One of the widely tried businesses in the Franchise business model is the mobile or the technology sector. There has been a constant demand for technology and the advancement that comes along with it. Almost every individual, during or after their teenage life looks out to buy a new phone and be a part of the ‘tech world’. With many brands in the market, one of the rising and well-known brands is MI or rather Xiaomi which has been making a huge number of customer base throughout the world. It is always a good idea to be a part of such an advancing company by starting Xiaomi Franchise.
MI is a well-known brand in the cell phone sector, the same brand is being manufactured and owned by Xiaomi, which is a Chinese based company, founded in the year 2010. Sounds very recent? In such a short span of time, the brand has acquired major national and international markets, all across the world. It started with Xiaomi Mi1, and since then they have introduced a wide range of phones and the latest technology which has always caught the attention of customers worldwide.
Xiaomi comes under the list of top 5 companies in the world when It comes to cell phones. It is currently on the 4th position and in competition with huge brands such as Apple and Samsung. Recent reports suggest, that the active customer base of Xiaomi or Mi phones had risen to 291 million, monthly in September 2019. Apart from that, the company even made it to the Fortune 500 list which was released in the year 2019. The achievements and the performance of the company speak for its future itself and all the glory that could be achieved by becoming a part of it.
As a unitholder of a Franchise, it is important that the individual must know and understand the various USP’s of the concerned brand as it can be used to scale your business in the best possible manner. The various advantages of acquiring the Xiaomi Franchise are mentioned as follows.
- The primary advantage of owning a Franchise of such a company is the brand value that is associated with it. Thanks to Mi and its craze among the people, being a part of Xiaomi gives you access to an already developed customer base all across the country. With their new launches, new planning, and using the latest technology and advancements in their models, you never have to worry about going out of business or facing a downfall in usual business days.
- Another advantage of owning Xiaomi Franchise is that it involves very less paperwork and the terms and conditions that are required to follow with are very simple. It has been observed in many cases of owning a Franchise that the main act takes place after tonnes of paperwork, hassle, complicated terms and conditions set by the brand. However, with Xiaomi, individuals owning their franchise store report very less hassle when it comes to terms and conditions.
- For any company, the rapport with their customers is based through the customer service they provide and also the customer support. Being a Franchise owner of Xiaomi, you never have to worry about providing the required customer support as the brand already has all its cards in place with regard to customer service. In fact, they also help you with the marketing and advertisement of your store as a gesture of support and assist you with developing a customer
base in your area.
- As compared to the market brands, Xiaomi brand offers its franchise holders a good Return on investment and a higher percentage of profit. This helps you to reach the breakeven point very easily as a new player in the game and drive profits over time. Higher ROI is always a beneficial point for every franchise holder and it holds a great significance as it covers both investment and future profits for the individual.
To start your own Xiaomi Franchise, you would need capital that covers their Franchise fee, store equipment, and any other expenses that would be required. Franchise stores are opened with the intention to take advantage of the brand value that the company has created, however, the investment required for Xiaomi is very less as compared to its estimated brand value. You would need an estimate investment of 12 Lakhs INR to 15 Lakhs INR. Around 7 Lakhs INR would be for getting your store set up and get the equipment as well as the interiors. Apart from the above costs, the only expense you may incur additionally is the staff, rent, electricity bill, and so on.
To be a part of such a known brand, there are certain rules or guidelines that needs to be followed by the interested candidate to maintain the brand value of the company. The various requirements for starting Xiaomi Franchise are mentioned as follows.
- The minimum area required for starting a Xiaomi unit is around 250 sq. ft. However, the suggested area range by the company is around 250 to 500 sq. ft. The preferred location for the unit can be malls, optical stores, busy streets, market areas, and so on.
- The brand requires every unit to have at least 1 to 2 staff members to ensure the smooth running of the business. The brand also provides with all the necessary training to the staff and franchise unitholder for free, which is a cherry on the cake.
The recommended and the easiest way would be to visit the official website of Xiaomi and apply for the Franchise. Once you visit their website, you need to click on the ‘Franchise’ tab. On clicking the tab, you would be presented with an application form, you must fill the form with the details asked. On submitting the form, you would be contacted by the staff of Xiaomi within few days and if eligible the process would move further. The official website of Xiaomi is mentioned as follows, https://www.mi.com/in
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