8 Things you need to know before starting a Senco Gold Franchise
Senco Gold Franchise
Senco Gold is a name that needs no introduction today. The brand is known as Senco Gold and Diamonds is in the business of a jewelry franchise and has been in this business for more than 5 decades. The company was originally incorporated as Senco Gold Private Limited back in August 1994, in Kolkata, West Bengal, under the provisions of the Companies Act, 1956.
The company’s business grew massively over the years as they have been effectively marketing and advertising their products on television.
The company had reported a revenue of INR 4077 crore in the financial year 2023 as against INR 3534 crore a year ago. The company has also started offering its franchise opportunity to eligible and interested entrepreneurs. The brand may have got tight competition with its competitors but taking its franchise could be a profitable business for you today.
About Senco Gold Company & How They Started Franchising?
Senco Gold and Diamonds is a brand that is owned by Senco Gold Limited. The company was incorporated as Senco Gold Pvt Ltd in August 1994 and has its head office located in Kolkata, West Bengal.
The company soon was converted to a public limited company in the year 2007 with the name Senco Gold Limited. This initiative was taken by the company so that they can expand their activities in the field of jewelry business.
The management decided to take things rapidly as they decided to expand their business. By the year 1994, other members of the family had already begun running their gold business under the name of Senco brand. Shankar had established a separate identity with Senco Gold and Jewellery Pvt Limited.
It was in the year 1998, when the company had operated three stores of their own with about 45 employees altogether and this led Shankaar to dabble with the idea of a franchise model.
How Much Investment Is Required To Start A Franchise Like Senco Gold?
The total investment to start a franchise like Senco Gold today would be around INR 1 crore to INR 5 crore. Stepping in the gold and diamonds business would require huge capital and it was obvious that a great gold and diamond brand like Senco Gold would be having a huge investment to start its franchise at a prime location. Now, the investment could vary depending on various factors like area and space.
This is because if you have got your own space then you would not have to spend on purchasing land and on the other hand, if you do not have your own land then it becomes a costly option because you would have to purchase a piece of land at a prime location to conduct your jewelry business.
Another factor that would determine the total investment is the city where you decide to open up its franchise. If you decide to open in a tier 1 city then the investment would be much higher than tier 2 or tier 3 city.
Infrastructure requirement:
| Shop/Unit area | 250-500 sq ft |
| Employee headcount | 2 to 5 |
| Computer / Internet Connectivity | Compulsory |
| Billing counter | Compulsory |
| Product display area | Compulsory |
| Trial room | Optional |
| AC | Compulsory |
| CCTV | Compulsory |
| Delivery service | Optional |
Franchise Cost For Senco Gold Franchise
The total investment to start a Senco Gold franchise is around INR 1 crore to INR 5 crore. If you want to know the franchise fee of Senco Gold then you would have to contact the company management or personnel directly. The official website of the company does not reveal much information about the franchise fee which is why it is important to directly get in touch with the company personnel.
You can directly visit the head office which is located in Kolkata or you can call Mr Subhendu Chatterjee for franchise enquiry. The official website has revealed the contact number for Mr Subhendu where you will be able to contact him.
Is Senco Gold Franchise Profitable?
Senco Gold has built a huge name in the jewelry industry and therefore it needs no introduction when it comes to providing exclusive designed jewelry and ornaments. The brand has put up several advertisements on television which ran for many years which was one of the main reasons why people are attracted to it. If you have got a wedding coming up then Senco Gold is the number one choice among many families.
The profitability of a Senco Gold franchise would mainly depend on various factors like location, marketing and advertising, and footfall. When it comes to location it means that your store should be located at a prime location because it is in a prime location where maximum potential customers would visit.
Proper marketing and advertising about your franchise outlet needs to be done as soon as you have opened up the store. People should know that there is a Senco Gold franchise outlet near their home which will make them not run to far away places to purchase gold ornaments.
If you are able to keep these things in mind and take necessary steps to make sure that people are able to notice your outlet then you will automatically earn a good profit. The company is making huge profits every year which is itself a clear indication that people have recognised the brand as trustworthy.
How To Start A Senco Gold Franchise In India?
Being a reputed and trustworthy jewelry brand in India it is very likely that those who want its franchise must pass some eligibility criteria. The company would want their franchise owners to have extensive business knowledge and experience in a similar industry. Franchise owners must also be skilful and must be a good manager so that they are able to handle and manage both customers and as well as employees.
Once you feel that you are qualified to take its franchise you need to be ready with the investment amount. The investment amount is huge and therefore not many would be ready to invest so much. But, it is important to clear out all financial details by reading the terms and conditions and the agreement contract carefully. You must contact the company to know and clear out all financial details.
Once you are ready with the investment amount you need to contact the company personnel and enquire about the franchise. You need to let the company know the location where you wish to set up the store and if they feel that it could be in a much better location then they may suggest that as well. Once done with all these procedures, if your application is granted and approved you can now start with the infrastructure. As soon as your outlet is completed you can start business.
About Senco Gold IPO
Senco Gold IPO consists of a fresh issue of shares worth INR 270 crore and an offer for sale (OFS) of shares worth up to INR 135 crore by its promoter SAIF Partners India IV Ltd which holds 19.23% stake in the company. There are many reasons to invest in the Senco Gold IPO. Some of the top reasons are as follows.
- The brand has build a trustworthy reputation in the market
- The brand has always kept quality to its highest priority, its craftsmanship and original designs
- The revenue earned by the company has been consistently higher in the last three Fiscal years
Contact Details For Senco Gold Franchise
| Contact person | Mr Subhendu Chatterjee |
| Phone number | 919874453366 |
| Email ID | [email protected] |
| Website link | Franchise Enquiry (sencogoldanddiamonds.com) |