Franchise Trade Shows

Assessing Home Based Franchises

The best way to find franchise trade shows in your area is probably to buy a magazine where they will be advertised. However, you can also look on the Internet - for example at www.ifeinfo.com

I think that it's good to go to an exposition with an open mind. There may be possible business opportunities that you have not previously considered. However, it's also good to have a broad idea of what you're looking for.

MONEY
What is the maximum you can afford to invest? Are you looking for low cost franchise opportunities? Most franchises seem to cost over $10,000 to buy, but you can find cheaper. Of course you get what you pay for but, the more money you have to invest, the more you may have to borrow to finance your purchase.

What is the earning potential? Each franchisor should give you information on how well their current franchisees are doing. However, bear in mind that there will be top performers in any line of business and matching their performance will not be easy.

PERSONALITY AND SKILLS
What line of home based business would you feel comfortable going into? If you look at franchises in industries where you have no work experience, are you confident that you will enjoy it or be any good at it. For example, many people hate selling. Are you one of them? Any small business has to find new customers, and it is the business owners job to make sure that happens. However, some small business ideas require more of a face to face sales role.

Bear in mind that franchisees normally receive good training. That's one of the reasons people invest in franchises rather than starting their own home based businesses from scratch.

YOUR LOCATION
Which business ideas are likely to be in demand in your local community? If you live in a sparsely populated rural community, you may not be able to do as well in some lines of business as a franchisee in an urban setting. It's important to check this point out with different exhibitors and ask to speak to franchisees who operate in your type of community.

Clearly, when you start considering particular opportunities in detail, it's vital to invesigate the track record of each franchisor. How long have they been in business? What training and support do they offer? Do the company values match your own? What are the details of the contractual and financial arrangements?

You may also find advisors at franchise trade shows who can give some guidance on assessing the various franchises on offer, and this can be very helpful.

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