franchising aspects Oct, 27 2009

Fair ideas to franchise

The franchising business is in full swing and promises great avenues for the future as well. If you are also one of the aspiring franchisees, the best place to look for prospective franchise opportunities is a franchise exhibition.

By Abha Garyali
Sub Editor
Fair ideas to franchise

Due to the popularity of franchising, the number of franchise opportunities is increasing. The boom in this industry has spurred the growth of major franchising expositions where franchisors can put forward their strategies to potential buyers and attract many prospective franchisees.

Attending a franchise exposition is a great way of viewing and comparing a variety of franchise possibilities. Under one roof one can find some of the best franchise companies. But one has to be vigilant while attending such exhibitions, as the exhibitors or franchisors present at the exposition primarily want to sell their franchise systems. The prime motive of the franchisor is to lure the aspiring entrepreneurs by their sweet talks, fake promises and support

Investment needed

Franchisors are there to tell you how much investment is needed for taking the franchise but it depends on you that how much you can invest. Before beginning to explore investment options, consider the amount you feel you are comfortable in investing.

Suitable business

Franchising gives the benefit of selecting any business in which one is interested without any prior experience in the field. The franchisor assures the franchisee to educate him and his team about running the business. Before taking the franchise, assure yourself regarding the business venture you are getting into. Convince yourself about your interest and don’t make the franchisor convince you about what he thinks best for you as a franchisee.

Make Comparisons

While you are at the exposition make sure you visit all the franchise exhibitors engaged in the industry that appeals you. Be prepared with a list of questions that you need to ask them before making comparisons among the franchisors. Below mentioned are a few questions for an inquisitive franchisee:

  • How long has the franchisor been in business?
  • How many franchisees does he have? Where are they based at? (Try to get some of their names and addresses)
  • How much is the initial franchise fee and the start-up cost? How much royalty is needed?
  • What is the break-even period?
  • What support and assistance does the franchisor offer?

Franchisees can take their decision after comparing the answers to all the above questions. Get all the information out of the franchisor before walking away from his stall.

Take Notes

It may be difficult to remember each detail, so carry a note pad and a pen to note down important points. Try and get hold of promotional pamphlets for further information and contacts. Take the exhibitors' business cards so you can contact them later with any additional questions and clarifications.

Avoid sales strategies

The franchisors may adopt many strategies to manipulate and convince the franchisees to buy the franchise.  Take time to speak with current and former franchisees about their experiences with the franchisor.

The franchise exhibitions are the best way to market the brand and they are equally helpful for the aspiring entrepreneurs, but one needs to be careful and well prepared to visit these.

Related: Keeping the boundaries intact!

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