If you’re thinking of entering the hospitality industry, franchising has a few key benefits. These include letting you use an existing brand that customers are already aware of, and giving you access to operating tips and tricks that the company you’re franchising has developed over the years.
As a franchisee, one of the most important things you’ll need to consider is security, particularly in the online world. One of the primary risks you’ll be facing are data breaches, which can ruin your brand image and bottom line. It’s important to educate yourself on the potential risks and preventive measures, such as enlisting a good security company.
Taking steps to safeguard your business against potential threats is crucial to success, and gives you a solid foundation to focus on the more glamorous aspects of running a franchise. If you’re not sure where to start, you’ve come to the right place: in this article, we’ll be going through some key measures any franchisee should take to promote business security.
Train Your Employees to Recognise Online Risks
Identifying risks for what they are, especially in cyberspace, is not a skill that comes naturally to most people. It wouldn’t be realistic to expect your employees to always be able to recognise when they’re facing a situation that could be harmful to your company.
To mitigate this, consider implementing a security awareness training program. These courses can either be conducted in-house by your tech team, or externally by paid experts. Security awareness training equips employees who may be from non-tech backgrounds to recognise risks like cyber attacks, fraud and data loss, as well as equipping them with best practices to avoid human error.
On that same note, it’s also well worth investing in security training for yourself as the business owner and for your wider management team. While it will cost you some time and money to equip both yourself and your employees with the skills they need to avoid cyber threats, security training is incredibly beneficial in the long run.
Understand and Negotiate Your Franchise Contract
Before you become a franchisee, you’ll need to sign a franchise agreement. This will be drafted by the franchisor, meaning that the terms will usually be skewed in their favour. It’s up to you to negotiate a favourable deal for yourself.
The first step is to be fully aware of your rights and duties as a franchisee. Read your contract in full, ask questions about things you don’t understand and, most importantly, enlist specialist legal advice. Get help that’s independent of your franchisor to ensure they have your interests at heart. Understand things like your personal liability, the ownership of intellectual property and the terms of a potential business sale.
In some instances, it may be possible to negotiate the terms of your contract to make them favourable to you. Again, getting legal help is crucial here, as is establishing a good working relationship with your franchisor.
Enlist a Good Security Company
Like in any business, you’ll face a number of security risks, which includes vandalism, break ins and theft, both from outsiders and from your own employees. Because of this, you’ll want to get the help of a security guard to guard you against both external and internal threats.
There are a few things to look out for when choosing a security company. You’ll want to work with someone with an extremely selective screening process for their guards, as well as someone who can point to a history of success. It’s also important to find a company whose services match your business’ specific needs, as these can vary by industry. Bonus points if your security agency also provides cybersecurity services.
Ensure Compliance
Any business needs to make sure it remains compliant with rules and regulations. As a franchisee, you’ll need to be doubly vigilant, as you’ll have to take into account both the government and the company you’re franchising.
Internally, it’s crucial to maintain the standards of your franchise for several reasons. First, customers are likely to notice any difference between you and other branches of the franchise. You’ll lose business if they detect a drop in the quality of your product or in your processes. You might also get in trouble with your franchisor if you commit an internal breach of compliance.
Externally, you’ll want to keep abreast of government regulations to avoid legal action, which may include fines and even existential threats to your business for serious breaches. When in doubt, get professional legal advice.
There are few more exciting things than opening a business, and franchising is a great way to do this that minimises many of the risks that come with building a company from the ground up.
In this article, we’ve outlined four ways to secure your business against both internal and external threats. You’ll need to educate your staff on potential risks, negotiate your franchisee agreement, work with a good security firm and comply with internal and external regulations.
With all these taken care of, you’ll be setting yourself up for success in the franchising world.