Do you want to start your own business but are unable to due to lack of capital? So there is no need to worry now. The Government of India has started a new scheme under which you can easily start your franchise business. Through this scheme, the government is providing self-employment opportunities to the people and empowering them economically.
In this article we will tell you in detail about this government franchise scheme. You will know what kind of franchise business can be started under this scheme, what qualification is required for it, how to apply and how much investment will have to be done. So let’s start and know about this wonderful opportunity which can make you a millionaire.
Introduction to Government Franchise Scheme 2024
The government has started this new franchise scheme to increase employment opportunities in the country and make people self-reliant. Under this scheme, the government itself is providing franchises so that people can easily start their business. It includes many types of businesses like retail stores, restaurants, service centers etc.
This scheme is very beneficial for those people who want to start their own business but are not able to do it due to lack of capital or experience. Through this scheme, the government is not only providing franchise but also financial assistance, training and marketing support.
Highlights of Government Franchise Scheme 2024
| Speciality | Description |
|---|---|
| name of the scheme | Government Franchise Scheme 2024 |
| launch year | 2024 |
| Objective | Providing self employment opportunities |
| beneficiary | Indian citizens aged 18-45 years |
| minimum qualification | 10th pass |
| minimum investment | ₹50,000 |
| maximum investment | ₹50 lakh |
| interest rate | 4% p.a. |
| credit period | 5 year |
| subsidy | 25-35% |
Business options available under government franchise scheme
Many types of franchise businesses can be started under this scheme. Some of the major options are:
- retail store: Grocery, Clothing, Electronics etc.
- Food and Beverage: Restaurant, Cafe, Juice Bar etc.
- education: Coaching Centre, Play School, Computer Training etc.
- healthcare: Medical Store, Diagnostic Center etc.
- service Center: Mobile/Laptop Repair, Car Servicing etc.
- Beauty and Wellness: Salon, Spa, Gym etc.
You can choose any of these businesses according to your interest and ability. The government is providing franchises in every sector so that more and more people can get benefits.
Eligibility Criteria for Government Franchise Scheme
To avail the benefits of this scheme you have to fulfill certain eligibility criteria:
- Your age should be between 18 to 45 years
- You must be a citizen of India
- Your minimum educational qualification should be 10th pass
- You must have a good credit score
- You must have the ability to invest at least ₹50,000
- You should have interest and basic knowledge in the chosen business
All those who fulfill these criteria can apply for this scheme. The aim of the government is that as many people as possible should get its benefits.
Application process for government franchise scheme
It is very easy to apply for this scheme. You can apply through both online or offline modes. The main steps of the application process are as follows:
- Visit the official website of Government Franchise Scheme
- Click on “New Registration” and create your account
- Login and fill the application form
- Upload all your documents
- Select the franchise you want to start
- Pay the Application Fee (if applicable)
- Submit the form and download the acknowledgment slip
While applying, fill all the information correctly and accurately. Your application may be canceled if you provide incorrect information.
Facilities available under government franchise scheme
Under this scheme, the government is providing many types of facilities and assistance:
- financial assistance: Loan up to ₹50 lakh at low interest rate of 4%
- subsidy: Subsidy up to 25-35% on investment amount
- Training: Free training to run a franchise business
- marketing support: Help in branding and promotion
- technical support:Technical assistance in business setup and operations
- mentorship: Guidance by experienced entrepreneurs
With the help of these features, you can easily start your franchise business and run it successfully.
Benefits of government franchise scheme
This scheme has several benefits that make it a great opportunity:
- Opportunity to start your own business with low investment
- Opportunity to work with prestigious brands
- High return potential with low risk
- Benefit from government support and assistance
- Improve business knowledge and skills
- Contribution to employment generation
- Economic freedom and self-reliance
This scheme is not only beneficial at the individual level but will also help in strengthening the economy of the country.
Documents required for Government Franchise Scheme
While applying for this scheme you need to keep the following documents ready:
- Aadhar card
- PAN card
- Photo Identity Card (Voter ID/Driving License etc.)
- educational qualification certificate
- income certificate
- Bank Statement (last 6 months)
- Address proof
- business plan
- passport size photo
Keep scanned copies of all documents ready so that they can be easily uploaded while applying online.
Investment and Returns under Government Franchise Scheme
Under this scheme, you can invest from ₹ 50,000 to ₹ 50 lakh as per your capacity. The investment amount will depend on the franchise business chosen. The government is also providing loans at a low interest rate of 4%. Talking about returns, it will depend on the type of business and your performance.
However, most franchise businesses have the potential for 20-30% annual returns. Some successful franchise owners are earning up to crores of rupees annually.