Wednesday, August 22, 2007

Innovation | Key To Successful Franchise Business

The most successful franchise business today belongs to entrepreneurs who innovate their products and services. Putting out something that has never been seen or done before is a recipe for a successful business. But coming up with a new idea from scratch is very difficult; it involves countless hours of research and development to come up with an original concept. When looking for ideas, a good place to look for new and exciting food franchise concepts is in the malls and LRT/MRT stations. These high traffic areas are prime location for successful franchise businesses. Whatever your food palate is, there’s enough variety there to satisfy even the most discerning taste buds. From affordably priced Hong Kong styled stir-fried noodles to one-day-old chicks, there’s enough variety here to give the clever entrepreneur enough ideas to come up with an interesting and hopefully profitable niche.

A perfect example of taking an existing product and altering the way the food is being served is Dippin' Dots. They have taken regular ice cream, and re-packaged it into little ice cream dots and sell them at a premium price, their innovation has paid off big time. Their success story should provide enough inspiration to would be entrepreneurs that there is still a lot of territory yet left unexplored in what is seemingly an already crowded market void of any originality in the food franchise business.

But if you put out something that is popular and unique in the market, it’s bound to be copied and imitated. Waffle Time and its concept of selling delicious waffles with a wide variety of flavors at an affordable price made for a winning combination and the masses loved it. But its concept has since been copied by a wide variety of wily businessmen selling waffle franchises for as low and 15,000 php complete with tarpaulin, waffle maker and food stand. It is almost impossible to stop people from copying you business concept especially if it is related to food even if you get a patent for it. The best way to safeguard our business innovation is to make sure that you provide high quality standards to your products and services making sure that people know that when they do business with you, they are buying quality stuff compared to second rate knock offs.

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