According to statistics shared by Franchise India, the organisation which provides business franchise opportunities, after Mumbai, Bangalore is the second biggest franchise market in the country.
According to experts in the market, the concept of franchising is growing at an impressive rate of 55-60% since 2008 as risk-averse entrepreneurs in the city consider it the most viable option to tap the large consumer market.
The key industries that possess high prospects for the successful franchise opportunities in the city are food and beverage, retail franchising, health, beauty and wellness, consumer services and education.
According to a KPMG report, the franchising industry is expected to employ 1.4 crore people by 2017, which is almost 10% of the total estimated workforce in that year. Of this, more than half is expected to be out of Bangalore.
The franchise model is also gaining popularity among some niche segments like entertainment, gaming, and personalised services like home cleaning, packing etc.
Experts feel that the people in Bangalore are ready to take risks and try out something new.
Reproduced from DNA.