Franchising a business is an appealing proposition that is beneficial for both business and franchise owner. While the business owner gets the opportunity to expand their enterprise and makes it more scalable; franchise owner gets full support from business in terms of training, marketing, operations and more.
Franchising a business gives you wings to fly high with your dreams. So, all the business aspiring minds seeking a lifespan opportunity to invest in, choosing the right industry to invest in is a big question and choosing the right industry is like winning half the battle.
Among all the blooming industries to invest in India, currently, Optical is reigning supreme. As per the latest research by New Indian Express, “550 million Indians live with uncorrected refractive errors. This number is close to half the population of India that lives with uncorrected refractive errors and unfortunately which is the major cause of increasing road accidents.”
The numbers reveal the need for eyewear products in the market and scope of investment in the optical industry. Here I will discuss some good reasons to choose optical franchise business. Without further ado, come and sail through:
- Enormous Demand
The first and foremost reason to invest in the optical industry is a huge enormous demand. Around 50% of India’s population needs vision correction. So, there is huge scope in the optical industry. As per the report by World Health Organization 2016, India produces 30,000 optometrists every year and for every 70 thousand people in India, there is only 1 optical store available. You must be astonished to see the numbers.
Moreover, visualize the level of shortage of eye care services in India. Why not open a franchise business in the optical industry and cater the eyecare need of millions of Indians?
- Huge Untouched Market
Did you know that approx 80% of the optical market is still unorganized? Indeed, the numbers are alarming. So, here goes the second major reason to invest in optical industry; yes you got it right- huge untapped optical market. At present, the optical market is highly non-standardized therefore business aspiring minds can explore a large number of options in the industry.
That means only 20 percent of the market is standardized. Tap the untapped market by seeing it as a great opportunity to enter the industry. All-in-all, investing in the optical industry is an appealing proposition you can think of.
- Booming Industry
As per research by Forbes, the global eyewear market (frames, contact lenses, and sunglasses) is worth $ 90 billion and will reach $ 140 billion by 2020. Also, a report by Indian Retailers reveal that “In 2016, the Indian eyewear market was estimated around Rs.8400 crores and is projected to grow to Rs.12600 crores in the coming years”
The numbers are revealing the boom in the industry themselves. It is an industry with 30% Compounded Annual Growth Rate. This boom brings a revamp in the eyewear industry in India. Also, due to drastic changes in consumer preferences and trendy designs; the optical market has become a giant in the retail sector. Adding to this, the luxury eyewear segment has a long way to go in India.
Without a second thought, we can say that the eyewear industry has a promising future. Business enthusiasts who are looking for a long-term and on-going profit should definitely think of investing in the optical industry.
- Lack of Eye Health Awareness
According to an article published by Hindustan Times, India has 12 million blind people against 39 million people in the world which makes India home to one-third of the world’s blind population. Needless to say, these numbers are frightening. The first major cause of blindness in India is cataract; the second major cause is refraction error following glaucoma.
One of the major reasons why India has the largest blind population in the world is the lack of eye care services and eye health awareness. There are companies that are aiming to offer affordable eyewear to mass-market consumers. By opting for a franchise optical business, you can fill this gap by making people aware of eye issues and providing them the best eye care products and services. In a nutshell, buying an optical franchise is a worthy investment to brighten your future.
- Low-Cost Investment
From last few years, the eyewear industry has been revolutionized. Talking specifically about India, Optical business has great potential. One can get a hands-on immense number of opportunities to explore in the country. Last but surely not the least reason to go for an optical franchise business is a low-capital investment.
There are companies that are making their way to the optical market and are offering franchises at a very reasonable cost. Owing to that, the demand for optical franchises in India is increasing at an exponential level. The businesses of already existing optical franchises are booming. No doubt, you should also opt for one and turn your dreams into reality. What are you waiting for?
What hikes of adoration optical franchises are gaining? I must say optical franchise businesses have taken the world by storm. For those, who have a burning desire to shine in the business world, choosing an optical industry is a fruitful assessment.
But before you make any decision, keep yourself informed about the companies offering eyewear franchises. Carefully study the franchise agreements along with initial capital expenditures. I would suggest going for companies that are offering alluring franchise perks including recruiting and training staff, full marketing support, and loss cover for initial months, etc.
Keep an eye on different eyewear players and their franchise propositions. Don’t miss out the best company to sail with. I hope readers have got some useful insights about investment in the optical industry. Hope you like this article. Have a good day.