Whenever a company is doing well by providing good quality products and valuable services, then franchising is the right decision that they should take. It will not only help the businesses to increase, but it will also allow other customers to avail the services that you are providing. If your brand already has a good name in the industry, then franchising will help you to earn better profits and gain potential customers, and at the same time, you will be expanding your brand from a huge distance.

Operating and owning all the outlets of your business can be very hectic, and it will also reduce the efficiency of the services. The quality of the services must not fall, and that is when franchising can help you, as it is an effective business model that will provide your business with the opportunity to bloom in several places. This article focuses on how to franchise your business.

Even the entrepreneurs can have their business franchise to reach a greater audience and create a brand name in the competitive market. You can also provide opportunities for the entrepreneur to use your brand for running different establishments. If you are wondering how to franchise your startup in India, then these steps will be very helpful.

Tips to franchise your business

Research

Before you start franchising, you should know what it stands for and what are the business prospects that it comes with. You will have to analyze different sources and research on the location and target consumers before you are opting for franchising the business. Unlike the other business, the franchise business will be operated in a different manner, and that is why one needs to have proper knowledge regarding this business model. It takes a lot of efforts and commitment to franchising a company because it comes with additional cost and maintenance. The coat that you will have to pay for franchising is quite overwhelming. Hence, it is very crucial to concentrate on the development of the brand and the networks that you are having. Your brand must be competitive and should sell quality services and product in order to flourish in any place. Therefore, this 2019, start planning on creating a franchise.

Agreement

When you will be franchising your business, you will need a franchise agreement, which will be made between the franchisees and you to maintain transparency. It must be made by maintaining all the legal procedures, and it should not depend on the location of the franchise. One must not provide any sort of negotiation to the franchisees related to the credit, territory or any other item, which will be handled in the addendum. You must talk to the franchise and see what are their expectations from your business and how your brand is going to help them in gaining potential customers. If your brand is not a reputed one, then a franchisee will have to implement much more effort to build your business at their location. It is an important procedure of how to franchise your business.

FDD

This information or document will be provided to the potential franchisees, and it will contain all the minute details regarding the company and the key information related to your business and sales figures as well. You will have to keep on updating this document every year. You will also be subjected to several complications if your process is not legally sound or is not having transparency, which the franchisee may expect from your company. It is mandatory in the journey of how to franchise your business.

Fees of the franchise

The fees of the franchise can be a hefty amount, so you need to analyze it properly. By looking into the gross revenue, the profit will be shared between the company owner and the franchisee. Ensure that you are well transparent with the person who will be representing your brand and outlet and it can also happen that the franchisee will have to pay a royalty or franchise fee in the initial stages as a gesture of loyalty. Have the capital ready before thinking about how to franchise your business.

Experimenting before expanding

It is essential for a person to evaluate the success rate of the business before they are thinking of investing in any other places. It will help you to stay away from complicacy. The process of a franchise is very important, and one must do a proper study on the areas. You cannot operate a franchise from a place that is not having a demand for the product or service that you are providing. Before you make any business plan make sure it is a smart decision. You will need the right set of people who will guide you if you are new to this and make sure you are not ignoring any errors because it can hinder your growth in the latter stages. This tip is essential if you are wondering how to franchise your business.

Take help from professionals

One must not endure the journey of the franchise alone. Before you start the franchise, you need to analyze the location, and you need a person who will take the responsibility of checking all the factors that can affect the business growth of that place, and at the same time, you need some other people who will help you to take decision-related to business. By seeking help from professionals, you will be able to regulate your business and other operations optimally. All the guidance that you will need during this time must come from people who have experience in this field. A perfect team will help you to grow the business systematically and bring success. List out the things that you will need for creating a franchise.

Have marketing strategy

It is very important to have a proper marketing strategy if you are franchising your business because you need to market the products in order to make it reach your consumer and at the same time look at the perspective of the business. Only if you can maintain a healthy balance between these two things then only you will be able to flourish your business.

Budgeting and marketing are the two things that should not be ignored, and you need to spread awareness related to the brand and do proper marketing; otherwise, successful franchising is not possible. To understand the entire business model, it is very important to have a proper understanding related to the franchise, and you need successful franchisee for becoming the successful franchisor in the venture of how to franchise your business.

Attorney

It is true that you need some expert advice and in the process of franchising you will need an attorney to deal with the legal procedures and have all the franchise disclosure document prepared. A lawyer will help you to deal with the entire process of setting the price, creating the franchise agreement and will help in including laws that will help in protecting the intellectual property. Ask their advice on how to franchise your business.

Be picky

When it comes to picking the franchisees, it is very important to be picky. You will need the right set of people, and you can analyze it by looking into the capital that each person has to come into the business bond with you. They are going to represent you so make sure you are joining hands with people who will help in protecting and growing your brand. Make sure you are having the interview process and list out the things that can be a deal breaker.

Temper expectations

One will have to analyze franchise with properly because they will be building a new franchising network and at the same time will be operating their other businesses. It is very important to know that when you are launching the new franchise that you will be operating a new business, and you will also be risking your capital.

These few things will help you with the initial process of how to franchise your business. You must also have the clarity to know whether you are ready for franchising the business. If your business is already popular in the market, then the process of franchising will not be difficult, but if you are an entrepreneur where your brand awareness is not much compared to other brands, then you will have to reconsider the entire process.

Make sure you are visiting the location and inspecting it properly before providing the franchise there. It is always beneficial to open your franchise at a place that is crowded and is a place where people visit for purchasing other product as well. Even if you are operating the business from a distance, you need to ensure that it is working optimally and is not compromising your brand name.

Every franchise that you are opening will be equally important and will represent your brand. If you are confused with how to open a franchise, then these tips will help you with the procedure.

If you can start your franchising venture successfully, then your business is going to bloom very rapidly. It will not only give you great exposure, but you will be able to get a lot of target audience that will help in the overall expansion of your brand.

Keep on communicating to avoid miscommunication or complications in the entire business journey of how to franchise your business. The quality of the product and services must not fall, and that is why you need to choose the right set of people who will be representing your brand. Follow all the steps for creating a franchise properly.

The Micro, Small and Medium Enterprise sector has always formed an important part of Indian Economy. This sector is also known for its innovations, technological advancements and providing jobs to many people. The Union Budget 2019, was presented by Piyush Goyal, India’s Finance Minister in February. This year’s Union budget offers lots of advantages to MSMEs. Business can achieve new heights of success by making optimum utilization of the benefits Of Feb Union Budget 2019 For MSME Sector. The budget shows that the government has a clear aim of strengthening the backbone of the Indian economy, i.e., the MSME sector.

3 major benefits of Feb Union Budget 2019 For MSME Sector

Tax Rebate

The most important change brought in the MSME sector is in the field of the tax rebate. Earlier the limit for individual taxpayers used to be 2.5 lakhs. In 2019 budget, this limit has increased to 5 lakhs. Individual with annual an annual income of 6.5 lakhs can also take benefit of this limit provided they make investments in provident funds, etc.

Under tax rebate benefits, the government has made positive changes in terms of interest earned on funds deposited with posit office or banks. The limit has increased from 10,000 to 40,000.

Instant loan

Another important benefit that the MSME business can use to expand their business is the launch of ‘instant loan scheme’. As per this, the MSME can get a loan up to one crore within 59 minutes. This would be highly beneficial for MSME startups. A further rebate of 2% on the interest of loan amount would be given to MSME’s who have GS-registration.

Capital Gain TAX

The exemption limit of Capital Gain Tax has been increased to the amount of 2 crores. Moreover, Piyush Goyal has also made an announcement regarding the second house’s notional rent. He said that as per new budget the notional rent in such case would be tax-free. He also announced that emphasis would be given on promoting local businesses. For this, all the public sector enterprises would be covered by GEM platforms.

Another major advantage of Union Budget 2019 for MSME Sector include the announcement of submission of quarterly returns for business with an annual turnover of less than 5 crores.

Other major benefits of Feb Union Budget 2019

• The launch of Pradhan Mantri KisanSammal Nidhi Yojna: Under this scheme, an annual amount of rs.6000 will be given to all the farmers of India, who own less than 2 hectares of land.

Under this Union Budget, the government has announced rebate for the farmers who have become a victim of natural calamities. Such farmers would be given a subversion of 3% on the interest of loan taken by them.

• Farmers in animal husbandry would also be given a subversion of 2% on interest.
• Developing 1 lakh digital villages in next 5 years.
• Increase in the ESI cover limit.

Besides the above-mentioned benefits of Feb Union Budget 2019 For MSME Sector, Finance Minister Piyush Goyal has also announced that for any government project, 25% of sourcing would be done from MSMEs. It is also announced that out of this 25%, 3% would be procured from women entrepreneurs.

You have an idea, and you are thinking to work on that idea and planning to start a new business, then this is the right time.  This is an era of technological breakthroughs. Moreover, if your idea shows potential and you have the vision to support, finding the source of capital would not be difficult for you. The challenges faced by the earlier generation were entirely different as compared to the new generation. Digitalization has opened up numerous gates of opportunities for attaining entrepreneurship. As a result, anyone who has the capabilities to convert these opportunities to generate revenues is very much eligible to start a successful business.

If you are planning to start a new venture, then there are few steps which you may need to follow to start a successful business in the year 2019.

Steps to start a successful startup

Conduct thorough research: An idea forms a base for any business. If you have thought about an idea then before starting its implementation, you should check its potential. This means you need to check if your product or service has any demand in the market or not. If yes, then you need to find answers to the questions like which is your target segment, who all are your competitors, etc. 

Make a business plan

Planning plays a vital role in establishing a business. Depending on the type of business you need to select a business plan. If you are planning to start a new venture, it is essential that you should make a detailed business plan which goes with your vision and states the process you need to follow to achieve success.

Plan Finances

To start any business, you need to have an initial investment amount. Planning of your finances is very crucial. You need to calculate the amount you need to start up your business along with the amount which you need to run your business for a year. Once calculated, look out for the ways to funds for your venture.

Choose the structure of your business

There are three major business structures for small and medium scale business. These are

• Proprietorship,
• Partnership
• LLC.
• Corporation

Select a name for your Business and get it registered

Complete all the paperwork including getting a license and other business-related permits.

Select an appropriate location for your Business

Be careful while setting up your office. Select whether you want to buy the location or go for a lease. You have to take decisions regarding office location, equipment, etc.

Recruit appropriate team and get them ready.

Promotion

Once the business is set up and you have started selling your product or service, it’s time to work on promoting your products and services.

If you are planning to start a new venture in 2019, then there are few success mantras which you need to follow. Planning is a significant part of the entire process of setting up a business. However, if you want to stand out in this competitive market and make your business a huge success, then you need something more.

Clear Vision

For anyone who is planning to start a new venture, having a clear vision is very important. Vision provides you a clear understanding of your long-term goals. Entrepreneurs with clear goals always remain motivated as they work their best to achieve their targets. You can plan your business on the basis of your vision, and together they lay a solid foundation for your venture.

Long-term approach

Having a vision is not sufficient. You need to have a long-term strategy which can help you in achieving those goals. You need to find answers for all the “how” and “what” of your business. Today’s market is not stable. Innovation and change in technology play a very important role. With a long-term approach, you will be prepared to handle upcoming changes, and this will further keep you much ahead of your competitors. 

Commitment

Starting a new venture is not the most difficult part of the entrepreneurship. Being committed to your business is the most challenging part. Most of the new ventures fail as the owner becomes careless once the business starts giving profits. When you decide to run your own venture, remember that you have to work on it 24/7. You need to keep working on new ideas, find innovative ways to increase productivity, be ready to face all kinds of problems and try to find their solutions. Remember ” A successful entrepreneur always lives on the edge.”

Dedication and passion

For anyone, who is planning to start a new venture, dedication and passion are very important. Starting a new venture can be a life-changing decision for many individuals. Both these qualities keep a person self-motivated.  An entrepreneur who works with dedication and is passionate to take the business to new heights would never give up. Such an entrepreneur will give their 100% to achieve their goals. Moreover, these two qualities help an entrepreneur to face various challenges that may come while running the business.

Networking

Having a strong network is very important to run any kind of business.  Good and strong network help you in running your business in many ways. Your networks can give you a true insight of the market. They can further help you getting funds, finding new customers, alliances and can act a very important source of all market-related information.

Open to take risks

When you plan to start a successful startup, be ready to take risks. Starting and running a new venture is not that easy. Various difficulties and new challenges will keep on coming in your way of achieving success. You should have the willingness to take a risk and find new ways to overcome these challenges and difficulties.

Keep your customers’ first

Always remember your customer is the key to success. The main aim of any establishment is to earn more revenue. Revenue can be generated only through customers. Hence always keep your customers in the centre and plan your business strategies accordingly.

Take good care of your employees

Success of any business is the result of effective teamwork. Always make your employees part of your vision and goals. They are the only one who can help you in achieving them successfully. Running a new business is a road full of speed breakers. You need to be patient and should be prepared to face all kinds of difficulties. You need to have the vision to convert these difficulties and challenges into new and potential opportunities.

Introduction

The Union Finance Minister, Piyush Goyal announced the Interim Budget for 2019 on Friday, the 01st of February 2019. New schemes or any policy measures are not generally unveiled in the Interim Budget. However, it is contemplated that along with the interim budget, the government will present the vote on account for the upcoming four or five months. With the General Election scheduled in March or April of 2019, the full-fledged Budget will be announced only after the new Government comes to power.

Note: Union Minister Piyush Goyal is temporarily in charge of the ministry of finance, till the time, the Finance Minister Arun Jaitley return from his indisposition.

At A Glance

India is expected to have an economic boost in the next five years and be a USD 5-trillion economy. As per the forecast, over the next eight years, we can seek to become a USD 10-trillion economy.

• For 2018-2019, fiscal deficit has been at 3.4% of GDP
• In the financial year 2020, the overall expenditure is seen at ₹27.84 trillion.
• In the financial year 2020, the capital expenditure is seen at ₹3,36,292 crore
• In the fiscal year 2020, the schemes of Central Government to get a ₹3,27,679 crore.
• It has recuperated ₹3 lakh crore through the bankruptcy code.
• The existing account deficit for the financial year 2018 and 2019 is seen at 2.5% of GDP.
• The banks like Bank of India (BOI), Bank of Maharashtra and Oriental Bank are not anymore under the RBI’s prompt remedial action.

The Interim Budget covered:

• Taxation policy
• Rural Sector   
• Labour
• GST
• Health
• North East
• Defence
• Railways
• Women
• MSME and Traders
• Fiscal Plan
• Entertainment Industry
• And Various Other factors

Taxation policy

• Income tax exemption has been raised to ₹ 5 lacs, and if individuals invest in provident funds and prescribed equities, he can claim exemption up to the gross income of ₹ 6.5 lacs.
• The rate of income tax to continue at the current percentage.
• IT returns to be processed within 2d hours, and it will be paid within the subsequent two years.
• Tax to be exempted on notional rent of two properties.
• Rental income’s TDS limit is increased to ₹ 2.4 lakh.
• The benefit of rollover of capital gains is extended to two residences and up to 2 crores, which can be claimed once in a lifetime.
• Rural Sector   
• An announcement of Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), under which the Government will transfer ₹ 6000 directly to every farmer (with less than 2 hectares of land) each year, in three in three portions.
• Rashtriya Gokul mission budget is increased to ₹ 750 crores.
• For maintenance and genetic development of cows, Rashtriya Kamdhenu Ayog to be set up.
• New distinct Department of Fisheries to cater to 1.5 crore fishers.
• For Animal husbandry and Fisheries: 2% interest grant. An added 3% if repayment is made timely.
• Rebate of 2% on interest to farmers affected during a disaster will now be given for the entire period of loan payment.
• For all 22 crops, an increase of MSP (minimum support price) will be 1.5 times the cost of production.
• ₹60,000 crore allocated under the Mahatma Gandhi National Rural Employment Guarantee Act 2005.
• Over the future five years, the Government has plans to convert 1 lakh Indian villages into Digital Villages.

Labour

• Workers in the unorganized sector will be eligible for a confirmed pension of ₹3000 per month under the Pradhan Mantri  Shram Yogi Mandhan scheme after the individual attains the age of 60 years. For this, the worker will need to contribute an amount of only ₹ 100 or 55 every month till 60 years of age.
• With effect from 01st April 2019, the New Pension Scheme (NPS) had been improved from 10% to 14%.
• Gratuity limit payment raised to ₹ 20 lacs from ₹ 10 lacs.
• ESI will now cover up to ₹ 21,000.
• There is an increase in the minimum pension also (up to ₹ 1000).

GST

• GST is expected to be reduced for house buyers.
• Interest rebate of 2% for small and medium size business registered under GST, on a loan amount of ₹ 1crore.

Healthcare

• Haryana to have its 22nd AIIMS.
• Estimate of the National Health Mission budget increased from ₹ 30,634 crore to ₹ 32,251 crores.

North Eastern States

• Allocation of funds to be hiked by 21% to ₹ 58,166 crores in 2019-2020 Budget Estimates.
• A recent addition to the air map: Arunachal Pradesh.
• A recent addition to the rail map of India: Meghalaya, Tripura, and Mizoram.
• Due to the improvised navigation capability of the river, the Brahmaputra, chances of container cargo movement introduced.

Defence

• For the first time in India’s history, Government to hike the defence budget to over ₹ 3 lakh crore’ with provision for additional funds, if required.
• Under One Rank, One Pension scheme, ₹ 35 thousand crores have been disbursed over the last few years.

Railways

• Proposed capital support of ₹ 64,587 crores in 2019-2020 Budget Estimates.
• Total capital expenditure proposed to be ₹ 1,58,658 crores
• The expected improvement in an operating ratio from 98.4% in 2017-18 to 96.2% in 2019 fiscal year and 95.2 in the 2020 fiscal year.
• Expected to be the safest years for railways.
• To eliminate all Unmanned Level Crossings on a broad gauge network.
• A first of its kind developed and manufactured by India, a semi-high-speed express train, “Vande Bharat Express” to be introduced.

Women

• With the Mission to Protect and Empower Women, fund of ₹ 1330 Crore is allocated.
• Maternity leave will continue to be six months along with the benefit of cash compensation under the Pradhan Mantri Matru Vandana Yojana for pregnant working women.
• Under the Pradhan Mantri MUDRA Yojana, more than 70% of the recipients are women.
• Under the Ujjawala Yojana scheme, ₹ 6 crores free LPG connections are planned.

MSME and Traders

• If a small and medium enterprise, registers for GST, it will get 2% subvention on interest on an incremental loan of up to ₹ 1 crore.
• As per the plan, at least 3% of the total 25% sourcing for the Government undertakings will be from women owned SMEs
• Internal trade; DIPP which has been renamed as Department for Promotion of Industries and Internal trade will be under high priority of the Government’s plan.

Fiscal Plan

• The fiscal deficit is nailed at 3.4% of GDP for 2019-20
• The target of 3% of the fiscal deficit is aimed to be achieved by the financial year 2020-21.
• The fiscal deficit has been cut down to 3.4% in 2018-19 with respect to approximately 6% which has been there seven years ago.
• There has been an increase in the total expenditure of over 13% amounting to ₹ 27,84,200 crore in 2019-2020.
• The total capital expenditure for 2019-20 is projected to be around ₹ 3,36,292 crores.
• Allocation of a fund to CSS or the Centrally Sponsored Schemes have been increased to ₹ 3,27,679 crores in the year 2019-20.
• Indian Government is assertive on achieving the disinvestment target set at ₹ 80,000 crores.
• Heavy focus is now being given on consolidating debt along with the consolidation of fiscal deficit.

Entertainment Industry

• Lives of Indian filmmakers to become smoother with access to the Single window clearance. They will also have the comfort of shooting films.
• Regulatory provisions will depend mostly on self-declaration.
• To bring strict vigilance of piracy and to control it, plans to announce anti-cam cording provisions in the Cinematograph Act.

Others

• To support the National Program on Artificial Intelligence a new portal named, New National Artificial Intelligence to be introduced.
• For identification of all the outstanding De-notified nomadic and semi-nomadic tribes, a new committee under NITI Ayog is to be formed.

Chief Areas of Fund Allocations

• Rural Development: in comparison to the current fund allocation of ₹ 1.12-lakh crore, funds have been augmented by 4.6 percent to ₹ 1.18 lacs crore for the upcoming financial year.
• Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): ₹ 60, 000 allocated crore for MGNREGA scheme in 2019-20 Budget Estimates. The MGNREGA, i.e. Mahatma Gandhi National Rural Employment Guarantee Act has been introduced in 2005. It aims at providing manual and unskilled work to each individual above 18 years residing in the rural areas of India, for at least 100 days in a year.
• In the fiscal year 2018-19, allocation of funds to NREGS was ₹ 55,000 crore.
• Pradhan Mantri Awas Yojana (PMAY-G): the distribution of the fund is reduced to ₹ 19,000 crores from ₹ 21,000 crores in 2018-19.
• Pradhan Mantri Gram Sadak Yojana (PMGSY): it is the same as it was in the last financial year and it stands at ₹ 19,000 crores in the fiscal year 2019.
• Education sector: funds of ₹ 93,847.64 crores to be allotted in the education sector for 2019-20, which is an increase of over 10 percent from ₹ 85,010 crores 2018-19
• The budget estimation for higher education is at ₹ 37,461.01 crores, and ₹ 56,386.63 crores have been held in reserve for school education.
• Job and Skill Development: Funds have been increased to ₹ 7,511 crores in 2019-20 as compared to ₹ 5,071 crores in 2018-2019.
• Urban Rejuvenation Mission under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart Cities Mission: Budget estimation is increased to ₹ 13,900 crores in 2019-20to from ₹ 2,169 for the 2018-19 fiscal year.
• Food Corporation of India: Subsidy for food to Food Corporation of India (FCI) under National Food Security Act is hiked to ₹ 1, 51, 000 crore in the financial year 2019-20 from ₹ 1, 38, 123 crore of last fiscal year.
• Space Technology: budget allocation has been raised to ₹ 7,483 crores from ₹ 6,576 crores.
• National Highways Authority of India: hiked to ₹ 36,691 crores from ₹ 29,663 crores in the upcoming financial year.
• Transfer of Direct Benefits: it is increased to ₹ 29,500 crores from ₹ 16, 47800 crores.
• Subsidiary for Urea: it is expanded to ₹ 50, 164 crores from ₹ 45,000 crores.
• The budget for Sports: it is raised to ₹ 2216.92 crores in 2019-20 from the amount of ₹ 2002.72 (2018-2019) crore.
• Allocation for Integrated Child Development Scheme (ICDS): it is amplified by over 18% to ₹ 27,584 crores in the budget estimation of 2019-20.
• Considerable raise in fund allocation for the Scheduled Castes (SC) and Scheduled Tribes (ST)
• Apportionment of the budget for the SCs is increased by 35.6% to ₹ 76,801 crores in budget estimation for 2019-20 from ₹ 56,619 crores in budget estimation 2018-19.
• Apportionment of a budget for the STs increased by 28% to ₹ 50,086 crores in 2019-20 budget estimation from 39,135 crores in budget estimation 2018-19

The vision for the year 2030 in Budget

Besides presenting the Interim Budget, the Finance Minister has also laid out the Government’s ten point vision for India to be attained by 2030.

They are as follows:

1. Next Generation Infrastructure also is known as Gen-X Infrastructure is to make available an “ease of living” for all citizens.
2. Vision Digital India is to make sure digitalization reaches to every corner of the country and enhances the life of each citizen.
3. Cleaner and Greener India is to make India a pollution free country by leading the transport revolution in the form of electronic transports and to focus on renewables.
4. Industrializing Rural India is to increase the usage of contemporary digital technologies which will create enormous employment opportunities.
5. Clean Rivers is to make safe drinking water available to every Indian citizen, by introducing the usage of micro-irrigation methods.
6. Oceans and Coastlines are mounting up of Sagarmala.
7. Space Programme – An Indian astronaut is to be placed in space by 2022, and thus making India a launch pad for the entire world. 
8. Self-Sufficient India is to ensure that India becomes self-sufficient in its food production and to improve agricultural yield with significant prominence on organic food production.
9. Healthy Country to make sure a stress less, affordable, and all-inclusive wellness arrangement for every citizen.

Minimum Government, Maximum Governance is to put in place a pre-emptive, responsible, approachable administration and automated governance system.

In a subsequent as well as consistent growing economy of India, the competition in the market industry regarding who serves the best and how long has increased with the passage of time. Also in the recent years, India has shown enormous growth in terms of business startups. As a matter of fact, people are now willing start their business startups in India. 

If you too are the one who wish to enter in the Indian market industry, then Anakeen Business can help you out. You can get to know all the procedures related to the starting of the business startup. Now, whether it deals with the market research, entry, or the establishment of the business startup, Anakeen Business assists you at every step.

Peering the current marketing scenario and the mood of the customers these days, people are rushing behind the brands that can satisfy their needs and tastes. Plus, in a condition, when you are serving numerous people via your products and services, then   you need to bring all the customers on a single platform and then help them out that what is there for each of them. The basic aim should be to generate the public engagement that can help them change their perception and diagnose their expectations.

Transforming your product into a brand is something that will be the most precious asset that you can own. But have you ever thought of what it takes to make your products and services a brand? However, in our previous blogs, the experts of Anakeen Business have give you a brief idea about the brand building procedures but in case if you have missed it, you can read it here. Apart from the brand building process, you need to know that what are the basic foundations that can assist you to the manage your brand.

This article broadly consists of the expert tips and rules and principles from the professionals of Anakeen Business that you should follow in order to manage your brand.

What Is Brand Management?

You would probably be thinking that what is brand management? Basically, it is all about capturing a targeted market for your products and services. Apart from this, you also need to build the confidence for your products and services within the minds of your current as well as forthcoming customers. Branding is all about conveying a message in various forms, creating a bond called trust among the targeted audiences and persuade an individual to purchase the item which will further establish an emotional connect with the customers.

Adding more to it, branding also helps in making customers’ perception about any product or any service. If branding has to be defined in a single statement, then it can be concluded that the ultimate aim of branding is to create the difference.

For an instance, ‘Colgate’ is a brand of toothpaste but generally when someone has to brush their teeth, they don’t that they are going to brush their teeth using toothpaste. Instead of this, people usually say, that they brush their teeth using ‘Colgate’.  So, for a customer, toothpaste means ‘Colgate’. Henceforth, that’s the effect of branding, where your product is not known by the product but it is famous on the name of the brand. Anakeen Business can help you create this difference with mastermind strategic plans for the enhancement of your business.

A strong brand can help you reduce in the perceived safety, monetary and social risks of the customer to buy a particular product. This because a customer can have a better perception of tangible goods with a brand name. A strong brand has a higher share of the whole market and it supports in the sustainability of the product in the market industry. Henceforth, it is indispensable to manage all brands and build brand equity time to time.

Importance Of Brand Management

• A perfect brand management helps in building the righteous image of the product and the company as well. And a brand manager is responsible for the overall performances of the brand. Successful brands are the result of marvelous brand management system.
• On the whole, a brand management includes the management f both tangible and intangible characteristics of brand. In terms of product branding, the tangible include the item itself, packaging, pricing, etc. In case of services, tangible comprises of the experiences of the customer with the product. However, intangibles include the emotional instincts with the target audiences.

Major Principles Of Brand Management:

• Define Your Brand:

Your company can only grow when it is authentic. Apart from the authenticity, the main purpose, mission, position, character and value are some of the factors that can help you in a perfect start of your business startup. You just need to focus on what you can do in an effective and best manner. Once, you have found the answer to this, go ahead and communicate your strengths along with the constancy.

There have been many times, when company’s acquisitions don’t fit in the parent organization’s brand architecture. For an instance, Microsoft acquired Razorfish—a major internet and technological innovation company—when it bought aQuantive—a digital marketing service company—for about $6 billion in 2007. But a couple of years later, Microsoft sold off Razorfish for about $530 million.

You can simply consider as, Razorfish wasn’t a good fit for Microsoft’s brand strategy.

• A Brand Is Your Business Model:

Keep on maximizing the potential of your brand by supporting it enthusiastically and challenging it with even more power. Along with the changing trends and moods of your customers, you too will have to modify your products and services. However, at Anakeen Business, you can get the information about the transforming moods of your customers. Think of personal brands like Richard Branson, Martha Stewart or Barack Obama. These individuals almost built their businesses right atop their personal brand, and everything they offer are an extension of that brand promise.

• Be Consistent:

If it wasn’t enough, keep consistency in imparting your message and keep it different from rest of the others. If you can’t do things faster, then you need to keep a consistent pace of your business and own your position on all the reference points for all the things whatever you do. For an instance, Obama, focused on only one message during his 2008 presidential campaign: Change. Automobile major BMW has always been branded as the “ultimate driving machine”.

• Start Inside Out:

Begin everything and work on each and every factor that relates to your organization. For an instance, all those people who are working for you can let you know that what they do possess a perception about your company. In other words, it can also be concluded as what they think of your brand. And that is where you can hit a game changing masterstroke in front of your customers.

This is exactly where, you can begin differentiating your products and services and your business startups from rest that are available in the marketing industry. Work in such a way that can put a powerful impact even beyond the walls of the marketing. This is how online apparel store, Zappos empowers its employees to build customer perception about the brand.

• Connect At The Emotional Level:

There are many organizations that consider the product a brand and limit it just to the logo, name, website, public relations exercise or the television commercials. However, these are not just a brand but are the tools of the brand management. A brand is a much larger thing. In other words, it can be said as it a desirable idea that is manifested in the products or services, places, people, and experience.

Starbucks, that serves people coffee, created a third space of experience that was exclusive and desirable lest people do prefer them and pay for the overpriced coffee.

What this basically signifies? It means, you need to sell something which satisfies not only the physical needs of the people but also their emotional instincts. Get them attracted towards your products by making your simple thing in a different manner. Slowly and steadily, people will surely start to identify you and your brand as well.

• Empower Brand Champions:

Appreciate those people as well who love your brand and help to drive home a message, lest they can be a part of the brand building process. In case your brand stops telling that what you should do and what you shouldn’t, it’s about time you need to start evaluating the brand’s promise that you made earlier with your target audiences.

Just go and speak to someone who is working in an organization like Apple’s retail outlet, for instance, and you will clearly be able to see that how passionate they are about their organization. It is something like a culture and a lifestyle over there.

I hope that you might have got a clear picture on how you should go ahead with the brand management of your products and services. However, in case, you want to look forward a helping hand for your business startup, then you can reach out to the professionals of Anakeen Business. Their experts solutions can assist you stand strong in the competitive field of Indian market.