Attending a franchise exhibition is a fantastic opportunity if you’re considering buying a franchise. It’s a chance to meet franchisors face-to-face, ask questions, and gather crucial information to help you make an informed decision. However, with so many exhibitors and potential franchises to explore, it can be overwhelming.
Here are some top tips to help you maximise your experience and make the most of your time at a franchise exhibition.
Do Your Homework Before You Go
Before you attend the exhibition, spend some time researching the exhibitors who will be there. Most franchise exhibitions will provide a list of franchisors and the sectors they operate in. Make a shortlist of the franchises that interest you, but also keep an open mind about exploring others you may not have initially considered.
The National Franchise Exhibition in October 2024 have already released the exhibitor list which you can find here.
This list will include projected costs which will help you narrow down your search based on your budget.
- Check their websites: Get a sense of their brand, values, and what they offer.
- Read franchise reviews: See what other franchisees are saying about their experience with the franchisor.
- Prepare questions: Make a list of specific questions you want to ask each franchisor to get a better understanding of their offering.
Being prepared will help you use your time wisely and ensure you get all the information you need.
Plan Your Day Strategically
Franchise exhibitions can be large, with numerous booths and sessions happening simultaneously. To make the most of your visit:
- Plan your route: Map out the exhibitors you want to see and plan a logical route around the exhibition hall. This will save time and ensure you don’t miss any key franchisors.
- Schedule breaks: It’s easy to get fatigued when you’re on your feet all day. Take short breaks to regroup, review notes, and refresh. The NEC, Birmingham and Olympia, London, where the majority of franchise exhibitions are held in the UK, have cafes dotted around. There are usually some coffee franchises serving free coffee too so look out for them!
- Attend seminars and workshops: Many exhibitions offer educational sessions on franchising. These can provide valuable insights from industry experts, franchise consultants, and experienced franchisees.
By planning strategically, you’ll be able to cover more ground and gather valuable information efficiently.
Speak to Franchisors in Your Chosen Sector — and Beyond
When attending a franchise exhibition, it’s easy to focus solely on the franchises you’ve already shortlisted. However, it’s beneficial to speak to all the franchisors in your chosen sector and even some outside of it. This approach can help you:
- Get a full picture of the market: By talking to multiple franchisors in the same sector, you’ll gain a broader understanding of the market, competitive landscape, and unique selling points of each franchise.
- Assess chemistry and culture fit: Beyond the business model and financials, it’s essential to choose a franchisor whose culture and values align with yours. Meeting franchisors in person helps you assess the chemistry and see if you can envision a positive working relationship.
- Don’t shy away from visiting franchises you hadn’t considered before. You might be surprised by what you learn.
You’re probably going to be investing some, if not all, of your savings in a franchise. This is why at Walfinch we’d prefer it if you spoke to our competitors because we want you to find the perfect franchise for you. If it turns out to be us, even better!
Ask the Right Questions
When speaking to franchisors, ask questions that go beyond the surface to get a deeper understanding of the business and the franchisor-franchisee relationship. Consider asking:
- What support do you provide to franchisees? Understand the level of ongoing support, training, and resources they offer.
- Can I speak to current franchisees? Speaking with current franchisees can give you a real insight into what it’s like to be part of the network and any challenges they face.
- What are the costs involved? Make sure you understand all the costs, including the initial franchise fee, ongoing royalties, marketing fees, and any additional costs.
- How do you handle territory allocation? Ensure that the franchise model provides a fair and reasonable approach to territory allocation and expansion.
- What are the typical franchisee’s earnings? While no franchisor can guarantee profits, they should be able to provide some realistic earnings projections based on current franchisees.
These questions will help you evaluate the franchisor’s transparency, honesty, and suitability for your needs.
Take Notes and Collect Materials
You’ll likely meet many franchisors and hear a lot of information throughout the day. To avoid information overload:
- Take detailed notes: Write down key points from each conversation, noting your impressions and any follow-up actions needed.
- Collect brochures and business cards: These will help you remember key details and contact information.
- Organise materials immediately: Don’t wait until the end of the day to organise your notes and materials. Create separate folders for each franchise so you can easily review and compare later.
By staying organised, you’ll be in a better position to review and evaluate all the information after the exhibition.
Network with Other Attendees
Remember, you’re not the only one there to learn about franchising. Take the time to network with other attendees. They could be potential franchisees like you, franchise consultants, or people with experience in the sector. Networking can help you:
- Learn from others’ experiences: Share insights and tips with others who are also considering franchising.
- Get recommendations: Other attendees may suggest franchisors you hadn’t considered or provide warnings based on their experiences.
- Build relationships: Franchising is as much about relationships as it is about business. Building a network can provide support and guidance in your franchising journey.
Evaluate and Reflect After the Exhibition
After the exhibition, take time to reflect on your experience. Review your notes, brochures, and any other materials you collected. Ask yourself:
- Which franchisors stood out to me? Why?
- Did I feel a good chemistry with any of the franchisors?
- Which franchises align best with my skills, goals, and values?
- What are the next steps for further research or meetings?
This reflection will help you narrow down your options and decide which franchisors to follow up with for more in-depth discussions.
Follow Up Promptly
- Send a thank-you email: Thank the franchisor for their time and reiterate your interest.
- Request additional information: If there are any unanswered questions, now is the time to ask.
- Schedule a follow-up meeting: If you’re still interested, set up a more detailed discussion, whether in person or virtually.
Within a few days of the exhibition, reach out to the franchisors you found most interesting. A prompt follow-up shows your enthusiasm and keeps the conversation fresh. You can:
Attending a franchise exhibition can be a crucial step in finding the right franchise opportunity for you. By preparing thoroughly, asking the right questions, and networking strategically, you can gather the information and insights you need to make an informed decision. Remember, buying a franchise is a significant commitment, so take your time, do your research, and choose a franchisor who is the right fit for your goals, values, and future ambitions.
