Business expos or trade shows have become an integral part of any business these days. Not even a single industry is left untouched by this trend. Franchising, too, is no exemption. Find out the role of trade shows and expos in franchising world.
Aiming to provide a platform to aspiring entrepreneurs to explore business opportunities and to franchisors to expand their businesses far and wide, trade shows and franchise exhibitions are often organised. Franchising, being in its nascent stage in India requires expansion and promotion. There are lot of misconceptions and myths prevailing related to franchising. In fact many youngsters are still unaware about the term ‘Franchise’ and its benefits for aspiring entrepreneurs. Under such circumstances trade shows and expo are a great source of education for aspiring entrepreneurs and business owners. If we go by the term EXPO it stands for:
E: Expert. These shows provide the opportunity to meet face –to-face with all leading franchise experts.
X: Experience. These trade shows provide a lot of experience to any aspirant dreaming to jump into entrepreneurship.
P: People. A person would get the opportunity to meet a horde of franchisors, franchisees, and industry specialists. It helps in developing a wide network.
O: Opportunity. It is an opportunity to learn more about the franchise industry. Attending informative seminars and picking up franchise brochures, leaflets and programs will provide a wealth of information regarding business.
EXPO itself makes us understand the significance of trade shows. Besides these four informative ways, the trade shows can also help in other innumerable ways. These are especially valuable for both franchisors and franchisees.
Brand owner or the franchisor always has an ambition to make his brand successful wherever he opens its outlet. Rakhil R CEO, Bluue Mango Seatings Pvt. Ltd shared: "Participation in franchise events has given us the exposure to understand the investor perspective and also a platform to meet and have face to face interactions with the potential franchisees. It will give the brand ‘Bluue Mango’ a great opportunity to promote the franchise model, which could be a good way to get franchise partners and achieve expansion and growth."
Franchise expo’s helps franchisors in all stages in different ways:
Aspiring franchisors: Trade shows are a great advantage for entrepreneurs who want to adopt the franchise model for expanding their business. These entrepreneurs hear the franchise experts and meet them to discuss their plans at expo’s and trade shows. Talking and getting knowledge from franchise experts from different fields helps aspiring franchisors to draft their own franchise expansion plans. Moreover they can also discuss the challenges that are inevitable in franchising.
New franchisors: Franchisors who have taken the franchise route recently also get to learn a lot from attending trade shows. Sandeep E, Managing Partner, Zinc Square Hospitalities:"See in these events we face the right audience, unlike the ones you might find through other media or means. You can convey the opportunity directly to the intending investors and your entry to a new market can be very fast and a growth in business is a boost for your brand image and value."
Furthermore, the prime reason for many new franchisors to attend expo is to search efficient franchisees. These trade shows are attended mostly by aspirants who are ambitious to enter entrepreneurship. Therefore trade shows provide a great platform for franchisors to select efficient franchisees and vice versa.
Experienced franchisors: Trade shows can also be helpful for experienced and successful franchisors. Big franchise events have the presence of international personalities. Therefore franchisors who have expanded successfully in India and aim to go international get a good opportunity to meet and discuss their international foray with experts. Moreover these experienced franchisors can also attend to further their expansion in other areas in India as well.
Franchisees too can benefit tremendously by attending trade shows and expo’s.
Aspirants: Looking at the present scenario it can be seen that the ratio of people interested in business has increased in the last some years. Presently after completing degrees like MBA, MCA etc, youth opt for becoming entrepreneurs. The trade shows provide a welcoming stage for such aspirants who are not from business background but want to make it big in business. Aspirants come into contact with new, emerging and experienced franchisors from different concepts and brands. They can get an idea which concept is best suited to them.
Fresh franchisees: Franchisees who have recently opened an outlet can also attend these shows to benefit themselves. In trade shows expert speakers advice how to grow any business from one to multiple outlets. New franchisees can also find out if they were making any mistake in their outlet and how to overcome these.
Successful franchisees: Franchisees who have been operating an outlet successfully for years can also attend these expo’s for getting expansion ideas. Business shows also introduce new and unique concepts. Franchisees who have already established themselves can think of becoming multibrand or multiple outlet franchisees. Few franchisees who do well in their outlet loose interest later on due to the monotony. Such franchisees can attend franchise shows to come in contact with other franchisors with unique concepts. They can also gather knowledge regarding how they can innovate themselves.
Trade shows: perfect advertising venue
Besides being helpful for both franchisors and franchisees, the trade shows also present a great network for advertising one’s brand. Such events provide free publicity to franchisors and their brands. Franchisees too can benefit through being in the lime light of these trade shows.
To conclude it can be apt to say that attending a franchise event can be knowledgeable, informative and entertaining for aspirants as well as experienced entrepreneurs. They provide a stable platform to fly higher in the horizon!