Is franchising a golden opportunity for your business?
Posted by Edward Thomas
Over recent months, unemployment figures have been at an all-time high. With companies making cut-backs, there are thousands of professional, experienced and qualified individuals facing redundancy. Too young to retire and struggling to find a new job, more people than ever are looking to start their own enterprise - and with redundancy money in their pocket, franchising is proving hugely popular as a lower-risk way of running a successful business.
And quite rightly so, as for the owners of successful businesses, this presents the ideal opportunity to expand and generate more profit without having to make massive investments or employ more staff. That said, franchising is not something to be taken lightly - and there are a number of points which must be considered before taking that leap.
Identify the key selling point of your business. What has made your company a success? Can it be replicated? If the reason you’ve done so well is due to your location, or because all your team have brought loyal contacts with them, you have to consider whether the formula would work with someone else running the show in a completely different position. Brand strength is crucial in the success of any franchise and you have to be realistic about the future of your own enterprise before you consider selling your brand.
Find the right franchisee. Once you’ve found your niche and seen its potential, you need to make sure that you have a committed, hard-working franchisee to replicate the successful running of your business. Your brand is your baby, so you need to have faith in anyone who represents it. Depending on how much involvement you intend to have with your franchisee (in training etc), you also need to be able to work with that individual, and know that they share your business values.
Have you got time? You may need to train your franchisee and their staff and you’ll probably want to keep control of things at the beginning. Hand-holding can take time, but it will also help support your franchisee and help them to understand the way you do business. This will pave the way to greater success in the future.
Get the right support. You’ll need good specialist advice on legal and financial matters, as well as guidance from someone experienced in franchising. You’ll also need to think about marketing and promotion, because letting your customers know that another branch will be opening up not only promotes your franchise, it also does wonders for brand reinforcement – and for your business.
The TWA team have joined forces with a group of franchise specialists to offer a FREE clinic at the Andover Expo on March 16th at The Lights in Andover, Hampshire. Able to advise on all aspects of franchise development, licensing, sales and marketing, training and other aspects of business development and support, TWA will be working in co-operation with Natwest and Parker Bullen Solicitors to offer advice and information to all who come along on the day. For more info, visit www.andoverexpo.biz, or to book a FREE consultation, call Ed Thomas on 01264 355 846.
Creating & Maintaining your Brand
Posted by Edward Thomas
Branding is important because:
It is your reputation and how people feel about your business offering. Correct Brand positioning can give you competitive advantage. Perception is reality.
How do you create a Brand?
Here are 5 points to consider when creating or reviewing your Brand:
- Know your Mission / Vision / Values. If you haven’t got these then develop them
- It is your passion that makes you different
- Identify your Unique Selling Proposition (USP)
- Ensure design simplicity of your corporate identity/logo that reflects your corporate culture and is workable with all media and applications of use
- Always be consistent
Maintaining your Brand
- Keep it consistent across everything
- Protect the design
- Remember that part of Brand perception is the whole customer experience before, during and after the sale
- Monitor what is being said about your Brand (particularly social media)
- Revisit your Mission / Vision / Values statements and ensure that everyone in your company knows and understands them.
- Maintain the culture that makes what you do special
When the Brand is right it makes us want to own it and be part of the whole experience.
Remember we are all members of the human race. We buy from those we know, like and trust so you must breed love and trust in your customer base.
Your Brand is an asset and there are tangible and intangible elements - the look and feel. The tangible is the graphic element of the logo and application in all marketing communications together with the messages. The intangibles are you and your people, the customer experience, the way they behave and the perception of your product/service.
You don’t just create and apply Branding, you and your organisation are branding. Everything you and your staff do (and the way they do it) is part of your Brand.
As business owner/founder YOU are the single most important part of your Brand
Want to make this happen? If you need help, talk to TWA and we will ask you the questions that will get you thinking. Get the thinking right and the rest will follow.
Recent Posts
- A Nation of Freelancers
- Does social media really push all the right buttons?
- Is franchising a golden opportunity for your business?
- Fresh Direction
- Not sure you can afford to exhibit at one of our Business Expos? Can you afford NOT to?
Recent Comments
Polls
Loading ...Blog Calendar
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| « May | ||||||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| 7 | 8 | 9 | 10 | 11 | 12 | 13 |
| 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| 21 | 22 | 23 | 24 | 25 | 26 | 27 |
| 28 | 29 | 30 | 31 | |||