Good time to network

In broad terms, franchising is a safer option than going into business on your own. A franchisee should have a tried and- tested format to follow, training and support from their franchisor and a network of fellow franchisees to speak to – so although franchisees own and operate their business, they are not doing it alone.

Banks will need to ensure that you can afford to purchase the franchise. Following this, they will then seek to establish how much money you can invest. What can you afford? Do you have any savings or can family help? For a well established franchise brand, most of the major banks will lend up to 70 per cent of the start-up costs. For new franchises to the market the figure may be closer to 50 per cent, but this is still substantial.

An excellent way to find out more about franchising is to visit the British &
International Franchise Exhibition at the London Olympia on 15 and 16 March. With this in mind, here are some top tips for getting the best out of your day at a franchise exhibition:

Plan your day

Exhibitions are generally open for most of the day and if you plan accordingly you will have sufficient time to talk to a wide range of franchisors, service providers and professionals as well as experience
the seminars. Read the exhibition show guide and check out the events
Each exhibitor will be featured, together with details of the seminars, location and time – use the guide in this magazine to plan your time at the exhibition and make sure that you visit the stands that you are interested in. Plan ahead so that you’ll be able to fit in talks, seminars and panels where you can hear more about real franchise stories.

Examine your strengths and weaknesses

Have you particular skills that will help in your chosen franchise? Are there areas in which you lack skills and expertise and does the franchisor provide training and back-up to help you overcome these weaknesses? Will they provide ongoing support throughout the franchise term? Vist the bfa (British Franchise Association) stand. The Association is the only voluntary self-regulatory body for the UK franchise industry – all exhibitors are either members or have been granted accreditation in order to attend. The bfa have a stand at the exhibition (F70) where free advice can be obtained. Their website, www.thebfa.org, is also an excellent way of obtaining information and viewing the full list of current memberships, as well as guidance about choosing and vetting a franchise. The bfa also run regular seminars during the course of an exhibition.

Talk to the professionals

The exhibitions give an unparalleled opportunity to speak to professionals including franchise consultants, lawyers and to franchisees themselves at various stages of their respective journeys – an ideal time to hear their stories and gauge their opinions on the day-to-day realities of running a franchise. Speak to a range of franchisors. If you are already leaning towards a particular franchise or type of business this could well be an ideal opportunity to see your choice in the context of other franchisors and businesses. Take this opportunity to ask them any questions you may have and make sure you’re satisfied with the answers.

Take your time … and be realistic

Starting a franchise is likely to be one of the most important decisions you’ll
make in your life and the life of your family. Don’t be rushed into a decision
and do your homework. It can be easy to get carried away with stories of how wonderful an opportunity is and how much money there is to be made. A good franchisor will tell you some of the downsides as well. Do not be in a
rush to pay any money before you have researched the proposition thoroughly or feel pressure to sign up on the spot. You are entering into a relationship and both parties – yourself and the franchisor – need for you to be 100 per cent committed and fully comprehending of what the process and the venture will consist. Even if you are convinced you’ve found the dream franchise, there is much to be said for taking away all that you’ve seen, heard and discussed over the day (or weekend) and considering how next
to proceed in order to make sure you’re not making a rush decision.

Give a good impression

Remember that a franchisor will also be assessing you to ensure that you have the skills and personal abilities to become a successful franchisee. This venture will be about what sort of ‘fit’ both you and the franchisor will make. Consider how you and your skills and experience could be considered an asset to the franchise network.

Finally...

Starting your own business involves a great deal of planning and research. Use this exhibition to find out all you can and to start the planning process.

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