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Thread: BOFE - Business Opportunities and Franchise Expo

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    Gold Member Singhms's Avatar
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    BOFE - Business Opportunities and Franchise Expo

    So I visited the BOFE at the Dome on Thursday around 11h00 2 hours after the official opening...

    What a disappointment, the only thing worth while was the Standard bank guy that took my business details down so it could be displayed on the tv screens at the event.

    Now just to clear things up I went to see what is out there in terms of business opportunities and how the market is progressing, what are the new brands how have companies progressed, etc...

    Firstly more than 50% of the stalls where either government departments like DOL and all sorts of companies offering I will make your business do this or this if you buy this if you get what I mean!

    The other 25-30% was individuals or at least what looked like individuals to me selling their products at the expo, e.g. people selling cellphone accessories and clothing accessories.

    The remainder was businesses I basically never saw in my life, the only exhibitors I can remember was the fish & chip company, DIY depot, Subway and courier guy (there where a few other know brands)

    Now the 1st thing is, what happened to all the big brands, the new aspiring brands that we see emerging in the market?

    The next thing is there where plenty of government and businesses offering start up services but not nearly enough opportunities and most of the businesses there are definitely not franchisable in my humble opinion...

    Now the thing that really got to me was the lack of preparation or taught that went into alot of the stands at the expo... there where about 3 stands that where not even present at the start of the show... there where about 2 stands where the display equipment was just being delivered to the stands... there where a few stands setup but with no one to be seen near them... the there where stands where people where explaining things to the prospective franchisees and all they had to give was a business card!!! no pamphlet, nothing to show at the stand, no memorabilia, nothing!!! the business cards handed out did not even have their websites listed on them and I know these businesses have websites... So how do people remember you when they considering which franchise to purchase?

    and to think these people paid money to show case their businesses...

    Overall a real disappointment for me, not sure where the problem lies but a general lack of interest is evident to be seen...

    PS: On a positive note looking at some of these businesses and what they have to offer it is also evident to see there is a market for people like myself. The problem is it is easier to convince people to buy into a poor business system than to pay for services to make a success of their businesses...
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    Dave A (18-Sep-11)

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    Diamond Member Blurock's Avatar
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    No surprises here. A number of these exhibitions are just a way for the organisers to make money.

    I looked around for 4 years until it dawned on me that a franchise does not always deliver what it promises. It is not that magic formula that will guarantee your success in business. There are some pretty good franchises out there, but if you are not prepared to work long hours, live the brand (that also means donning the uniform), sacrifice your social life and a lot more, you are not going to make it.

    A good franchise provides you with the systems and procedures, but you still need to deal with the customers, the staff, the competition and all the problems that come your way. If you do not have the make-up or the balls, stay away.

    Working in a franchise is after all another way of working for a boss. You have to follow the rules, no room for innovation and doing things your way.
    Excellence is not a skill; its an attitude...

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    Dave A (18-Sep-11)

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    Diamond Member Justloadit's Avatar
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    Quote Originally Posted by Blurock View Post
    There are some pretty good franchises out there, but if you are not prepared to work long hours, live the brand (that also means donning the uniform), sacrifice your social life and a lot more, you are not going to make it.

    A good franchise provides you with the systems and procedures, but you still need to deal with the customers, the staff, the competition and all the problems that come your way. If you do not have the make-up or the balls, stay away.
    So what is different from having your own business?
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    Diamond Member Blurock's Avatar
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    Quote Originally Posted by Justloadit View Post
    So what is different from having your own business?
    Some people still think that when you buy a franchise, everything is done for you.
    Excellence is not a skill; its an attitude...

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    Gold Member Singhms's Avatar
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    There are a number of benefits to buying into a franchise group, the key thing is still to chose carefully... As Blurock mentioned it is still your business and you still have to have some business acumen, i.e. to firstly know if the franchise is worth while or not, to be able to select a suitable site, to have some basic financial skills and most importantly to identity with the brand.

    I have personally been on both sides of the coin in the fast food industry, first with a franchise and currently on my own. Some of the benefits include...

    Having your costing (cost of sales) done for you... you don't need to work out your cost of sales on all your products (i.e. how many chips should I have in a small, medium & large) and keep track of supplier prices (most suppliers wont notify you of price increases)

    Having the correct procedures\operations in place that the small, medium & large chips actually stay within the portioning calculated to keep your cost of sales in check

    Having your pricing in line with the market or at least the market you are targeting

    Having your menus being developed and maintained, new specials and better offerings. Trust me it is not easy to constantly maintain and upgrade your menus on your own...

    Advertising\Marketing\Specials on your own your would have to handle all your graphic designers and printers etc... on your own, your would also have to develop your own specials, constantly monitor them and upgrade them as well as have the procedures in place to manufacture the items - not to mention the cost involved in advertising\marketing (which on your own can easily exceed the 2-4% most franchises take)

    You belong to a brand which is known and people can identify with so that they can expect consistency in product - on your own you have to work very hard to convince customers to use your product and not a known brand - especially if you are in a high competition area

    They would normally negotiate good bulk rates on raw materials required for your operations and handle your major suppliers, also giving you a central ordering point - On your own you have to search for the best prices among all your suppliers and buy things from each supplier individually, you have to manage each one individually and deal with fluctuating prices as well as not the best prices as you are not really bulk\big business to them...

    All of these things take alot of time, energy and effort, which will be in addition to the daily running\operational requirements e.g. dealing with your staff, keeping your accounting records upto date, stock control, customers, etc...

    So my point is that if you buy into the right franchise system with all the correct things being done taking these burdens of you shoulders, I personally wouldn't mind paying a justifiable percentage in royalties and advertising costs for all these benefits which would leave me to concentrate on building my business goodwill...

    As they say "You get what you pay for"
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    Diamond Member wynn's Avatar
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