Franchise exhibition visit planning
Cathryn Hayes - HSBC Head of Franchising
The National Franchise Exhibition is now only a couple of weeks away, taking place on 2 and 3 October at the NEC, Birmingham.
It’s an excellent starting point to find out more about starting a franchise or franchising an existing business.
Despite the economic downturn, the UK franchising industry remains resilient so we expect the exhibition to be busier than ever.
So, with many potential franchisees looking to attend I thought I’d share with you my top ten tips for planning how to make the most of a franchise exhibition visit:
1. Plan your Day
The exhibition is open from 10am each day, closing at 5pm on Friday 2 October and 4pm on Saturday 3 October. If you plan accordingly you will have sufficient time to talk to a wide range of franchisors, service providers and professionals, as well as take in a seminar.
2. Read the Exhibition Catalogue
Each exhibitor will be featured, together with details of the seminars mentioned above – use the catalogue to plan your time at the exhibition and make sure that you visit the stands that you are interested in.
3. Talk to the British Franchise Association (bfa)
Official exhibitions are sponsored by the bfa. They will have a stand at the exhibition where advice can be obtained and you can buy their excellent information pack, which includes a full list of the current membership, as well as guidance about choosing and vetting a franchise.
4. Talk to the Professionals
The exhibitions give an unparalleled opportunity to speak to professionals including lawyers and banks, who normally take stands and can be a source of invaluable guidance. The BFA also run regular seminars during the course of an exhibition.
5. Talk to a Range of Franchisors
If you already have a leaning towards a particular franchise or type of business, this could well be an ideal opportunity to see your choice in the context of other franchisors and businesses. The approach a franchisor takes to the business of exhibiting and the way they deal with you as a visitor can give important clues as to the nature of the franchisor and how well you might work with them.
6. Examine Your Strengths and Weaknesses
Have you particular skills that will help in your chosen franchise? Are there areas in which you lack skills and expertise and does the franchisor provide training and back-up to help you overcome these weaknesses? Do you have an adequate cash stake and security to enable you to finance your chosen franchise?
7. Don’t Sign Up for Anything
Taking up a franchise is likely to be one of the most important decisions in your life and the life of your family. However enthusiastic you are, don’t be rushed and do your homework. Be wary of franchisor pressure to sign up, particularly of the ‘if you don’t sign now you won’t get another opportunity’ variety.
8. Give a Good Impression
Remember that a franchisor will also be assessing you to ensure that you have the skills and personal abilities to become a successful franchisee – a good franchisor will reject many more people than they accept so you will want to come across well.
9. Do not be Taken in by Hype
It can be easy to get carried away with stories of how wonderful an opportunity is and how much money is there to be made. A good franchisor will tell you some of the down sides as well. Do not be in a rush to pay any money before you have researched the proposition thoroughly and if you are asked for any money by a franchisor at an exhibition – advise the organisers – this is not permitted.
10. Wear comfortable shoes – it’s going to be a long day!
If you are attending the exhibition then don’t forget to come along and talk to HSBC’s specialist franchise team on Stand J60.
If you don’t yet have a ticket, there’s still time, simply email franchiseunit@hsbc.com to receive a complimentary ticket.
Tags: cathryn hayes, franchise unit, hsbc, National franchise exhibition
