Business is business and whatever the size of your company there are many principles that apply to all. Look at the following skills that big businesses use that small businesses can use too:
Working with other companies or individuals will not only benefit you and share the workload it will benefit the other company too. The partnerships that tend to work the best are those that share the rewards and risks. If the partnership proves successful you will gradually have more and more potential opportunities to work together. Working with others can open you up to new opportunities and offers which may otherwise not have been presented. Partnerships also increase your visibility, which then increases the chances of viability and thus profitability.
However big or small your company is branding is important. In today’s marketing, a brand is not just a name given to a product or service from a particular source. Your ‘brand’ is what your clients (or potential clients) think of when he or she hears your brand name. This is relevant for both big and small companies or products. Even if they haven’t heard of your business before they met your business, your brand becomes the impression they leave with when they have worked alongside your business. The best way to get brand exposure is through having a marketing strategy to get your product or services out there and known. The big brands do this all the time with TV and radio ads and posters, billboards and PR. Although these are expensive ways of marketing, they work. Having a marketing strategy is vital and even of you don’t have a marketing budget to speak of, there are other ways. Think of your market in terms of demographics, location, gender, etc and determine where you want to make your mark or where you want to start to grow the brand and then grow organically from there. You can put ads in local newspapers, distribute leaflets, invest in a website or use social media. These are all effective ways of marketing your brand without breaking the bank.
Listening to customers
Simple, but true. Large companies invest big bucks in research, development and marketing. This can be done by asking for feedback on social media or creating debates and discussions for their customers to take part in. Imagine if you had a restaurant, you may have some special meals for a limited time only. if people are talking about them a lot and showing a real interest you could set up a vote on social media asking whether to keep that meal or offer going on for longer. This not only gains customer loyalty as you are giving them a choice, it creates more company awareness, which could lead to even more customers. This ability to be spoken about over social media and other channels creates a buzz.
Why not take these three tips and spend time on each of these and see what changes happen in your business. If you want to talk it through with a professional. At RBSS Consulting, we offer real business advice and solutions for start-ups and small businesses that want to start right and grow profitably.
For more information contact RBSS Consulting at firstname.lastname@example.org or 0333 355 1696.
According to Franchise Direct, there are approximately 1,000 franchise systems employing over 621,000 people and contributing £15.1 billion to the economy. Franchising appears to be more resilient than independent start-ups as they have the benefit of the support system from the brand. Franchising is not a get rich quick scheme, it will involve hard work - maybe even blood, sweat and tears. So how do you know if franchising is right for you? Here are our top tips when thinking about franchising or becoming a franchisee.
1. Is it working?
Before you consider franchising your business or buying a franchise, do your due diligence and check that the, ‘business is working?’. Look at the figures, is there growth, is it sustainable? Do you as a franchiser have a sound business plan for expansion? What are your growth strategies?
2. Can you sell it?
As a franchiser, ask yourself whether someone would want to have your business in another location? Are you credible? Do you have a good and consistent brand?
As a franchisee, have you done your research? Have you looked under the hood? Make sure you talk to other franchisees of that business, as them about their experience, what challenges they have faced. If they could start over again what would they do differently. Make sure you visit as many as you can to get a good sense of being a franchisee.
3. Can it be replicated?
Not all businesses are right for franchising. Ensure the one you’re thinking about is. Can the business be replicated easily? Will it work in a different location and with a different team? What will this mean for you as the franchiser? What impact will managing this have on your workload? You don’t want to set up a franchise and suddenly realise that it only worked because of where it was situated or due to a particular individual.
4. Check and double-check who you are partnering with.
Check potential franchisees before you commit to giving them a part of your business. Are they the right fit? Do they have the same beliefs and passion for your sector as you do? Are they business minded? Do you get on well with each other? This a relationship at the end of the day, which you will want to stand the test of time, ideally. Also remember that your brand’s reputation is on the line here.
5. Do you have the capital?
Some believe that franchising is a low-risk and low-cost way of being in business, but this is not true. Investing in a well-known brand can require significant up-front money. The risks of failure are there, as with any other business…the stars need to align correctly for it to work. Make sure you have enough capital for the investment and invest ahead of making the deal in expert advice, such as an independent business advisor.
If you have an idea to franchise your business and want independent advice, call our Romford-based team at RBSS Consulting on 0333 355 1696. If you are thinking of investing in a franchise and want us to evaluate if we think it will work for you, get in touch today. You can also email us at email@example.com