Friday, August 27, 2010

India Franchise Exhibitions : Things To Do Before, At, After Visiting The Franchise Expo

Firstly, we attend a franchise exhibition to view and compare a variety of franchise business possibilities. The idea is to see what options are being showcased and whether any of the businesses make for an interesting case. You must be absolutely clear that exhibitors at the primarily want to sell their franchise systems. Be cautious of salespersons who are interested in selling a franchise that you are not interested in.

Initial Research and Primary Questions:
Before you attend, research what type of franchise best suits your investment limitations, experience, and goals. When you attend, specifically choose the opportunity that best suits your needs and then engage the franchiser.

Your Investment Levels:
We have often seen clients saying that they could arrange the funds depending upon the opportunity at hand. Infact, a clear understanding of how much you can invest and in what time period would help you immensely on zeroing on the right type of options within these investments. An exhibitor may tell you how much you can afford to invest or that you can’t afford to pass up this opportunity. Before beginning to explore investment options, consider the amount you feel comfortable investing and the maximum amount you can afford. If you need to arrange funds externally or are seeking financial help for balance amounts, be very clear of the procedure and the time involved in clearing the formalities, as the franchiser might not be willing to wait for too long.

The Right Business For Your Profile:
Whats the right business. How can you pre-define one, before knowing what options are on hand. An exhibitor may attempt to convince you that an opportunity is perfect for you. Only you can make that determination. Consider the industry that interests you before selecting a specific franchise system. Ask yourself the following questions:

Have you considered working in that segment/line of work before?
Can you see yourself engaged in that line of work for the next ten years?
Do you have the necessary background or skills?
How will your family, friends, society perceive you within that business? Is that acceptable to you.If the industry does not appeal to you or you are not suited to work in that industry, do not allow an exhibitor to convince you otherwise. Spend your time focusing on those industries that offer a more realistic opportunity.

Maximise Selective Options
Visit several franchise exhibitors engaged in the type of industry that appeals to you. Listen to the exhibitors’ presentations and discussions with other interested consumers. Get answers to the following questions:
Who are the promoters of the business and whats their background?
How long has the franchisor been in business?
How many franchised outlets currently exist?
Where are they located?
How much is the initial franchise fee and any additional start-up costs?
How will you make money? How much? Whats the pay out to the franchiser?
What management, technical, and ongoing assistance does the franchisor offer?

Why Should You Meet The Franchiser After The Expo:
If you feel an opportunity is really to your liking, the best thing to do, is to just tell the franchiser about your seriousness and to schedule an appointment after the show. Most exhibitors are exhausted and have monotonous answers by the middle of the day. Keep the discussion short, meet them after the show and you will see that they will appreciate your wisdom and approach. Exhibitors may also offer you prizes, free samples, or free dinners if you attend a promotional meeting later that day or over the next week to discuss the franchise in greater detail. Do not feel compelled to attend. Rather, consider these meetings as one way to acquire more information and to ask additional questions. Be prepared to walk away from the sales pitch if the franchise does not suit your needs at any stage.

Return On Investments and Profitability:
Some franchisors may tell you how much you can earn if you invest in their franchise system or how current franchisees in their system are performing. Be careful. Make sure you ask for and obtain written substantiation for any income projections, or income or profit claims. If the franchisor does not have the required substantiation, or refuses to provide it to you, consider its claims to be suspect. Also make a careful analysis of the market in which the franchise is going to operate and try matching it with a similar location within the franchise network.

Make Notes, Take Photographs and Collect Direct Numbers:
We have often seen entrepreneurs taking photographs of the exhibitors. It may be difficult to remember each franchise exhibit. Bring a pad and pen to take notes. Take the franchise marketing kits, franchise marketing leaflets, franchise documents or other promotional literature that you can review. Take the exhibitors’ business cards along with the details of the exact person along with their direct numbers, so you can contact them later with any additional questions.


Take It First Franchise Sales Pitch:
You may be told that the franchisor’s offering is limited, that there is only one territory left, or that this is a one-time reduced franchise sales price. Do not feel pressured to make any commitment. Legitimate franchisers expect you to take time and to investigate their offering. A good deal today should be available tomorrow. Just let your franchiser know that you are serious about the opportunity and are taking the required time to research and decide.

Initial Payments:
We have at times, seen entrepreneurs going to the franchise shows with their cheque books. It is never advisable. Do not sign any contract or make any payment at the franchise exhibition, until you have the opportunity to investigate the franchisor’s offering thoroughly. Take time to speak with current and former franchisees about their experiences. Because investing in a franchise can entail a significant investment, you should have a franchise lawyer/ franchise consultant to review the franchise documents and have an CA to review the company’s financial projection. A experienced franchise consultant can play a very vital role for you at this stage. Take professional help.

Hence you must follow all of the above to buy a reputed franchise business through a franchise exhibition or else, you might end up taking up a franchise that’s not to your liking or is different inside, whilst the cover page looked very interesting at the franchise expo.

Tags:Franchise Events, franchise show, Franchise Exhibition, franchise expo, Franchise list, franchise directory, new franchise, Franchise Options, Top Franchise, best franchise,latest franchise

This Blog is posted by Franchise Bazar, A End To End Franchise Solutions Company, Based at Bangalore, India.We offer customized services to entrepreneurs seeking new business opportunities and franchises.Visit us on www.franchisebazar.com and speak to us, and we are sure we will be able to help you choose a business that fits your skills, experience, investment levels and lifestyle.