Today's business world seems to be full of brand savvy and corporately polished businesses. But is this because the less savvy are not there, or we don't see them because they don't know how to be seen?
A brand is a promise; it is the logo, the letterhead font, the website, the product, the telephone manner - it is even the delivery of a product or service, regardless if it is direct or via a third party. A brand is made up of every aspect of a business that we see and encounter that helps us form a feeling or opinion about a business, whether that be good or bad.
Companies can spend huge quantities of money on building a brand and it can take very little to destroy it. I would bet that at some stage you have bought something from a company because of the security you feel with that brand. What I suspect is also true at some stage is your image of a company has been changed as a result of something unexpected. Unfortunately, it tends to be the instances with negative change we best remember.
All of this demonstrates just how difficult it can be to build that brand and how much time and investment it can take. This is why the best known companies and products in the world value their brand as one of their biggest assets, invest in it heavily and protect it with their life.
Franchising is an industry that understands branding incredibly well. It is one of the selling points, not just for their products and services, but also for their actual franchises. A powerful brand is no substitute for the right support structure, training and protection, but hand-in-hand they are an influential and desirable business proposition.
To start your own business and be able to build a brand like a franchise can is not impossibility. Just look at some of the recent success stories such as facebook and Innocent. But let's be realistic about how often these success stories occur and how many unsuccessful businesses there were that tried.
Don't think that every franchise has a world recognised brand. Some do, some are on their way, but many may still be at a local level or in their first few years. However, the franchise model will provide a much stronger position to build a brand quicker. What you really need to understand is where on the scale the business is that you may be looking at and what you may be paying for the privilege of the brand. What may be a very reasonable sum for one business may not be for another.
When looking at brand you also need to be confident that it is suitably protected. The last thing that you want is to pay a premium for a brand, which has not been suitably protected from those who want to capitalise on the lack of security.
On the subject of protection, you will also encounter a franchise agreement that will look to put many restrictions in place around the use of the brand. The power will be in favour of the franchisor and the ownership of the brand will also remain with the franchisor. These things are aspects that you want, not because you should feel some desire to be restricted, but because they give you protection. A franchise relies on the power of that brand - it is that name which provides the promise to your customers from the first day that you start the business. If the power was with the franchisee, your investment could be damage by someone else in the network misusing the brand or damaging the brand by not following the system.
There is also another brand to look for when researching franchises and that is the British Franchise Association (bfa). Buying a franchise could be one of the largest and most important investments that you make in your life. Not only will this investment be in terms of money, but also of your own time and commitment. Franchising, allows many people to start entirely new lives, realising new lifestyles and ambitions, but only when done well. Therefore, making the right choices at the very start about which franchise to join, if any, is paramount. This includes making sure you have done all the possible research on opportunities available, what they involve and the market they operate in. This is something that you should never try to cut corners on and this is where the bfa brand comes in.
For a franchisor to be a member of the bfa, they must pass a strict accreditation process, which looks at all aspects of the franchise operation to make sure it is proven, protected, ethical, sustainable and free of ambiguity and misleading statements.
By taking the right steps to fully understand where a franchise is with regards to its brand, what its plans are for developing it, how they are protecting it and what you can and can't do with it, you will be much better placed to make a decision about that business. We already know that a franchise will provide a better opportunity to build a more powerful brand, but this relies on it being managed properly in the first place.
Time and again, franchising has greatly out-performed other start-up businesses. Its formula of a locally owned and run enterprise, driven by a small business owner, with branding, economies of scale and support from the wider network, gives the consumer the best of both worlds and the business a far better chance of success. However, only if set up correctly and only if the right level of dedication, commitment and enthusiasm is injected by the franchisee.
For more information about franchising and all of the companies who have passed the bfa's accreditation visit www.thebfa.org
