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Are you franchise-ready?

15 August 2012

The Franchising and Business Opportunities Expo is dedicated to equipping prospective franchisees with key information in advance so they can get the most value out of their visit.

We've put together this insightful guide so you're well prepared!

Industries of interest

If you're dreaming of becoming your own boss, chances are you've already imagined what industry you'd like to be part of. Save time at this year’s expo by sifting through your options and creating a shortlist of businesses that fit before you hit the show.

Does health and fitness interest you? Explore the Fit Family and Plus Fitness 24/7 stands. For technology, try Crazy John’s or Jim’s Computer Services.

There's plenty of food and hospitality stands to bump into, as well as the McDonald's ‘Become a Key Ingredient in Our Success’ seminar attend in the Melbourne Positive Training Seminar Theatre (1pm daily, Fri-Sun).

It's important that you're honest with yourself and choose a business area that you enjoy and are passionate about.

Skill set

It's one thing to be keen on a particular industry, but can you offer the skills to match it? If you're big on coffee, you would naturally have a discerning taste for beans and could competently run a franchised cafe or coffee-based business. The same goes for owning a fitness franchise – do you visit the gym regularly?

Being aware of your own skill level and business abilities can help determine whether a particular franchise choice will yield success down the road. While some franchising opportunities do require specialist skills, there are other options that aren't as demanding and provide on-site training programs to build you up.

Flexibility

How much time can you put into your business? Knowing your flexibility levels can help you find a franchise business with operating hours and approaches that suit your lifestyle.

Lollypotz, for example, offers prospective franchise owners the choice of operating as an at-home internet business or out of a traditional bricks-and-mortar store.

Level of investment

The Expo offers an array of investment opportunities, starting from as little as $10,000 to over half a million dollars. Ideally, you would have a round figure of what you can afford to pay for the right-fitting franchise business.

If you're not aware of your personal borrowing capacity, the NAB Finance Advice Stand can provide free assistance to determine a budget and the likely return on investment. Head over to the Franchising Advice Centre Information Point when you first arrive at the expo to book in for your free appointment.

Griffith University also offers a free specialist franchise course where you can discover how to finance a franchise, pay ongoing costs and learn common retail leasing practices.

Register for free tickets to the upcoming Melbourne Franchising and Business Opportunities Expo today.