Brands are super important for global business giants. They are the manifestation of their identity and portray themselves via brands and logos to the world. But are they necessary for everyone?
Why You Shouldn’t Focus on Branding
If you are trying to run a successful business, chances are that you will contemplate branding yourself. How you can make a worldwide renowned brand, or make something as symbolic as the McDonald’s logo. However, you should try to sober up from this fantasy, as the big corporate brands are built with top-tier experts and constantly revised, constantly pouring more funds into it (something that you will not have) on how to make the ideal creation. The money and effort spent on creating a new and recognizable brand should be spent on bettering the quality of your products/services. Remember, even McDonald’s didn’t start off in its current form, but gradually changed to become what it is today. If you are dead-set on having a recognizable logo, you should probably consider going into franchising.
Franchising is an old and proven way of conducting business. You (the franchisee) are in charge of a location under an already established owner (the franchisor) and have reduced risks when starting off compared to going independent. Plus, you don’t have to worry about branding because you will already have it.
Going Into Franchising
Going into franchising will require several things from you, most notably:
Doing Your Research
Before committing to anything you will have to research the line of business and its success rate. This is imperative when trying to buy a franchise.
Choosing Your Franchise
You should make your choice based on your management style, preferred niche, and budget. Do your research (again) to get to know everything about the franchise you are trying to get into. This will help you down the road when it’s time for negotiations. You will be provided with a Franchise disclosure document which will explain to you franchising rules, the fees, responsibilities, etc.
Making the Agreement
Will the demand go up or down? Is the brand succeeding or failing? All of these things contribute to the bargaining price of admission that you will negotiate for. Doing your research properly can lead to you having a much better starting position when entering agreements. Consulting a lawyer will also be recommendable for these negotiations.
Choosing the Location
The franchisor might provide some guidelines but other than that, the location decision falls upon you. Ideally, you should settle for a location that doesn’t have lots of competition, yet enough potential customers so that you can gain a positive surplus. If you’re uncertain whether the business will be profitable, opt for renting the land as it will lead to fewer risks and less expense. If you are going for the long game, then buy the land so that you don’t lose out as much financially.
The final step will be undergoing training (usually) provided by the franchisor. This training is supposed to teach you about products/services, how to deal with suppliers, marketing, etc.
Another possibility is getting into affiliate marketing.
What is Affiliate Marketing?
Affiliate marketing is when you promote someone else’s product or service in exchange for a commission on the sales you make. It is another way of not having to brand yourself as you are an extension of the actual owner of the product/service. The commissions you get are usually a percentage of the sale price or a fixed amount.
The benefits of affiliate marketing are that it’s fairly low-risk and low-cost because the only thing you really need is a website. Even if the job you took fails, you will only lose a small amount of income and time. It’s also a good job for scaling. If you get a good reputation you can branch out and be an affiliate marketer for multiple companies and gain commissions from all of them. The pay will be determined by the niche you choose. As some categories can bring more income than others. Possible competition is a contributing factor for your paychecks, this is why it’s recommendable to not opt for a too wide line of business. The final possibility that we will talk about is becoming an influencer.
Being an Influencer
This one will require a lot of work in breaking out into the market. As you will start from scratch and will really need to work hard to get yourself more known. Like the previous options, when trying to become an influencer, you will need to pick your own niche, something that defines you and what you excel at.
Despite what you might think, successful influencers have to plan their content upfront and their social media well, this way their choice of media (due to age differences with users on social media and the target audience) can affect their outreach and profits. Respond to comments, ask for feedback, and constructive criticism, this way you can get a third-party view on what you should improve. This also involves researching your competition, observe your peers and what they are doing better, and how you can implement it for yourself. Later on, when you’ve broken through, you can start working professionally with different companies and brands.
In the end, there are multiple good options for aspiring entrepreneurs that don’t want to brand themselves, all it takes is to explore, do research, and find what you’re good at.
My name is Jacob Braun, a writer and a fan of most things online. I write about web design and development, digital and traditional marketing, small businesses, social media-related subjects and most things revolving around the entertainment industry. Follow Me – My Twitter