Franchising Right: Business Bazaar From Consulting Through Conversion
"Currently, we are working with Indian businesses. We intend to expand our franchise portfolio in the fitness, sports, cleaning, and health and beauty industries," Pankaj Solanki, Founder of Business Bazaar shares while speaking about next big plans
1. Brief us about your company, its business model and operations.
Ans. We are here to assist with the development of a platform that will benefit both businesses wishing to grow all over India through a franchise model and offer the best franchise prospects for potential investors. The primary motivation behind the establishment of Business Bazaar as a franchising company is the concept of zero per cent effort in following their needs and requirements. Our business model is all about franchising and consultation.
2. What are the unique key points (USP) of your company?
Ans. Our ability to provide end-to-end franchising support with little customer interference is our company's USP. We take pleasure in having a team of highly skilled and qualified individuals situated in Ahmedabad and Indore who provide a variety of solutions. We are one of India's leading organisations for franchising opportunities. They also significantly contribute to growing your franchise business, selling more units, enhancing brand recognition, and controlling costs.
3. How are you different from the existing competitors?
Ans. Our primary goal is to provide complete solutions, from consulting through conversion. Business Bazaar is the only franchising company in the whole nation offering services at these minimal prices. It is the reason how we are different from our competitors. We help you make wiser business decisions by giving you accurate franchise information. Our widest number of franchises help you in choosing the one that's best for you.
4. What is the monetisation model?
Ans. As a leading firm we are not constrained to any industry or field. We are seeking partners who want to grow their businesses with us and aim to work at a quicker speed through distributorship and dealership options. We want to increase the number of franchises we have in the cleaning, sports, fitness, and beauty sectors.
5. What challenges are you facing in running your business?
Ans. After a certain point of success, every business owner chooses to join a franchise. But not every company makes a profitable franchise. The exact opposite, nevertheless, is true. So maintaining control of the facts and acting properly is the main challenge in this industry. The equilibrium on which this sector runs is that both the brand owner and the franchise investor should gain during all times.
6. Impact of the pandemic? How has your customer response been so far post lockdown?
Ans. The franchising sector is still experiencing tremendous growth despite the multiple economic downturns caused by Covid-19. While the global epidemic is still terrifying and prevents business owners from making important decisions, most franchisors have a positive outlook on the economy. Our company persevered and survived the pandemic, and in the post-pandemic era, we are a growing business across the country. Our customers are much satisfied with our services.
7. What are the traction details (achievements of the company)?
Ans. We have successfully opened 16 outlets in different cities. We have onboarded 31 different businesses in 15 cities across the country. We have different brands from different categories.
8. How do you look at expansion?
Ans. In the near future, we are planning to get brands and investors from every category to be registered with us. Investors from different states are welcome to join us and start their enterprises. We want to collaborate with distributorship and dealership opportunities in the near future.
9. What are your marketing plans?
Ans. Our team of highly trained experts crafts customized digital campaigns in accordance with customer requirements. Our sales staff is well-equipped with software that facilitates client tracking and effective client handling. So, these are the marketing plans and the technological trends we are focusing on.
10. What has been the biggest learning so far?
Ans. Opening and operating a franchise business has its own unique problems. However, the majority of them can be addressed. Converting a client's moment is a time-consuming procedure. It has proven to be the biggest learning curve so far. To fulfil the pledge by providing enough marketing, branding, and other services without delay.
11. What is the market size and opportunity?
Ans. It's crucial to analyse the market and know its dynamics before looking into franchise opportunities. You must first do a detailed analysis of the industries' dominant or rapidly growing segments. Choosing a franchise with significant potential and room for long-term growth is possible if you follow this strategy. After determining major markets, create a list of franchisees with which you want to establish your business. Thorough market research is the key to a successful company strategy, and understanding the sector will help you choose a franchise that can produce significant profits.
12. What are your future plans, with respect to the Indian Market?
Ans. We intend to expand our franchise portfolio in the fitness, sports, cleaning, and health and beauty industries. Because we personally believe in providing impactful solutions to clients, the organization stands for end-to-end franchising solutions. With respect to the Indian market in the near future, we hope to expand our business to a worldwide level. Currently, we are working with Indian businesses. Brands from several market segments are combined. Expand our investor base and hire more creative professionals to implement our ideas. Whether you’re a seasoned business owner with diverse industry experience or an entrepreneur looking for ways to grow your first venture, franchising with Business Bazaar can be an attractive option for anyone looking to scale a business. While franchising may appear to be the obvious next step for any established business owner, it is necessarily the best option for everyone
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