The Economist Group Announces Online International Franchise Fair
The Economist Group recently announced plans for an online international franchise fair, slated to run March 24 & 25, to connect prospective entrepreneurs with franchise opportunities in the U.S. and abroad. Organized by the famous magazine publisher's new Online Fairs division, the virtual franchise convention will showcase major brands from across the $700 billion franchise industry.
According to event organizers, currently confirmed franchise concepts include (but are not limited to):
- Auntie Anne's Pretzels
- Carl's Jr.
- Express Employment Professionals
- Maid Brigade
- Moe's Southwest Grill
- Schlotzsky's Deli
- The UPS Store
Simulating a traditional franchise convention, the web-based event will be presented through a series of virtual booths, allowing attendees to chat directly with franchise representatives, attend information sessions, watch live webinars, and network with fellow participants in real time. The emphasis is on convenience and access: prospective franchisees will be able to log in at any time during the event, target the most relevant information, and quickly connect with the franchise concepts that pique their interest.
“This fair is an essential event for those looking to invest in a franchise or expand their current ownership,” explains Isaac Showman, Vice-President and Head of Online Fairs for The Economist. “It provides a unique opportunity for attendees to communicate directly with franchisers, and to explore their options all in one place.”
The concept of a virtual franchise show isn't entirely novel -- there are organizations that run several such events each year -- but marrying the online trade show model with an international business brand of The Economist's stature presents a potent and compelling combination. It's no shock to see the quality of the franchise systems taking part, and we anticipate a heavy turnout of attendees to match.
Participants may learn more and register for the event, free of charge, by visiting The Economist's International Franchise Fair sign-up page.
Determining Your Priorities
At its core the decision to open a franchise isn’t a trivial decision. You are making a serious investment, but if you take all of the factors into account it can be an amazing one. But before you get there you need to sit down, analyze your needs, capabilities and limitations in relation to a franchise business. This could take a few days to consider or a few weeks or months. In either case, it is one of the most important steps in the franchising process, so don’t skip it.
Before Buying a Franchise Identify Your TRUE Investment
Your approach as a potential franchise buyer is to identify the real investment dollars you’ll need to get the franchise to profitability. The initial source of this information is Item 7 in the FDD. Item 7 is a schedule that details the estimated investment in the franchise. This schedule includes the cost of various items, including: the initial franchise fee, training related expenses, rent, insurance, professional fees for legal and accounting services, supplies, equipment, licenses and permits and additional working capital. Depending upon the specific franchise, there may be added categories. When reviewing the Item 7 schedule it’s important to know that franchisors are not required to list every type of fee or expense that might be part of the investment in the franchise but rather the likely investment needed to start the franchise. As you work to establish your investment number keep in mind the words “estimated” and “typical.” Item 7 is a guide, and as such, you should use this information accordingly.
How buying a franchise is different from a start-up
History has shown that a struggling economy encourages entrepreneurship, which leads to a significant increase in new start-up businesses. But what if you are a hard-working professional with limited business knowledge and resources? You are motivated and more than willing to do the work, but you need a roadmap to guide your efforts. In that case, franchising may be a good option for you.