Visiting a franchise show? Read this first

If you're planning to visit a franchise show, invest your time wisely to achieve maximum results, says Norman Grossman

The potential of franchising as a vehicle for supported self-employment is widely acclaimed. The internet and franchise magazines make franchise opportunities easily accessible, while franchise exhibitions enable you to establish personal relationships with major players in the industry - franchisors, bankers and advisers - in a one-stop shop environment.

But to make the most of your visit, preparation is crucial.

Who are the major participants?
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When you have decided to attend a specific franchise exhibition, visit the organiser’s website and find out who the major participants are. You may also be able to reserve free entry in advance. Usually, exhibitors consist of franchisors, franchise advisers, banks and franchise magazines. Many offer useful seminars on franchise related topics.

Take time out to plan
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You need to pre-select those stands you wish to visit, as the range of business ventures is very wide. There could be 300 franchisors on display and a focused approach is necessary.Trying to cover the whole field will use time that can be spent on a full investigation of your areas of special interest.

Attend the seminars
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If you’re new to franchising, find time to attend the seminars.These events are an ideal opportunity to gain a basic understanding of how the concept works. You will find experts who explain the fundamentals of franchising, franchisors who present their opportunities and franchisees who describe how they realised their ambitions.

Meet the people
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Clearly, you’re not going to sign a cheque at the exhibition, as you just want to meet the people behind the brand, obtain a better understanding of their business model and move on. It’s useful to make notes and arrange a later meeting with anyone you see as a potential partner. Many franchisors like cost management consultant Auditel, hold regular free discovery days.

Beware of high pressure salesmanship
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Ethical franchisors will simply inform you of the concept and its advantages. They won’t ask you to sign on the dotted line or miss out on a fabulous opportunity. It’s your responsibility to do due diligence on the proposition and have your professional advisers check it out for you. It’s also very important to talk to some existing franchisees before you make up your mind. A good franchisor will expect nothing less - and provide more than just a few selected names.

Put your best foot forward
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Most franchisors are seeking new franchisees, but you will have to demonstrate you have the right personal and commercial qualifications to join their network. You will need to be open and honest about your abilities and available resources, both in conversation and in completing their application form.

Remember that British Franchise Association members have been scrutinised by the governing body of the industry and are the safest bet in regard to training and ongoing support. Ask for details of the training offered to newcomers, including advice in setting up your business, comprehensive initial training and regular business reviews.

Professional advice
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During your visit try to find time to meet some professional advisers. You may need funding and banks will usually lend up to 7o per cent of the cost for reputable franchises and offer sound advice on your new career. You will also need the services of a franchise solicitor to review your franchise agreement. Take away any of the dedicated franchise magazines for later reading and make time to visit the bfa stand.

Don’t fall asleep at the wheel
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It will be a full day and you may suffer from information overload, so take time out before fatigue overtakes you and enjoy some refreshment and a chance to relax. You’ll return to the fray in a much better frame of mind.

What happens next?
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At the exhibition you will have selected the franchises that appeal to you and will be invited to their offices for a preliminary chat. Where both parties wish to continue a dialogue, you will be able to move ahead until you have made your final choice. The last step is to sign the franchise agreement and become a proud franchisee.

I wish you every success in your selection process,your final choice and the outcome of running your own business.