Kate Groom, general manger of the Signwave franchise and a regular speaker at franchise expo seminars, has some sound advice for prospective business owners.
“If you are thinking of owning your own business you should first give some consideration to your skills and aptitudes. What do you like doing? What makes you feel fulfilled? If you want to be satisfied about the business you are going to get into you need to be passionate about it,” says Groom.
Planning your visit to a franchise expo will help you focus on your main area of interest and make your time more worthwhile. If you are interested in owning your own business there is no better place to start than with a visit to a franchise or business opportunities expo. If you want to make the most of your visit, then plan ahead. An expo provides a wide range of businesses to choose from and in some ways that’s a problem. If you have not given some thought to the type of business or franchise you would like to buy, the choices can be overwhelming.
It makes sense to get a list of the companies exhibiting at the expo before you go, so you can decide on the type of franchises you have the most interest in. Most exhibitions companies will have a list of participating exhibitors on their show website.
As there are often last minute entries at expos, it is worth getting a catalogue of exhibitors when you arrive at the show, and spend a few minutes choosing who you most wish to see.
Based on your skills, likes and dislikes, you can now make a short list of the best business opportunities for you.
Visit each stand, talk to the staff and find out as much as you can about the business, so you can get a real feel for whether it is something that you would like to do.
“Think about what you will be doing in your new business,” says Groom. “Think about what it is going to be like being there, and then think about how you would feel if you were doing those things, running that business, day after day.
“Ask yourself: is the business going to be hot for more than the next couple of years? Does it have a track record? What is the franchisor doing to ensure that you can stay in business for a reasonable amount of time? Do you want a two to three years business or something more?”
According to Groom, visiting a franchise expo and selecting potential franchises is just the first step in the process.
“If you are serious about owning you own business you need to set a goal. A lot of people toy with the idea of buying a business but then don’t make it their goal. They never quite get there because they don’t make that commitment.
“You need to set financial plans in place. Many people don’t think about the financial part of it. Where are you putting your money currently? Is it going into superannuation or property? Do you have the cash required to get into a business?
“You may have the skills and aptitudes to be very successful in business but have not planned for it financially.”
Read more about buying a franchise and running a franchise.
24-May-2006