As a potential franchisee, how can I make the most of a franchise exhibition?

Q: As a potential franchisee, how can I make the most of a franchise exhibition?

Sarah Walker

PR & Marketing Associate and Franchise Partner, Platinum Property Partners

A: Before the exhibition, make sure you've really thought about what you want from a franchise. You need to be clear on what level of funds you're able and prepared to invest and the kind of lifestyle you want and the financial returns you're looking for. Exhibitions are a great chance for you to meet the people behind the franchise - founders, directors and key team members - people you would not otherwise necessarily be able to meet at the first stage of considering a franchise, so don't waste the opportunity.

These are people you're likely to be in business with for at least five years and it's vital to the success of the business relationship that you like and trust them, so make sure you spend time talking to them to get a real feel for who they are, their values and principles in business.

Go to as many free seminars as you can - again, this is a great opportunity to see your potential franchisor in the flesh, speaking passionately about their business and bringing to life the benefits it can offer you. Many stands will also be manned by existing franchisees, so talk to them and ask difficult questions so that you get a full picture of the good and the not-so-good aspects of running their particular franchise.

And finally, remember that the franchisor is likely to be sizing you up as much as you're sizing them up! A franchise is not something you ‘buy', you're ‘recruited', so if you think a franchise sounds interesting, really sell yourself to the people on the stand.

Peter Williams
Franchise Consultant
A: Firstly, some preparation is recommended. The majority of people who become franchisees take advantage of a business financing package from one of the major banks, therefore you need to be clear about your financial position, taking into account your liquid capital resources plus equity in property which could provide security for a loan. Cash liquidity of, say, £25,000 could be at least doubled to facilitate the purchase of a franchise costing £50,000 or more, pro-rata according to individual circumstances.

Having established the extent of your buying power you can focus on the franchisors within your budget. Best policy is to start with an open mind and inspect the wide range of businesses on offer. You are on a fact-finding mission and to gain as much information as possible, enabling you to form the right impressions, do take the opportunity to have a chat with all the franchisors within your price bracket. Additionally, it’s important to attend the free seminars where leading members of the franchise industry speak – and invite questions – on a variety of subjects all highly relevant to your prospective future as a franchisee.