The franchise business model is becoming more and more popular as it enables people to get an automatic headstart with a reputable brand whilst also getting extra protection from the franchise company. As a business owner, you need to clearly understand the importance of sustainable business strategies in securing your franchise investment.
By understanding the top priorities and goals of your franchise business, you can take the right steps to minimize your risks as well as growing your business. Here are some innovative ideas on how to secure your franchise business better.
First and foremost, you need to do your research before entering a franchise agreement. This includes evaluating all intellectual properties such as trademarks, designs, copyright, and patents that are owned by the rights of the franchisor. It is especially important for you to do your due diligence to check that the company is in good financial health and doesn’t have any legal issues hanging over it.
After completing your due diligence, you need to protect your franchise brand. It is easy, fast, and inexpensive for you to register a trademark to properly protect your brand and your franchise business. For instance, registering a trademark can give you the exclusive rights to registered goods and services depending on your franchise agreement.
Once your trademark is properly registered, you should ensure that everyone who is associated with your franchise brand understands and correctly acts according to your brand’s guidelines. This means your employees should be trained properly and be made aware of your brand’s guidelines. These guidelines should extend to your business partners as well as to every business which is involved in your supply chain.
Many businesses, whether big or small, will often need to hire a security company to help them prevent crimes such as thefts and burglaries on their properties. The experts at Perth Security Services explain that specialized security companies will be able to spot vulnerabilities that you wouldn’t notice and ensure that they plug any holes in your defenses. These days, many security companies in Australia and elsewhere also offer cyber security which is incredibly important as more and more business is now being conducted online. Whilst traditional security measures like CCTV and security guards will protect your franchise’s physical property, cyber security will protect your online data and computer systems.
When planning and establishing your franchise business, you should plan ahead and think of a long-term strategy. For instance, if you are planning to expand overseas, you should look into ways to protect your brand and register for the international rights of using your brand trademarks. In fact, you can learn the importance of this by studying the popular case of Burger King and its plan to enter Australia. Burger King experienced difficulties in launching its franchise in Australia due to an already registered “Burger King” trademark in Australia owned by an unrelated third-party who refused to sell.
In today’s world, every business needs to be strategic with social media due to its growing influences on consumers’ minds and its importance to brand marketing. With your franchise business, you can secure your business’s future by strategically using the marketing tools available on different social media platforms to reach your consumers and promote your brand.
As every customer now has a powerful voice online, your business should make it a priority to respond to your customers in a timely and professional manner to avoid a negative brand image and bad press. One widely cited case is that of Taco Bell in 2013 with one of its employees sharing a photo of himself online licking taco shells in one of Taco Bell’s franchise restaurants. This shared photo went viral and caused negative effects to every one of Taco Bell’s franchises.
One of the best ways to build your brand and secure it into the future is by prioritizing good customer service. From managers to employees, everyone should be encouraged to provide good service to every customer to avoid any negative press and to keep your customers happy. Moreover, positive reviews and testimonials from satisfied customers are a powerful way to promote your brand and ensure its consistent growth as well.
As a business owner, you have control over the way your franchise business will operate. Successful businesses all have great dedication and continuous flows of innovative ideas to grow and secure their business in today’s competitive marketplace. Be inspired and follow these strategic ways to develop your franchise business and keep it fully protected.