With the rising demand for natural products, many companies have come forward with their new line of herbal products that cure various ailments. Siddharth Shankar, Director, Mystic Cures Ltd shares the franchising plans for his company’s expansion.
Ramanjit Kaur (RK): What inspired Mystic Cures Ltd to take the franchise route? What difference have you noticed in the performance of the company after it opted for franchising?
Siddharth Shankar (SS): Mystic Cures Ltd is a hospitality and wellness chain that offers therapies, medicines and solutions to accelerate the cures of various diseases, ailments and conditions. Recently we have forayed into franchising for our spa and salon properties across the nation. We decided to take the franchise route because cost of establishing and running a business successfully requires a lot of money and time. Therefore, to expand a business and its network, franchising is a convenient option.
RK: What practices and initiatives have you introduced in Mystic Cures Ltd?
SS: The USP of Mystic Cures is its products that are manufactured from plants, which are only found in forests and mountains. We have a team of specialists that procure and test the quality of the products. This also helps us to ensure the quality and the authenticity of the products.
RK: What is the eligibility criterion of giving a franchise of your company?
SS: For franchise outlets the basic requirements are as follows:
- A minimum space of 2,000 sq. ft should be there to cater to the high end clientele. However, the space needs not to be in a prime location.
- The minimum investment required for infrastructure ranges from Rs 20-25 lakh. The franchisee must be capable of affording a minimum of Rs 15 lakh for buying equipments and interiors.
- Owner should take active interest in the day to day activities of the outlet.
RK: How many franchisees do you have and in which all cities?
SS: Currently, Mystic Cures has three company owned outlets and two franchised outlets in north India.
RK: What support do you provide to your franchisees?
SS: We support our franchisees in terms of products, manpower recruitment, maintaining standards, technical training, advertising and marketing.
RK: What is the break even period for ‘Mystic Cures Ltd’ franchise?
SS: If the franchisee works hard and runs the franchised outlet effectively, then he may starts earning profit within six to 12 months.
RK: Any advice for the young entrepreneurs?
SS: Basic principles or rules to operate the Mystic Cures business (whether company owned outlets or franchised outlets) is almost the same. With the rising awareness, people are becoming more conscious of their health and wellbeing. So, they are willing to spend a good amount for health services. So, an entrepreneur needs to be focussed on the rising demands of the market and accordingly cater to the customers’ needs.
RK: What are the company’s future plans in terms of expansion through franchising?
SS: We are planning to take our count of franchised outlets and company owned outlets in the northern region to 24 and four respectively by next year.
