The dilemma of starting out own or choosing a Franchise Opportunity is an important dilemma to solve. In this article Gaurav Nigam, Founder of Tumbledry Laundry & Dry Clean, has given a perspective on what works best under what circumstance, and how one should decide why it makes sense to start your Own Business and not a Franchise Business.
As an entrepreneur, one would love to be in a business which is immune from market uncertainties. This can never be completely true for any business, but just in a few cases there could be business opportunities which are minimally impacted by market uncertainties. The article details about four franchise businesses that are recession and pandemic proof.
It is when the existing franchises are so happy & satisfied that they invest more & more with the brand, and take up more franchise stores themselves! This happens when not only the financial returns are great, but when the promises made by the brand before onboarding a franchise are upheld in entirety even after franchise operations are started.
Why should one choose franchise over own business? Gaurav Nigam, Founder of Tumbledry Laundry & Dry Clean, has tried to answer this question through this blog.
For a business to be profitable and scalable, industry size is the most important parameter. Only when there is sufficient demand (latent or obvious) for a product or service, businesses get created to serve that demand profitably.
One business that has been flying under the radar for the last 5-6 years is that of laundry & dry cleaning. Not many people know that this industry is so big that it is nearly 2x the size of Beauty & Wellness, Fast Food Restaurants, and Diagnostic Labs combined together.