Here we will talk about the eligibility, profit margin, cost and how you can apply for Big Bazaar Franchise.
Big Bazaar has become a commonly recognized name, and that is what a brand should aim to turn into.The retail business of India is one the fastest developing enterprises accounting for a considerable share of 10% of the total GDP of the country, and it is also ranked as one of the top-five retail markets of the world.
Big Bazaar, an Indian retail chain store comprising a departmental, supermarket, and hypermarkets, was launched in the year 2001 by Mr. Kishore Biyani under the parent company “Future gathering,” which already had a significant presence among the retail and fashion market.
Big Bazaar doesn’t care for a regular hypermarket; it is a place that satisfies all the requirements and demands of the customer and his family. Big Bazaar offers a wide variety of various items under one roof. The customers don’t have to stress over going around in various sorts of stores for each item they need. From the family unit things, office supplies and stationeries, daily staple goods and vegetables, drugs, kitchenware, gadgets, and so forth.
About Big Bazaar
Established in 2001, Big Bazaar is one of the most seasoned and largest hypermarkets chain of India, lodging about 250+ stores in more than 120 urban areas and towns across the country.
Big Bazaar is an Indian retail store that operates as a chain of hypermarkets, markdown department stores, and supermarkets. The retail chain was established by Kishore Biyani under his parent organization Future Group which is known for having a significant unmistakable quality in Indian retail and fashion sectors. Big Bazaar is also the parent chain of Food Bazaar, Fashion at Big Bazaar (abbreviated as *fbb*) and eZone where at locations it houses all under one roof, while it is a sister chain of retail outlets like Brand Factory, Home Town, Central, eZone, and so forth.
Franchise Profit Margin
As a franchise proprietor, you will be qualified to get a commission of 3-15% relying upon the items and pay potential. The compensation will also incorporate rewards and acknowledgment programs.
Development of Big Bazaar
Lately, the company has put a substantial amount of cash in totally re-planning the store and towards the enhancement of customer satisfaction inside almost every store of Big Bazaar. Vast usage of social and digital platforms increased a fair share of customer footfalls. These changes assisted Big Bazaar with increasing their sales by 11.5% per square feet and also brought about an increase in sales by 13.4% in the same store during the year.
The Big Bazaar currently also runs a small stores organization, involving Easy Day and Heritage Fresh stores. The Big Bazaar is currently zeroing in on expanding small store networks that can potentially have 10,000 stores; each store will be located inside a two-kilometer radius of each shopper class living in the urban Indian. This will allow them to serve each customer with no limitation of time and location. It will also enable them to work together at lower costs associated with comparison with the conventional internet business and retail store models. The investigations show that the costs in this sort of model will be even lower than the current store financial aspects.
The Future Group operates its business via two formats of the retailing store, the large and more noticeable structure retailing through the Big Bazaar and small-format neighborhood retail business, dealing in Food, Fashion, and Home things. The company has also planned on turning out portable and online platforms. These will facilitate the customers to arrange the necessary details and products via apps, messages, calls and also give them the facility to scan the barcode, pay on the app and leave the store without the need to go to the cash counter to pay the bills.
The Indian buyer market, especially the retail sector of the nation, keeps on attracting billions of dollars as speculations from business giants from just inside the nation as well as from different parts of the world.
The Company’s sales and Other Operating Income showed an increase from ‘Rs 17,075.09 Crore in the past fiscal year to ‘ Rs 18,477.97 Crore with Year more than Year development of 8.22% for the fiscal year finished March 31, 2018. The company has also recorded a sales development of 9.9% in the same store for the financial year finishing on March 31, 2018.
Profit before Tax:
The profit before tax of the company for the financial year finishing March 31, 2018, was at ‘ 615.18 Crore as compared to ‘ 368.28 Crore during the past fiscal year.
Interest and Financial charges outpouring showed a decay from ‘ 204.23 Crore that the company caused in the past financial year to ‘175.38 Crore for the fiscal year finishing on March 31, 2018. The reason for the decrease in revenue and financial charges was on account of a decrease in the average borrowings during the year and the presence of lower loan fees.
The Company because of its business strategies generated a cash profit of ‘ 668.61 Crore for the financial year finishing on March 31, 2018, which was ‘ 400.86 Crore in the past fiscal year, the rate the development was 66.79%. The overflow amount generated was put back in the business to subsidize the development of value shares.
The Demand of Big Bazaar Franchise
Possessing a Big Bazaar franchise is a brilliant chance for each businessman. Why? Because it offers a wide range of items under the same roof.
From prestigious to new brand names, natural products, vegetables, stationeries, family unit things, daily staple goods, electric appliances, and kitchenware. In fact, there isn’t anything that Big Bazaar doesn’t sell.
Market Potential of Big Bazaar Franchise
In the year 2018, the sales and other operating pay of the company showed a blast From 17 crores to 18.5 crore rupees having a year development of 8.22%. In fact, the sales development of the company showed a record of 9.9% in the same year.
Also, Big Bazaar has its wholehearted dedication to customer satisfaction. turning into the proprietor of a Big bazaar franchise will overall profit you as a fruitful businessman along with a liberal amount of profit.
Benefits of Opening a Big bazaar franchise
Quite recently, the proprietors of Big Bazaar company have put an essential amount of cash in re-planning Big Bazaar stores all across India. Their sole rationale was to improve customer satisfaction from each and every store. In fact, the little changes adapted by the company have driven in a sales increase by total 11.5% per square feet with an annual increase of 13.4% from each store.
Other than that, one of the major reasons to possess the Big Bazaar franchise today is because of the company speculations.
Big Bazaar is increasing its organization with sub-networks like Heritage Fresh stores and Easy Day.
The company is slanting into increasing the business potential of up to 10,000 stores.
The idea is to have a blast in sales by allocating a Big Bazaar store at each two-kilometer radius in urban India.
With a particular initiative, the company can work together at cheaper rates than internet business and e-retail store models. Accordingly, presently is the best and ideal opportunity to put cash into starting the Big Bazaar franchise.
Eligibility Criteria for Big Bazaar Franchise
Since the Big bazaar franchise is a huge deal of venture, it is better on the off chance that you have any related knowledge of business. It is suitable if your colleague has any past experience. At the point when no representatives have insight in the field, attempt to do appropriate research prior to taking the last call. Keep in mind, it’s anything but a speculation of a lakh or two. So think and act!
To get a Big Bazaar franchise you ought to have a premium location and legitimate budget. You can apply for the same straightforwardly or take the assistance of various franchise consultants like franchise bazaar to reach out to the right individual.
Steps to Open a Big Bazaar Franchise
In the first place, follow the means underneath –
- Visit the official site of Big bazaar.
- Top off the franchise registration structure. Make certain to enter all the details with accurate information.
- Present the application structure on the web.
- Lastly, wait for the company representatives to contact you via telephone/email.
To open a Big Bazaar Direct franchise, they should initially pay Rs. 1000 as application expenses and should submit KYC records for verification. When the reports are checked and they are chosen as a direct franchisee, they should make a venture of Rs. 3 Lakh as follows:
- INR 1,00,000/ – Non interest bearing refundable security store.
- INR 1,00,000/ – as initial advance which is to be utilized for placing requests.
INR 1,00,000/ – Set Up charges for Big Bazaar Direct Tablet, initial branding, one year training, launch material and so on.
Here are the steps that you should follow to open a Big Bazaar Franchise:
Big Bazaar Franchise : Self Evaluation
It doesn’t matter whether you join a big or small brand, for your personal development you have to buckle down, with dedication and show your responsibility towards the development of the business as well.
Additionally, big brands accompany gigantic obligations, you better evaluate yourself on the off chance that you can spare your holidays, long ends of the week, extra working hours and meet the financial necessities according to the company demand, really at that time you venture forward to join the franchise bandwagon of Big Bazaar.
Big Bazaar Franchise : Research
Prior to hopping into the line, it is vital to do all the legwork, speak to other franchisees, which have already been part of Big Bazaar for certain years. Legwork involves visiting the parent company, learning the art of aligning your ideas with the companies’ necessities and rules.
Research the development of other franchisees and how they work so you can learn from them because once you start the business, there will hardly be any space for making changes or settling on continui
Big Bazaar Franchise : Secure Funding and Investments
To start with making sure that you have sufficient capital for making the ventures, which will be needed to set up the franchising retail shop. In the event that you are not certain enough, at that point you can continue with your choice, or, more than likely you can also demand a loan from the banks.
There are banks and individuals who might want to put resources into your business, attempt to persuade them with your field-tested strategy. Make sure to have sufficient capital until you see the brilliant light of profit not too far off of your business developing.
Big Bazaar Franchise : Sign the Agreements and Licenses
Whenever you have gotten the financial necessities, finalized the location the time has come to make your partnership official. Sign all the records and agreements related to the business deal with the parent company.
Whatever permit the company assigns or asks you to give, make sure to complete all the legalities, get all the licenses and keep the principles made by the company. The franchisor will probably have background information on the licenses and insurance expected to operate their business framework.
Big Bazaar Franchise : Hiring and Training
After all the formalities are done, presently it is an ideal opportunity to recruit your staff. Make sure to enlist reasonable, experienced and individuals with great work record in senior positions, who can direct the lesser or unpracticed staff. You cannot individually watch out for each representative or train them for that matter, which is the reason experienced seniors can handle them.
Also, the staff should be productive and smart to take care of the customer’s necessities and ought to have the option to take care of issues happening extemporaneously.
Big Bazaar Franchise : Grand Opening
When all the set up is done, recruited required staff, retired all the things in their place, this is the ideal opportunity for the grand opening. Since Big Bazaar is a family unit popular name, individuals should think about the opening, which is the reason the pamphlets for the opening ought to be circulated to people in general through all the available social media.
On the off chance that you set up special offers for the initial 100 customers or any other offer as such, at that point there are chances of immense turn up of customers on the grand opening. Make the early introduction, adequately noteworthy to stay in individuals’ hearts for a more drawn out time.
Big Bazaar Franchise Cost
Big bazaar franchise demands its franchisor to have a prevalent amount of cash as a venture. From legal cycles to set up, it will require a handsome amount of cash. In this way, here is the big bazaar franchise cost:
- The arrangement charges are 5 lakh rupees
- 5 lakhs as a refundable security store
On the off chance that you are not certain about the cash you have, you can take a loan from banks. There are certain banks that put resources into profitable organizations like Big bazaar franchises. However, you have to persuade them about your idea and strategies. It is necessary to have sufficient capital for this business, so you can see another skyline of profit.
Official Address – Big Bazaar, fourth Floor, Tower C, 247 Park, LBS Marg, Vikhroli (West). Mumbai – 400 083
Big bazaar and food bazaar and FBB – 1800 2662 255
Ezone – 1800 2100 005
For easy day and heritage – 1800 2100 008
Future pay – 1800 2101 818
Foodhall – 1800 267 3333
Conclusion on Big Bazaar Franchise
We believe that the achievement of franchisee model that Big Bazaar Direct is banking on relies upon how many franchisees they are able to rope in. In the event that they have even half of expected 1 Lakh franchisee, it should turn out great. However, getting to that number will be very hard for Big Bazar given the lofty forthright franchisee expense of Rs. 3 Lakh.
For an average individual, dishing out that sort of cash will be an immense task – they ought to have made it easier for individuals to take the franchisee with lesser initial venture.
Not considering the venture factor, we figure this model would have certainly appealed to small businesspeople and individuals who could expand their administrations by offering a Big Bazaar catalog of items to their current customers.
We should wait and see as to how many individuals actually join this exceptional plan of action proposed by Future Group.
What do you think?