How to win $25,000 to buy a franchise

Have you ever thought about owning your own franchise? Now's your chance!

McDonald's

Do you have dreams of some day owning your own business? How about a franchise? If so, the International Franchise Expo (IFE) has a big opportunity for you.

Now until May 14, IFE’s “Franchise Me” contest is taking video submissions from anyone hoping to purchase a franchise. One winner will receive up to $25,000 toward a franchise fee for a franchise sold by a franchisor exhibiting at the 2018 IFE, plus consultations with franchising experts. The winner with also receive complimentary “VIP” access to the International Franchise Expo, taking place in New York City from May 31 to June 2, including travel and lodging for two people.

“Probably the most popular motto in franchising is ‘you’re in business for yourself, but not by yourself.’ With this contest, we’re putting our money where our mouth is,” Tom Portesy, president and CEO of MFV Expositions, producers of IFE, said in a press release. “The number of franchise establishments in the U.S. is set to reach 759,000 in 2018, which means a lot of people are successful in franchising. There are many eager, qualified aspiring franchisees who could use a helping hand to get started, and we have created this contest for them.”

Business woman working on laptop in her office
Flickr | perzonseo

To enter, all you have to do is create and upload a video that’s two minutes or less in length to YouTube or Vimeo, explaining why you want to own a franchise and why you would be great at running your own business. Then, fill out the official entry form. A panel of judges will select one winner from the entries based on adherence to contest criteria, creativity and the number of video votes garnered.

Even if you just enter the contest, you will get free entry to the International Franchise Expo by using the promo code FRANCHISEME. Anyone who votes for your video will also get free entry.

If the thought of owning a franchise excites you, but you don’t know much about what it will take to actually run the business, there are some things you should know before deciding it’s right for you.

First things first, know that the $25,000 you’ll receive if you win can only be used toward a franchise fee — it cannot be used to cover other costs such as licenses and fees. So, you’ll probably need additional money saved up to get your franchise off the ground.

Adobe

You should do thorough research before choosing a franchisor. Be sure you know how long they’ve been in business, their average success rate and how long their franchisees typically stay in business. It also doesn’t hurt to speak to other franchisees to get an idea of just what you’re getting into.

Also consider whether you have the right personality for franchising. Do you enjoy being creative in the workplace, doing tasks like cooking or painting? If so, owning a franchise probably isn’t for you, as you’re going to be more of an implementer, not a creator.

Still think it’s for you? Review the official rules for the “Franchise Me” contest. Just remember, the deadline to enter is May 14, so don’t delay!

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