The Economic-Commercial section of the United States Embassy is making a special call to interested Bahamian entrepreneurs to participate in the 12th Annual International Franchise Expo (IFE) at the Washington Convention Centre.
From April 11 to 13, the expo will showcase hundreds of franchise concepts, covering a vast array of industries at all investment levels ranging between $5,000 – $1,000,000.
Responsible for organising a delegation of persons interested in business opportunities to attend the expo, the Economic-Commercial section, will guarantee free admissions to exhibits, 50 per cent off ‘symposia’ rates, invitations to private international delegates reception and the international visitors/exhibitors reception to individuals registering for the trip.
Those participating can expect to learn first hand about franchising, how it works, how it relates to personal interests and how to develop these franchise concepts in The Bahamas.
Stating that as long as interested parties are able to travel and pay for their expenses, they are eligible to register, Economic Commercial Assistant Anne Marie Bain, said the expo is the perfect source for Bahamians to become more knowledgeable about franchising.
By facilitating the registration process, the US Embassy is urging interested individuals to contact the embassy and fill out the necessary forms so that they can be passed along to the organisers of the expo.
Participants however, will be responsible for making their own travel arrangements. A special listing of recommended hotels providing discounts within the area of the convention centre, will be provided for those attending.
The embassy has been advocating local participation of the show for the last three years, and through its Economic-Commercial section, promotes US businesses with the franchise show being one of the ways used.
“This is a chance for us to inform local persons here about the franchise show and from time-to-time, we get information or requests for business opportunities, so we regard this show as very good for persons who are looking for business opportunities especially in franchising,” Mrs. Bain said. “Attendees will get a chance to see what is available in franchising, meet one-on-one with franchise organisers and owners of reputable franchises or negotiate buying a franchise.
The symposium will look at the benefits and risks of franchising your business; the financial implications of developing a franchise system; the difference between licensing and franchising; franchise feasibility; retro- franchising; tactical business planning; using business overlay for the development of the Uniform Franchise Offering Circulars; organising your business for success, the use of technology; and how to grow the business.
There are a number of franchises in the country not necessarily providing food, but services, that appear to be doing very well. Franchising involves a full package whereby the company selling the franchise, holds the investor’s hands in terms of setting up the business, promotion of ideas on how to properly market with ways and strategies to make it grow and succeed.
Mrs. Bain said the fast-food area appears to be very much saturated with franchise businesses, but that there are other areas or types of goods and services that can be explored, yielding just as much financial rewards for local investors. The franchise business however, after careful research and study by the investor, must be suited to the local Bahamian market.
The IFE also offers the most comprehensive Conference Programme on franchising, conducted by industry experts. It is endorsed by the U.S. Department of Commerce and sponsored by the International Franchise Association (IFA).
Top franchise companies will exhibit at the 2003 IFE, with hundreds of exhibits ranging from well-known brands to the up and coming. Participants will be able to taste, touch, and try the products and services while meeting seasoned executives who can answer questions.
The 2003 Conference programme features a variety of categories examining the different relationships in franchising. The categories include Symposia and Seminars from basic “how-to” sessions to the more advanced, in-depth learning and information of how it will affect investors in the franchisee/franchisor relationship.
The IFE is sponsored by the International Franchise Association (IFA), which has continued to safeguard the business environment for franchising worldwide since its inception in 1960.
The IFA is the largest trade association representing franchising, its members ranging from franchisees, franchise consultants and vendors, to educational institutions and fellow franchise associations around the globe.
By Lisa Albury, The Nassau Guardian
