Would-be business owners can start up their own franchise with investments as low as a few hundred rand, say exhibitors taking part in this year’s Business Opportunities and Franchise Expo (BOFE).
The Expo, set to take place at the Coca Cola Dome at Northgate from 12 to 15 September, will showcase over 100 business and franchise opportunities, as well as related financial and support services. The event, now marking its 20th anniversary, is hosted in partnership with platinum sponsor Eskom, and presents the widest range of business opportunities under one roof.
Exhibitors participating in the event will offer business opportunities requiring investments of anything from as little as R350, all the way to over R2-million.
Whether you’d like to be a sales associate or agent, open a coffee shop or pub, a décor shop, a car body repair service, education or beauty services or a fax, print and Internet company, the Business Opportunities and Franchise Expo will highlight business opportunities suited to your skills, area and budget.
The lowest cost business opportunities on show at this year’s expo involve buying initial stock and becoming an agent, selling products such as cosmetics, household cleaners or costume jewellery.
With a good network of customers, these opportunities could provide a steady income. The highest cost business opportunities are franchises for well-established restaurant and food chains with extensive experience and nationwide marketing.
When deciding between launching your own business or buying in to a franchise, there are pros and cons to both, say this year’s BOFE exhibitors. In your own business, you have the freedom to make the decisions on all aspects of the business.
However, you also all take on the challenge of designing, fitting, marketing, building up contact with suppliers and managing it all yourself. With a franchise, your business has to conform to the brand’s guidelines, but support, training and marketing is usually provided.
Ahead of this year’s expo, some of the exhibitors offered their top tips for those looking to set up their own businesses or buy in to a franchise.
“Understand the contents of your business plan, get a qualified person to look at all your contracts, source a good administrator to assist you with the day-to-day administration and register your company for all legislated registration processes like VAT, UIF, PAYE, etc. Be conservative with your cash-flow forecasts,” according to Shanduka Black Umbrellas.
“Before you start, you should ask yourself – how much can I afford to invest, am I an entrepreneur, what are my abilities and what are my goals? You should also attend business seminars and register with entrepreneurs’ clubs,” says Johannes Mongatane, La Vita Products.
“Choose an industry you enjoy and feel a passion for. Do your homework; research the organisation; speak to current franchisees, and be prepared to work hard,” is the advice from Bronwyn Oliveira, Maxi’s.
“Make sure that it is something that you are passionate about. You will be investing a lot of time, money and human resources into this enterprise, so you need to have joy in your work. Don’t just go for it because you are tired of working for a boss and want to be your own boss,” says Laura Clark, Kumon Education.
“You have to be 100% confident the idea will work, be prepared to take risks, educate yourself and always seek improvement,” believes Jennifer Glodik, Diva Beauty Studio.
“Stick with it, get the right support that fits your business plan and learn as you go,” says Sindy Snow of Snow Printers.