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3 Things You Mustn’t Do When Buying A Franchise

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3 Things You Mustn’t Do When Buying A Franchise

Sometimes I feel that I fall short in my quest to save you from potentially experiencing financial pain with regards to franchise ownership.

I’ve been writing a monthly article about franchising here for almost 6 years. I provide tips and advice based on my real-life experiences in franchising. I’ve been in franchise management, I’ve owned a franchise, and I’ve sold franchises. I know what works and I know what doesn’t. My main goal here and in my franchise consulting practice, is to provide helpful information. Information you can use to lower your financial risk (if you decide to become a franchise owner) while increasing your chances of success. Am I succeeding? I hope so.

3 Franchise Tips From A Different Angle

Sometimes, it pays to look at things from a different angle.

So, instead of offering tips on what you need to do when buying a franchise, I’m going to share 3 tips on what you mustn’t do when buying a franchise. I think you’ll find them to be helpful.

1. You mustn’t dismiss the impact of your potential decision on your family

Your immediate family is going to be impacted (big-time) if you decide to buy and run a franchise business. This is serious stuff; you need to treat it as such. Here’s how:

Schedule a formal meeting with your immediate family members.

During this meeting, share the reasons why you’re thinking of going this route. Tell them that you’re going to learn all you can about franchising. Be honest about the financial risk associated with going into business. Ask them about their concerns. If they’re frightened about your idea, be empathetic. Ask them what you can do to alleviate their fears. Do whatever it takes to get them in your court.

2. You mustn’t be cheap

You may be about to invest $150,000 (or more) in a franchise business. It’s a lot of money. A few hundred dollars here and there (in comparison) is not. Don’t be afraid to spend your money on…

A. A Business Plan for Your Franchise

If you’re planning on getting a small business loan for your franchise business, the way to up your chances of getting it approved is by submitting a detailed business plan with your loan application. Check out this video series on business plan creation .

If you’re knowledgeable about business plan writing, you may be able to put your business plan together yourself, for free. If you’re not, consider purchasing business planning software to help you put together a customized business plan.

B. Professionals

You should hire an accountant (preferable a CPA) who’s familiar with things like small business payroll, and small business taxation. A CPA can also help you setup the correct business entity for your specific situation.

You should also hire an attorney who’s familiar with franchising.

Today’s franchise attorney’s stay up on all the latest franchise laws, which is reason enough to hire one. In addition, a franchise attorney will need to go through all the documents you’ll be receiving from the franchisor-including the actual franchise contract.

3. You mustn’t skip the chance to visit headquarters

If the franchisor invites you to franchise headquarters for a day, book the trip. However, you should only book the trip if you’re getting real close to making a yes or no decision. Otherwise, it’s a waste of your time and theirs.

Spending a day at headquarters is your chance to meet face-to-face with the people you’ll be sending royalty checks to every month for the length of your franchise contract. Take advantage of your alone time with the CEO of the franchise by asking good questions. Try to spend a little time with each department. You’ll be able to see first-hand how they operate, and if you feel they’ll do a good job supporting your franchise business.

I hope you found this approach…my tips on a few of the things you mustn‘t do when buying a franchise, useful.

Industry Word

By Joel Libava, Published: March 15, 2016 sba.gov

Expo Seguridad 2016

AICC Business, Event, Export, Home, Trade

Expo Seguridad 2016
April 26 to 28, 2016

Centro Banamex

Mexico City, D.F. 11200, Mexico

Expo Seguridad 2016 will be held on April 26-28, 2016 in Mexico City at Expo Banamex. This will be the fourteenth edition of Expo Seguridad, which has grown steadily over the last few years to become the most important security trade exhibition in Mexico. After rapid economic, social and technological growth beginning in the 1990s, Mexico is now both one of the world’s largest and fastest growing economies, with a stable growth rate of 7.6%. The Mexican economy is expected to nearly triple by 2020: It is the 11th largest economy in the world as measured in gross domestic product in purchasing power parity. It has a free market economy in the one-and-a-half-trillion-dollar class and contains a mixture of modern and outmoded industry and agriculture, increasingly dominated by the private sector.

Recent administrations have expanded competition in seaports, railroads, telecommunications, electricity generation, natural gas distribution, and airports. Mexico represents a $4 Billion + Security market.

In 2015, The U.S. Commercial Service hosted 17 exhibiting companies, which had a dedicated booth inside the Pavilion. USCS Mexico promoted another 13 firms in a Catalog Show, in partnership with the Safety and Security Team.

Expo Seguridad was attended by more than 17,100 visitors from different countries. The U.S. Pavilion experienced significant visitor traffic and the U.S. Commercial Service’s booth generated several pre-screened trade leads.

South Africa Energy Storage Business Briefing

AICC Business, Energy

April, 213:00am – 4:00am

As part of the South Africa Energy Storage Reverse Trade Mission, there will be a one-day Business Briefing on April 21, 2016. This Business Briefing will provide a forum for the delegates to share information with U.S. companies on their needs, upcoming procurements and plans for energy storage in South Africa. 

One-on-one meetings with U.S. companies will be arranged for the delegates. The event is being organized by the Business Council for International Understanding (BCIU). 

For more information about how your company can participate, please contact Nina Kundra via email at 

n-kundra@bciu.org or 212-997-3584

A/B Testing introduction and Social Media

AICC Business, Event, Media

May, 1211:30am – 1:00pm

A/B Testing is a great tool that can help you fine tune your marketing message by testing your marketing communications and should be a part of any social media marketing plan. It help you see what your audience engages most with and what triggers are most effective. 

During this class, we will explore some best practices when A/B Testing as well as some things to avoid, ensuring you are getting the best insights into your audience.

Hannover Messe 2016

AICC Business, Event, Export, Home, Technology

Hannover Messe 2016
April 25 to 29, 2016

Where:
Hannover Fairs
Hannover, NDS, Germany

The world’s leading showcase for industrial technology is staged annually in Hannover, Germany. HANNOVER MESSE typically hosts around 6,000 international exhibitors from more than 60 countries, and attracts more than 200,000 attendees from more than 80 countries, 95% professionals.

HANNOVER MESSE 2016 will focus on:
Industrial Automation; Energy; Power Plant Technology; Wind; MobiliTec; Digital Factory; ComVac; Industrial Supply; CoilTechnica; Surface Technology; Industrial GreenTec; Research & Technology. The various display categories create synergies for sales success across traditional industry sectors. CS Germany will provide promotional support for U.S. exhibitors at the Hannover Fair via CS websites Europe-wide; counsel exhibitors before and after the trade fair and support U.S. exhibitors with CS programs as requested. Read less

China Refrigeration 2016

AICC Business, Event, Home, Information, Trade

China Refrigeration 2016
April 07 to 09, 2016
New China Exhibition Center Beijing
Beijing, China

Refrigeration 2016 provides market entry opportunities to U.S. exporters. The 247th International Exhibition for Refrigeration, Air-conditioning, Heating and Ventilation, Frozen Food Processing, Packaging and Storage (CHINA REFRIGERATION 2016) will be held on April 7-9, 2016 in Beijing, China.

China Refrigeration is the largest refrigeration sector trade event in Asia. It is the must attend / exhibit event for any U.S. exporter who is selling heating, ventilation, air-conditioning and refrigeration (HVAC/R) into the Asian markets. U.S. exporters sold over $350 million into the Asian markets in 2014 and in 2015. Export sales are forecast to continue to grow for the next few years.

China Refrigeration 2016 is hosted by the China Council for the Promotion of International Trade, Beijing Sub-council, Chinese Association of Refrigeration and China Refrigeration and Air-conditioning Industry Association.

The organizers represent the array of authorized professional organizations either in trade promotion or HVAC&R industry. China Refrigeration devotes every effort to establishing a quality platform for displaying, trading and networking marketplace for the industry all over Asia.

International Woodworking Fair 2016

AICC Business, Event, Export, Home, Information, Trade

International Woodworking Fair 2016
Forestry/Woodworking Machinery

Location/Date:
Atlanta, GA, United States
Aug 24-27, 2016

Event Summary:
The International Woodworking Machinery & Furniture Supply Fair-USA® is a biennial trade show, held in even numbered years in Atlanta, serving buyers from large production companies to small professional shops in the wood residential and contract furniture, cabinetry, upholstery, architectural woodwork, stock millwork, store fixtures, solid surfaces, plastics fabricating, flooring, components, material handling, machine tooling, forest ·products/harvesting metalworking applications for furniture manufacturing and general specialty woodworking industries. Exhibiting companies from around the world introduce advanced industry technology to all of the above categories with new machinery, raw materials, supplies, tooling, hardware, specialized computer software and services.

IWF is the 2nd largest show in the world serving the industry and provides buyers from around the world the unique opportunity to see side by side the most comprehensive innovative new technology available to the marketplace for machinery, supplies, and services for the industry showcased by over 900 exhibitors.

The International Buyer Program will have an International Business Center onsite with trade specialists providing export counseling and business-to-business matchmaking with foreign buyers to U.S. companies exhibiting at the event.

Farm Progress Show 2016

AICC Agriculture, Business, Event, Export, Home, Information, Trade

Farm Progress Show 2016 — Agricultural Chemicals, Agricultural Machinery & Eq., Agricultural Products, Agricultural Services

Location/Date:
Boone, IA, United States
Aug 31 – Sept 01, 2016

Event Summary:
The 63th Farm Progress Show, the largest outdoor farm equipment show in the United States, will be held August 31-September 1, 2016, in Boone, Iowa. The mission of the Farm Progress Show is to provide an interactive venue for North American and International farmers, agribusiness officials and agriculture companies to network, gain cutting-edge information, and conduct business. The show hosts around 600 exhibitors and over 100,000 attendees during the three-day event.

New farm equipment and technologies featured include: tractors, combines and farm implements; seed and crop protection products and equipment; introductions of new seed varieties, agriculture chemical products, livestock equipment and technologies, and many additional farm supplies and services.

Daily field demonstrations are one of the major highlights of the show, featuring side-by-side tillage techniques, Global Positioning Systems and other precision equipment and products, as well as, tractor and combine performance comparisons on hundreds of corn acres. Live cattle-handling demonstrations include the newest cattle chutes, equipment, animal health products and work techniques.

Attendees are able to obtain critical information to make well-informed purchasing decisions, see the latest agriculture products and technologies, and interact with exhibitors and other expert agriculture officials, that can provide solutions to farming issues and challenges they are experiencing on farms in the U.S. and in their own countries.

The International Buyer Program will support a full service International Business Center offering export counseling, a Showtime program, and access to industry and country specific market analysis. In addition, U.S. Commercial Service staff will provide matchmaking and export counseling.

MINExpo INTERNATIONAL 2016

AICC Business, Event, Export, Information, Mining

MINExpo INTERNATIONAL 2016 — Mining Industry Eq.

Location/Date:
Las Vegas, NV
United States
Sept. 26 – 28, 2016

Event Summary:
MINExpo is unique in that it is the only comprehensive mining-related exhibition in the world It features products and services used in all types of mining, and it is the largest Mining industry event in the United States. It promotes U.S. mining machinery and equipment manufacturing, products, and related services to the global mining community.

MINExpo INTERNATIONAL 2016 will feature more than 1,600 exhibitors and cover more than 800,000 square feet of exhibit space in the Las Vegas Convention Center. On display will be the world’s most innovative equipment, supplies, and services for use in the coal, metals, and industrial and agricultural mining process industries. MINExpo is distinct because the exhibitors bring the large shovels, drills, haul trucks, and other equipment used in mining.

The exposition’s educational sessions will focus on subjects such as new technologies and applications, mining and processing, operations under development, emerging markets, applications to address environmental concerns, safety, health, land use, reclamation, and other areas to be identified by the mining industry. Sessions will be scheduled for Tuesday, September 27, and Wednesday, September 28.

NMA uses MINExpo as an opportunity to reach out to and to work with international mining organizations and others.

The International Buyer Program will have an International Business Center onsite with trade specialists providing export counseling and business-to-business matchmaking with foreign buyers to U.S. companies exhibiting at the event.

WEFTEC 2016 Water Environmental Federation Technical Exhibition and Conference

AICC Business, Event, Information, Water

WEFTEC 2016 Water Environmental Federation Technical Exhibition and Conference — Environmental Technologies, Pollution Control Eq., Pumps/Valves/Compressors, Water Resources Eq./Services

Location/Date:
New Orleans, LA, United States
Sept, 24 – 28, 2016

Event Summary:
The Water Environmental Federation Technical Exhibition and Conference (WEFTEC) is the largest conference of its kind in North America and offers water quality professionals from around the world with the best water quality education and training. Also recognized as the largest annual water quality exhibition, the expansive show floor provides unparalleled access to the most cutting-edge technologies in the field; serves as a forum for domestic and international business opportunities; and promotes invaluable peer-to-peer networking between its more than 22,000 attendees. Attendees can learn about latest practices, technologies, solutions and regulations in the water quality field, participate in technical sessions, workshops and facility tours from various technical tracks, earn Continuing Education Credits and view the latest, cutting-edge technologies.