Attending a Franchise Expo is the perfect opportunity to get your questions answered in regards to what is involved in opening and operating your own Franchise.
To make the most of your time at the show, you should go prepared knowing exactly what things you want to learn.
Use this tip sheet as a guideline to get you started:
- What does a 'day in the life' of the Franchise owner look like?
- Is this a full or part time opportunity?
- Do I need to be an owner/operator or can I be an absentee owner?
- Are there any special education and/or experience requirements?
- Is territory exclusivity important for this concept?
- As a Franchisee, would I get first rights at developing neighboring regions?
- How many years has the Franchise been in business?
- How many years selling Franchises? How many Franchisees do you have?
If your interest is piqued - you could then engage in questions regarding financial commitments.
- What is the initial upfront Franchise Fee?
- How much are the royalties? Is there a royalty free period?
- What can I expect for a total 'all in' turkey investment?
- How much of that do I need in hard cash?
- Do you assist with financing?
Assuming you are comfortable with the financial requirements, you may want to move on to further questions like:
- Do you assist with real estate selection?
- What type of management training do you provide?
- What support do you offer for training support staff?
- What type of person have you found to be your most successful Franchisee?
- What skills qualities do they possess?
- Is there any ongoing litigation within the Franchise company?
The next step would be to ask the Franchisor to contact you outside of the show environment so you can talk in further depth. The exhibiting company will likely have some printed materials that you would take away to review. This will give you time to digest the information and come up with further questions.
Leslie is Sales Director for National Event Management and a producer of 26 annual Franchise and Business Opportunities Expos in North America.