Executive in India Needs Steady Income So Buys Franchise

Downsized by the financial meltdown, Rohit Vaidya suddenly was forced to find a job in the new Indian reality where jobs are hard to find.

Rohit, a former vice president at a private equity firm for five years, lost his job in November 2008 after the financial slowdown led to liquidation of his company. Rohit whose family comprised of his spouse and three boys and his parents, needed a steady income to stay afloat.

He exhausted about Rs. 30 Lakhs (US$62,000) of his savings last month to launch a language training school franchise that teaches English for call center workers.

Rohit Vaidya, 52, said he took up this particular franchise because of its vast target group and the need for English learning is limitless. It was also less risky than other opportunities and offered useful quality services which are in need.

"I also was concerned I would not be able to find another job in the corporate world due to my age and experience for my previous pay scale," Rohit added.

Rohit joins other former executives from around the world who opted to buy a franchise as an alternative to a job. Every Indian aspires to build a business someday and leave a legacy for their kids. Many of them opt for a franchise as they could not get a job immediately nor have sufficient savings to sail through the initial gestation period of a start-up business.

By Pramod Khera and Dhawal Shah. Read the full article Franchising in India: Outlook for 2009.

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