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Exhibition Fallout
After visiting a busy exhibition it can be easy to lose track of which opportunities were of interest to you and who you have spoken to. With shows such as the National Franchise Exhibition having hundreds of franchisor exhibitors, planning for an exhibition visit is essential. In order to ensure that the time following the event is best used, working to a plan post-show is also a really good idea.
If you have requested information whilst at the show the franchisor should send an information pack out to you in the week to ten days that follow the event. The information that the franchisors send could be either a full franchise prospectus or some intermediate information prior to the prospectus. Prospectuses should include market information, financial projections, franchisee case studies, details of the support structure from the franchisor and may even have a DVD to explain what the business is all about.
When reviewing the details of the business it is a good idea to write a list with headings such as Market, Financial, Support so that you can list the offering from each franchisor on one sheet. Comparing the different businesses like this is one of the best ways to understand whether it suits you and whether it represents value for money. You can also if you have not already done so review their website.
There are some basic ticks which you will need in the box. You must be able to afford the franchise. Many of the bfa affiliated banks will provide up to 70% funding for your new business but you would still need to have access to 30% in liquid funds. The business also needs to return enough for your investment to justify the step into self employment. Broadly speaking the bigger the investment the bigger the rewards should be.
You also need to find a business which operates in an industry that you are passionate about and one that suits your skills and experiences. You stand little chance of being successful if you don’t want to throw the duvet off and attack the day ahead. One of the advantages of franchising is that you don’t have to have operated in the specific sector of the franchise before but your skills will need to be complimentary.
After you have reviewed the information in a structured way it is essential that you meet with the franchisor to discuss the business and to ask any questions which have arisen from your “desk” research. It is always a good idea to travel to the franchisor’s offices and meet with not only the person responsible for franchisee recruitment but also the rest of the team. One of the major benefits of a franchise structure is that there is a team to support you so you should inspect the offices and meet as many as possible of the team at headquarters.
So when you consider evaluating the information from the different franchise systems and arranging visits to franchisors you will have lots to contemplate after the show and that is before including speaking to existing franchisees and taking advice from the bfa affiliated banks, solicitors and accountants.
If you approach your research in a structured and methodical fashion you minimise your chances of making a mistake. This is the biggest decision of your business life so you should be excited, but remember to work at your pace and not anybody else’s and by planning early you should succeed sooner.
