How Can Franchise Prospects Make the Most Out of the IFE?

Making the decision to join a franchise business is a big deal for the prospective franchisee. Many revert back to their college days and cram in multiple study sessions to research and learn about brands. It is this due diligence that is vital in understanding all of the elements of a franchise opportunity and a practice that most successful franchisees adopt from the very beginning. But, during this initial phase, most franchisee prospects simply become educated about brands behind the comfort of their computer or when connected to a mobile device. And, even if these aspiring franchise owners want to connect with a brand to learn more or ask specific questions not covered in the website FAQs, they just reach out by phone and email, two communication forms that still maintain anonymity between the franchisee and franchisor. While phone and email are effective ways of interacting between these groups, nothing can replace the personal connection that’s associated from engaging with a brand and the people behind that brand in person. Only then do prospects truly experience the “gut feeling” to know if a franchise is for them or not. In preparation of the International Franchise Expo (IFE) taking place June 19-21 at the Javits Center in New York City, prospects looking to join a franchise will be up close and personal with brands all vying for their attention, in an arena filled with every type of concept from every industry. So, how should prospects navigate these exhibitor floor waters to ensure they maximize their time and find the right opportunity? Before hitting the exhibitor floor and taking that leap into business ownership, here are tips for franchise prospects to adopt in order to find the right opportunity at the IFE: Jennifer Durham, Vice President of Franchise Development for Checkers* and Rally’s Narrow down the opportunities and the brands you’d like to know more about to avoid the chaos. Ask each concept your small set of questions, including why they believe their brand stands apart from the rest. This will allow you to develop your short list of opportunities. Finally, seek out existing franchisees of the concepts you’re most interested in. Are they participating at IFE? What’s their relationship with their brand? Would they do it again? What did they wish they knew for their first location? Steve Parker, CEO and Co-Founder of K-9 Resorts Daycare & Luxury Hotel Determine your level of investment. Are you looking to invest $50,000 in your new franchise or are you looking to invest $2,000,000 in your new franchise? Also, determine what industry you would like to become a part of. Would you enjoy owning a restaurant? Or would you prefer owning a Luxury Pet Resort?  Visit the franchise booths at the IFE that peak your interest.  Speak to their representatives, make sure you read and fully understand the FDD and really get to know the culture of the franchise. Kevin Wilson, CEO of Mosquito Joe* Prospective franchisees should arrive to the show having completed a personal assessment by asking the following questions: How much money do I have to invest in a business? Do I like managing employees?  Do I like selling? Do I want a business that requires me to initially be full-time or would you prefer a semi-absentee role? By knowing the answers to these questions you can quickly screen the booths to avoid and have more time to investigate the opportunities that best fit with your personal assessment. Josh York, CEO and Founder of GYMGUYZ Prospective franchisees need to make sure they choose a business opportunity that matches their passion. When searching for the right opportunity, you want to ask questions to learn the breakdown of all the costs, from franchise fee to operating costs to marketing expenses. Also, learn how quickly it takes from signing to being open, and what processes are in place to ensure scalability. Mandy Calara, CEO and Founder of Forever Yogurt, Crowdfranchise, and Bee & Tea Prospective franchisees should look to pair with a franchise company that could help leverage their current knowledge, skillset and interest. Make sure the franchisor has Item 19 information in their FDD to help align expectations with regard to return on investment. Connie Alires, Director of Franchise Development for Which Wich: Make sure your financial portfolio fits the investment level of the opportunities you are seeking, and be sure you truly have a passion for the brand and like the product for the opportunity you are investigating. Ensure the franchise team has the business experience and leadership skills. And lastly, be open-minded and take a proactive approach by doing as much due diligence at the show as you can. Judy Walker, Vice President of Marketing for Anago Cleaning Systems The IFE can be overwhelming as there are so many great franchise opportunities out there. I suggest that a prospect do homework and visit the IFE website before the event, go through the list of exhibitors, and choose which franchises to visit with and make a list of questions to ask in advance. Be open-minded and include some franchises that might not have been considered before but sound interesting.