Exhibition fallout

After visiting a busy exhibition it can be easy to lose track of the exciting opportunities on offer. Dan Archer reveals how you can filter through the information effectively

 

With shows such as The National Franchise Exhibition having hundreds of 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 will help you get the best out of your visit.

If you have requested information while at the show, the franchisor should send an information pack to you following the event. The information 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 and support so that you can list the offering from each franchisor on one sheet. Comparing the different businesses is one of the best ways to understand whether it suits you and if it represents value for money. You can also, if you have not already done so, review their website.

There are some basic ‘ticks' that 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 per cent funding for your new business, but you would still need to access 30 per cent 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 that operates in an industry 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 need to have operated in the specific sector of the franchise before, but your skills will need to be complementary.

After you have reviewed the information it is essential that you meet with the franchisor to discuss the business and ask any questions that have arisen from your research. It is always a good idea to travel to the franchisor's offices and meet with the person responsible for franchisee recruitment as well as 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 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, work at your own pace - not anybody else's - and by planning early you should succeed sooner.