Investing in Elegance: The Secrets of Jewellery Franchise Success
Starting a new venture is one of the most difficult decisions and phases to go through for an individual. Jewellery is an item that has never gone out of fashion, instead, during desperate times, the industry has always seen a rise in their demand and sales. Be it as a gift, for functions, marriages, festivals, and so on, everyone prefers and decides on jewellery as their choice, in fact, Women store jewellery as their asset and a token of a gift from their loved ones and fancy even more of them. Hence, starting a Jewellery franchise is profitable for every business owner, even better than that is the idea of having a Franchise of a well-known Jewellery brand.
Meaning of Franchise Business
According to its literal definition, ‘Franchise is an arrangement in which a company sells another business the right to sell its products or services in return for a decided payment.’ In a Franchise business, the major benefit goes to the franchisor, as he or she has their own business outlet in a different region through a different business owner. As for a franchisee, the owner gets to keep profits by selling the products of a brand that is well-known amongst the people and has an already established Customer base in the market. Some of the well-known Franchise brands in the world are McDonald’s, Dominos, Amul, and so on.
One may ask himself/herself for what’s the need of having a business that is revolved around a Jewellery Franchise instead of their own new brand. The answer for most of them is quite simple, however, the major benefits are mentioned as follows.
- The number one benefit which you would derive from owning a Franchise is the ability to start your business with an established and well-known brand in the market that has a customer base. That’s a known benefit, however, an important one with respect to the jewellery market.
- Jewellery is a crucial item for a customer on a purchase, they would not randomly buy any Jewellery that they have never heard of or seen before. It’s not always the design but the brand name and the trust that matters for them. Having a Jewellery Franchise of a known brand can help you bridge the gap of trust with your customer and make your sale easy.
- You may have many customers on a daily basis, but to have those skills, training, the ability to close your customer for the jewellery is been taught to you by the representatives of the brand whose Franchise you have acquired. Such skills or training are required to be learned for running your business successfully.
Top Jewellery Franchises
The above portion explains to us the benefits and the importance of choosing the right brand before acquiring a Franchise that relates to the Jewellery market. There are many brands out there that have a growing empire, however, the top Jewellery brands are as follows.
1. Tanishq Jewellers
It is always a wise choice to go with the best in the Jewellery Industry. Tanishq Jewelers was founded in the year 1994 and over the years it has received a huge response and trust from its customers. The brand name and Franchise comes with an investment that ranges between 1 to 3 Crores INR, it is a heavy investment for any business owner, however, the brand also gives the business owner a profit percentage of 75% which is very generous as well. The minimum area required for being eligible is between 2000 sq. ft to 5000 sq. ft, with a staff of 6 to 9 members. Overall, the Franchise is one of the best brands in the market to put money on.
2. Bluestone Franchise
A recently established brand in the market that has been an eye-catchy cause for the customers is Bluestone. It was founded in the year 2011 in Bangalore and had made it to the top 10 Jewellery Franchise in India. Here, the Franchise fees are lower, it goes for around 5 lakhs for a term lasting for 5 years, however, the infrastructure fees go up to 2 Crores. The brand allows a profit percentage of 90% to the business owners and the minimum area required lies between 600 to 100 sq. ft.
3. Kalyan Jewellers
A popular name that is known by many people in the country is Kalyan Jewellers, which was founded in the year 1993. With more than 20 outlets in the entire country, the Franchise fees range up to 1Crore INR. The minimum area required for this franchise is between 1000 to 1500 sq. ft of area and the required staff members are around 10. Kalyan Jewellers offers a different royalty structure, every outlet is required to pay 4 % of their revenue to the brand. Kalyan Jewellers has been gaining popularity every year; hence, it is a Franchise worth taking.
4. Nakshatra Diamonds
Another well-known brand is Nakshatra Diamonds, they were established in the year 2011 and they have seen good success with over 200 stores in the country. Again, the basic details include, the investment amount that ranges between 1 to 3 Crores, this also includes the infrastructure costs. The brand offers business owners with a profit percentage of 80%. The outlet is required to have a staff of 8 members and the minimum area requirement for the store should be between 500 to 1000 sq. ft.
5. Gitanjali Jewels
One of the oldest players in the industry of jewellery is Gitanjali Jewels which was founded in the year 1966. Currently, the brand owns more than 200 outlets in the country and provides the Franchise for a term of 3 years at the cost of 5 lakhs, the infrastructure fees go for more than 2 Crores INR. The minimum required area for this Franchise ranges between 500 to 2000 sq. ft and the minimum staff members required at the outlet is around 6 to 10 members. If you are looking towards experienced players in this industry, you can definitely go for Gitanjali Jewels.
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