Introduction
Are you passionate about the food industry and looking to start your own business in India? Well, opening a Wow Momo franchise could be the perfect opportunity for you. Wow Momo, a popular quick-service restaurant chain known for its delectable momos, has gained immense popularity across the country. In this article, we will guide you through the steps to kickstart your journey with Wow Momo franchise in India.
Business Model of Wow Momo Franchise
Before diving into the application process, let’s take a closer look at the business model and overview of Wow Momo franchise. Wow Momo follows a franchise model that allows aspiring entrepreneurs to partner with the brand and leverage its established reputation, standardized processes, and support systems.
As a Wow Momo franchisee, you will have access to their wide range of momo variants, which include vegetarian, chicken, and even dessert momos. The brand’s commitment to quality, consistent taste, and innovation has made it a favourite among food enthusiasts. Moreover, Wow Momo provides an end-to-end support system, from training to marketing, ensuring the success of each franchisee.
Wow Momo has a multi-pronged approach to expansion, leveraging distributorship, franchising, and takeaway-only kiosk’s as their primary business models. Let’s break down each model:
1. Distributorship: Wow Momo partners with regional distributors who handle the procurement of raw materials, production, and distribution of momos to various outlets within their territory.
2. Franchise: Wow Momo grants franchise licenses to individuals or businesses who operate their own outlets under the Wow Momo brand name and follow strict operational guidelines.
3. Kiosk (Takeaway only): These are small, strategically located outlets selling only takeaway momos. They require less investment and space compared to full-fledged restaurants.
Cost and Fees
Franchise fee and other startup costs
The franchise fee for a WOW Momo franchise ranges from Rs. 5 to 10 lakhs, depending on the type of franchise. In addition to the franchise fee, you will also need to pay for startup costs such as rent, equipment, supplies, and inventory.
Ongoing expenses to consider
There are several ongoing expenses to consider when owning a WOW Momo franchise, including rent, utilities, marketing and advertising, employee salaries, and supplies.
Financing options available
WOW Momo offers financing options to help franchisees cover the initial investment and other startup costs. Financing options include loans, partnerships, and joint ventures.
| Item | Cost |
|---|---|
| Franchise Fee | INR 35,000 + GST |
| Royalty Fee | 5% of monthly sales |
| Advertising Fee | 2% of monthly sales |
| Initial Investment | INR 5 lakh to INR 10 lakh |
| Space Requirements | 250-300 square feet |
| Number of Employees | 2-5 |
| Training | Provided by Wow! Momo |
| Franchise Term | 3 years, with a renewal option |
Also read the How to Start an eKart Franchise: Investment, Fee, and Profit
How to apply/ Step by step application process
If you are interested in starting a WOW momo franchise, follow these steps:
- Visit the WOW momo website and fill out the franchise application form.
- The WOW momo team will review your application and contact you for further discussions.
- Once the discussions are concluded, the WOW momo team will send you a Franchise Disclosure Document (FDD).
- Read and understand the FDD thoroughly before signing the agreement.
- Pay the franchise fee and complete the other legal formalities.
- Find a suitable location and do the necessary preparations for launching the franchise.
Documentation Requirement:
- Step-1. To start the franchises of the Wow! Momo you have to apply the Application.
- Step-2. Once your application is shortlisted they will send you the documents for the Telephonic Interview.
- Step-3. If the telephonic interview will be the positive you have to send your documents :
1. Aadhar Card
2. PAN Card
3. Bank Statement Of Last 3 Months Our Address
4. Location Photo
Profit Margin
One of the key aspects that every potential franchisee considers is the profit margin. The profit margin in the food industry can vary depending on several factors, including location, operational efficiency, and local competition. While Wow Momo does not disclose specific profit margin details, industry experts suggest that quick-service restaurants like Wow Momo typically have profit margins ranging from 15% to 30%.
However, it’s important to note that achieving a desirable profit margin requires effective management, cost control, customer satisfaction, and continuous efforts to improve operational efficiency. Wow Momo provides training and ongoing support to help you optimize your operations and increase your chances of attaining a healthy profit margin.
Pros and Cons
Before making the decision to invest in a Wow Momo franchise, it’s crucial to weigh the pros and cons. Here are some benefits and considerations to help you make an informed choice:
Pros
- Established Brand: Wow Momo enjoys a strong brand reputation and widespread recognition, which can significantly enhance your chances of success.
- Support and Training: The brand provides comprehensive training programs and operational support to ensure that franchisees are well-equipped to run their outlets efficiently.
- Growing Market: The demand for quick-service restaurant chains, especially in the fast-casual segment, is on the rise in India. Wow Momo is well-positioned to capitalize on this trend.
- Menu Innovation: With Wow Momo, you will have access to a diverse menu and the opportunity to introduce new and exciting momo variants, keeping customers intrigued.
Cons
- Initial Investment: Starting any business requires a certain level of financial commitment, and a Wow Momo franchise is no exception.
- Competition: The food industry is highly competitive, and you will need to differentiate your outlet through superior quality, customer service, and unique offerings.
- Operational Challenges: Running a restaurant involves managing various aspects like inventory, staff, and customer satisfaction. It requires dedication, hard work, and effective management skills.
Legal Considerations
Legal requirements for owning a franchise
Owning a WOW Momo franchise requires compliance with certain legal requirements, such as obtaining necessary licenses and permits, adhering to food safety regulations, and adhering to federal and state labor laws.
Franchise agreement and terms
The franchise agreement for a WOW Momo franchise will include terms related to the franchise fee, ongoing expenses, marketing and advertising requirements, and other operational guidelines.
Legal support available to franchisees
WOW Momo provides legal support to franchisees, including assistance with compliance with regulatory requirements, and guidance on legal issues related to the franchise agreement.
Maintenance and ongoing support
WOW Momo provides ongoing support and maintenance to franchisees, including assistance with training and development, marketing and advertising, and operational guidance.
Conclusion
Starting a Wow Momo franchise can be an exciting and rewarding venture for those passionate about the food industry. By following the step-by-step application process and considering the costs, profit margin, and pros and cons, you can make an informed decision about embarking on this entrepreneurial journey.
Remember, success in the food industry is not guaranteed, but with the right mindset, determination, and support from Wow Momo, you can turn your dream of owning a thriving momo franchise into a reality.
F.A.Q
Is WOW momo franchise profitable?
Yes, WOW momo franchise can be a profitable business venture if executed successfully.
How much does a WOW momo franchise cost?
The initial investment for a WOW momo franchise ranges from INR 5 lakhs to 12 lakhs.
How long does it take to launch a WOW momo franchise?
The time required to launch a WOW momo franchise depends on the location and preparations. Typically, it takes three to six months.
Is training provided for new franchisees?
Yes, WOW momo provides comprehensive training to new franchisees.
Can a WOW momo franchise be started in a small town?
Yes, WOW momo franchise can be started in a small town if there is a sufficient demand for momo dishes.
