This story is from the August 2017 edition of The Franchising World.
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