If you are looking to start a franchise and become your own boss, then you probably have a lot of questions. Attending a franchise exposition will give you the chance to get answers to all your questions regarding the steps involved in setting up and running a franchise business.
- To ensure you take maximum advantage of the show, you have to go there fully prepared, knowing the exact things you would like to learn about.
- Below is a tip sheet to guide you as you prepare to attend a franchise expo.
- What does a “day in the business” look like for a franchisee?
- Is this a part-time or full-time business opportunity
- Do I have to be an operator/owner, or is it possible to be an absentee owner?
- Do I need to have any special education and/or experience to qualify to own the franchise?
- Is territory exclusivity crucial for this franchise concept?
- As a franchise owner, would I have the first right to reject or accept the chance to develop neighboring areas?
- How long has the franchise company been operating?
- How many years have you been selling franchises? How many franchisees do you currently have?
If you are interested in a particular franchise opportunity, you could then ask questions about financial commitments like:
- What is the upfront franchise fee?
- How much are the royalty fees? Do you have a royalty-free period?
- How much can I expect to spend in total on the investment?
- How much of that do I need in cash?
- Do you offer any help with financing? If you are okay with the financial requirements to start the franchise, you can then proceed to other questions like:
- Do you help franchisees choose real estate?
- What kind of management training do you offer?
- What support do you provide for training the franchisee’s support team?
- What kind of people are your most successful franchisees?
- What skills and traits do they have?
- Does the franchise company have any litigation issues that it is facing?
Once you have asked all these questions, tell the potential franchisor to reach out to you outside of the show environment so that you can discuss more extensively.
The holder of the exhibition will probably share some printed materials that you would take home to review. This will provide you the chance to understand the topics discussed and come up with more questions for your franchisor.
