Making the Most of Franchise Discovery Day

Franchising is one of the most effective ways that businesses can use to expand. The franchising concept also gives upcoming and aspiring entrepreneurs a somewhat soft-landing spot for starting up their businesses. However, not every aspiring entrepreneur is a good fit for franchise ownership — which is where Discovery Day comes in.

For aspiring franchisees, Discovery Day is a chance to demonstrate their suitability for franchise ownership — it’s also an opportunity for franchisees to learn more about the franchise and leadership team. So, what can a potential franchisee do to make the best of Discovery Day?

Discovery Day — What is it?

Discovery Day provides the opportunity for franchisees to meet and establish relationships with major players in the franchise and other potential franchisees. It usually occurs after the potential franchisee has sent in their application and been deemed a viable candidate for franchise ownership. Discovery Day is by invitation only, and not everyone who applies is invited. The Discovery Day is vital because it facilitates face-to-face conversations and getting to know the owners and other company operatives personally.

Some Discovery Day activities include opportunities for potential franchisees and franchisors to ask questions to determine the franchisee’s suitability. The franchisee can ask any lingering questions about the company, its values, and policies and address any outstanding concerns they may have.

Making the Discovery Day Successful

Do Your Homework in Advance

Ensure you’ve done your research into the franchise in advance of Discovery Day. Spend some time on the brand’s website, read through the FDD, and visit their social media. Find out what others are saying about the company. If you can reach out to any current or past franchisees, speak with them about their experiences. This will allow you to ask meaningful and relevant questions of those you’ll be meeting with. It’s important to remember that this event serves as a mutual interview and offers both you and the company a chance to make a good impression. While it’s good to ask questions, it’s essential to ensure the questions you ask are not simple answers you can get from going to the franchise website or Googling the company. Stick to questions that add value and help you to gain a deeper understanding of the company, its executives, and policies.

Some recommended topics and questions you may want to ask are:

• What do they perceive as their advantages over the competition?
• What type of corporate support can a franchisee expect to receive?
• Have they canceled an agreement with any franchisees in the past, and why?
• Is there a possibility of owning and operating more than one unit?
• How does the franchise typically handle underperforming franchisees?
• What are the franchise’s plans for growth and long-term strategic goals?
• Inquire about national and regional marketing plans

Getting Ready to Meet and Talk with the Key Players

Franchisees can expect that they’ll meet and have conversations with the franchise’s key players like the CEO and the rest of the leadership team. The individuals you meet with will be looking to discern why you’re interested in joining the franchise and your level of commitment. You should get a sense of the company’s corporate culture through your interactions with these individuals. Here’s your chance to consider whether they seem organized and competent and determine the integrity of the franchise. Will you enjoy working with them regularly? Do they seem committed to their franchisee’s success?

Virtual Discovery Day

In the days prior to the Covid-19 pandemic, Discovery Days were held in-person, usually at Franchise headquarters; however, due to social distancing restrictions this practice has gone virtual for most, if not all, franchises. While the exact format of a virtual Discovery Day varies from franchise to franchise you’ll want to block off time in your schedule to be fully present. While you may not be meeting face-to-face, you’ll still want to be professional in your demeanor and dress. Make sure your cell phone is off and give the presenters and interviewers your undivided attention.

As with in-person Discovery Days, you’ll want to be prepared to speak one-on-one with the CEO or founder of the brand, the marketing director, and the training director as well as any other important advisors. Have your questions for them at the ready so you can get the answers you need.

Being well-prepared for Discovery Day can ensure you come away with the necessary information you need to make a confident decision. It will also help you to put your best foot forward and leave a good impression on those deciding on your acceptance into the franchise. Taking the time to do your due diligence will allow you to reap the rewards of a successful Discovery Day.