Posts Tagged b.e. s.m.a.r.t.e.r.r.

Why is going to a Franchise (expo) Trade Show likely to be the most costly mistake you will make?

What is a franchise? Buying the right to build a business similar to an existing business in the hope you can get similar results despite being in a different time, different location and with a different personality / skill set to the person that made the business a success. A system is only one of the elements required to move you out of the 95% of business owners that fail within 5 years.

What is an expo(exhibition & sales pitch event) or Trade Show? A Supermarket of 100’s of stalls selling franchises or other things to want to be business owners eg accounting, admin or marketing. Like all supermarkets you are exposed to a range of products in a way designed to get you to buy more than you intended. Each stall will be manned by either employees with no experience of running a business or, even worse by promoters – hired just for the event & on commission for sign ups.
As the cost of a franchise averages 50K or more it represents a substantial part of your life’s savings so there will be a big emotional charge in the room as the 1000’s of visitors make big decisions or gambles about their financial future so you may think “I need to get this now” is your thought when it is mealy a thought transmitted (like tv or radio channels) from others in the room. Marketers know when emotions are high rationality is low – which is why they advertise harmful stuff like gambling, alcohol & smoking during sports. So to avoid committing to something that is not in your best interests step away & visit the local park to get more Oxygen so your brain / heart can make a good decision.

B. = Business
E. = Essentials

S. = System
M. = Marketing
A. = Actual Delivery
R. = Reputation
T. = Timely
E. = Economical
R. = Results
R. = Reliably

Before going to an expo
Ask who benefits if the fees are a lump sum up front
or annually
or a percentage of income eg affiliates
Is there on going support / training
Who controls the marketing?
Where are you in the product & industry life cycle?

Who did I help to get the money I want to invest in a franchise
Can I better serve them by investing a fraction of the money in training to acquiring a skill such as marketing or by buying a business (not creating my own business/ job) or investing in property, stocks, gold etc.

Leave a Comment