As an entrepreneur, there are various challenges in getting started with your business in the financial services industry. The biggest decision to make is whether you should start your own brokerage from scratch or benefit from a franchise model. Opening your own business needs a tremendous amount of time and investment that may not necessarily pay off.
If you’re looking for growth potential with the reliability and technology of an established brand, then a franchise is the right choice for you!
This is a strategic alliance between the franchisor i.e. the owner of the business, and the franchisee, the party who buys the right to sell the franchisor’s products and services. The franchisee usually pays an initial setup fee, after which they can start selling their services in a specified geographic area.
Developing an independent brand in a highly competitive industry is no small feat. Not only is it risky, but it is also expensive. Many new businesses fail within the first year of opening.
Getting your business started also requires a huge investment in setting up the technology, ensuring compliance standards, and marketing the business to an audience that is already spoilt for choice. You may also be hit with unexpected costs.
It will also take a lot of time to build brand awareness, let alone getting investors to trust you.
A financial services company also must have sound research, well-trained staff, and client acquisition tools, all of which are hard to come by.
A franchise model gives you the benefit of growth potential without the risk of building a new brand. You gain a higher chance of success than sole proprietorship. Set-up costs are significantly lower as your franchise adopts the same infrastructure as the established company. Since people already know about the brand, getting investors to trust you is easier. The company also helps you with technological upgrades, marketing requirements, and meeting compliance standards. An additional advantage is becoming part of a larger franchise network, allowing you to collaborate with others to promote the brand.
There has been a 527% jump in number of demat accounts opened in India in last 6 years. Clearly, India’s interest is shifting from solely traditional avenues like physical gold and fixed deposits to equity markets and mutual funds. A company with Indian roots backed by a global brand like Mirae Asset could be a great launchpad for your entrepreneurial aspirations. Partnering with Mirae Asset Sharekhan gives you access to earnings from 10 streams, from brokerage on stocks to mutual funds and other products. With intuitive digital tech for investors and tools for CRM and lead management, you can focus on scaling your business with minimal difficulty. There are no audit, demat transaction, or terminal charges either, so you don’t have to worry about unexpected costs. The brand name also gives you an edge against competitors.
Partner with Mirae Asset Sharekhan today. Contact us on 080 6523 4841 to know more.
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