Refine your search

A franchise exhibition is a great way to meet a vast number of franchised businesses and learn everything there is to know about the industry all under one roof. Here's how to make the most of your visit 

If you are toying with the idea of self-employment, franchising could be a superb route. With its tried-and-tested business model, an established brand and extensive training and support in all areas of your business, a franchise can help to get you up and running - and earning - in a relatively short space of time.

Magazines and internet websites are a valuable source for information, however, meeting franchisors face-to-face at a franchise exhibition can be a great way to narrow down your search. To get the best out of your visit, some planning is strongly recommended.

Franchise consultant Peter Williams advises: "Firstly, assess the amount of money you have available to invest, including liquid capital and equity in property."

Subject to individual circumstances, the major banks often lend between 50 and 70 per cent of the total setting-up cost. Peter continues: "For example, personal liquidity of, say, £15,000 could result in a business loan contributing to at least double that figure, with a similar ratio pro-rata up the scale. Also, there may be the possibility of financing by way of the Government Enterprise Finance Guarantee, details of which are available from the banks."

Your next step is to shop around for franchises within your budget. Peter recommends: "The best strategy is to enter the exhibition hall with an open mind and inspect as many franchises as possible, in order to make sound comparisons when you start to make a short list of possibilities.

"Bear in mind that exhibitors have spent a lot of time and effort in preparing to meet visitors and will provide lots of information and answer questions. A few minutes' dialogue will enable the all-important first impression to be gained, establish what is on offer (including availability of the area you have in mind) and determine whether additional exploration could be worthwhile.

"In investigating further, your agenda should embrace key aspects such as the comprehensiveness of the establishment package, the training programme, continuing support, franchise fee arrangements and, not least, the prospective rewards."

Some businesses will have existing franchisees on the stand so make sure you chat to them. Find out exactly what day-to-day life is like as a franchisee, what the main challenges are and what sort of person or experience you need in order to make a success of the venture. You will certainly be able to gather a fair amount of detail and, to help you weigh up various possibilities, franchisors can be expected to provide a useful information pack.

Peter adds: "To give you a break from touring the stands, you should also attend one or more of the free seminars, which aim to bring the benefits of franchising further into focus. Speakers include well-known franchisors, solicitors, bank franchise managers - all British Franchise Association-accredited - and franchisees who relate their personal experiences. Each seminar allows for the audience to ask questions, further enhancing the fact-finding process."

You may also be interested in...