How to Make the Most of a Franchise Expo Visit
The fastest way to find a franchise that fits your professional, personal, and financial goals is by visiting a franchise expo and spending time learning about different companies. While some people attend expos just for the free food and drinks, those who are serious about starting a franchise go to explore real opportunities. Here are some helpful tips to get the most value from your next franchise expo visit.
Many people attend these events without any preparation, and that’s a big mistake. The first few tips below will help you get ready. You may want to set a goal for your visit. For example, your goal could be: “Collect three different franchise disclosure documents.” You need this document before you can buy a franchise, but franchisors only give them to qualified candidates. Another good goal is: “Learn what each franchisor expects from its franchisees.”
Now that you’re thinking about planning, here’s how to start:
Go to the expo planning to talk with the franchisors, not just to collect handouts.
Many people walk through the expo collecting brochures, candy, pens, and other giveaways, but never talk to the people at the booths. Why? Some are afraid of being pressured into buying something quickly. But with franchises, you can’t make an impulse purchase—there are laws to protect you. A franchisor cannot accept your money until you’ve been properly informed. So relax, take the time to talk with the franchisors, and you’ll have a better chance of getting the disclosure documents that explain everything you need to know about the franchise.
Make a list of questions ahead of time.
To help you figure out what to ask, look at resources like 101 Questions to Ask Before You Invest in a Franchise. Bring a notebook or computer to record the answers you get. Make sure to note which franchisor gave you each answer. After the expo, it’s easy to forget who said what unless you take good notes.
start preparing well before the expo takes place.
For instance, the International Franchise Expo may be scheduled months in advance, but a list of participating companies is often available early at websites like www.ifeinfo.com. Make a list of the businesses that interest you most so you can be sure to visit their booths. For the West Coast Franchise Expo, check www.wcfexpo.com to view exhibitor lists ahead of time.
Start learning about companies before you meet them.
Look at each company’s website, ask for more information, and see if they are currently looking to open new locations in your area. The more you know in advance, the easier it will be to ask questions about anything that concerns you.
Think about where you want to open your franchise.
Franchisors will ask about your preferred location because some areas might already be sold out. If your preferred area is full, they’ll want to know if you’re willing to move.
Know your budget for investing.
Be ready to tell franchisors how much you can afford to invest. For example, if your limit is $100,000, it won’t make sense to talk with companies that require $250,000 or more. Don’t worry—many good opportunities are available for under $100,000.
Now that you’re prepared, here’s what to do once you arrive at the expo:
Get a show catalogue and find the exhibitors you want to visit.
Take a few minutes to sit down with a drink or snack and plan your path through the expo. Look up booth numbers and follow the signs to reach the companies that interest you. When you arrive at a booth, introduce yourself and let them know what kind of business you’re interested in. Ask if you can schedule 15 to 30 minutes for a focused conversation. Be ready to ask questions and take notes.
Stay open to new opportunities.
As you walk through the expo, you may come across franchises you hadn’t considered before. Some people attend with one company in mind but end up choosing another that turns out to be a better fit. Franchising is used in around 100 different industries, and many people are surprised by how much variety is available.
Visit booths for service providers too.
Some companies at the expo offer helpful services such as legal advice, accounting, and location assistance. Take advantage of these free resources while you’re there.
Attend workshops and free educational sessions.
Many expos offer seminars and symposiums that can teach you more about franchising. These programs are a great way to build your knowledge before making a decision.
That’s how you can make the most of your franchise expo experience. When you return home, read through the disclosure documents you received and start planning your next steps. You should speak with a franchise attorney, talk to your accountant, and keep in touch with the franchisors you liked. Take your time—most people spend several months researching before becoming a franchisee. A thoughtful approach will help you make the best choice.
