During the first important benchmark that you will hit with a franchisor (the Franchise Discovery Day), you will have a unique chance to convert an opportunity to become a franchisee from an idea into actuality.
This isn’t just a meeting; it’s a mutual evaluation where both you and the leadership team determine if there is a good fit for a long-term business partner relationship between both parties.
Candidates should view discovery day as the perfect time to get all their questions resolved. To maximize your discovery day experience, prepare as much as you need to impress. You must know what to expect and how to present yourself.
Discovery days typically occur after the candidate has completed their preliminary research on the franchise opportunity, which signifies a move from researching online about the franchise to an in-person visit at the franchisor’s headquarters.
This is also one of the most significant checkpoints candidates can use to assess the overall brand, company, business model, and culture of the franchisor before deciding whether or not to make a purchase.
Here are eight ways to ensure you walk away with all the information and answers you need during your franchise discovery.
1. Dress appropriately
Your dress will give them an immediate idea of your work ethic and what they can expect from you when it comes to representing the franchise system at the local level. It’s like being on your first day of owning your own franchise-look like you’re on the job!
2. Be Amiable and Culturally Aligned
While you are there to conduct business, franchisors are looking for a person who aligns with their values. Be open-minded, be willing to listen, and be genuinely interested in others. Being amiable shows you are ready to build camaraderie with the team and other franchise owners.
3. Showcase Your Knowledge (And Do Your Diligence)
You don’t have to be a franchise expert at this point; just know some basic information regarding franchising. Before attending your presentation, you will want to review your franchise disclosure document very carefully. Ideally, it would be best if you had a franchise attorney review the document as well.
Pro Tip: Use this time to hear about the biggest differences between this brand and its competitors.
4. Show You’re Focused and Prepared
Consider asking thoughtful and thorough questions. Asking thoughtful and thorough questions is a way prospective franchisees can identify issues with the business model before they invest in it. The following areas are some that may be helpful to explore:
- Training programs for new owners, ongoing training, support structure for owners' long-term.
- Growth priorities, market size, and criteria for approving territories.
- How has the operation changed since the early owners identified these as weaknesses?
Asking these types of questions will show the franchisor you are committed to investing in this business and its potential.
5. Be Willing to Follow the System
The franchisor is not interested in having a franchisee try to “reinvent” their system. They are looking for a new partner willing to work within their pre-established framework (the business model) and to comply with all the provisions outlined in the franchise agreement.
Ultimately, the franchisor wants a partner that will travel down the same path as they have previously traveled, rather than creating red flag issues through non-compliance with their established processes.
6. Exhibit Relevant Work Experience
Detail your past successes and how they translate to franchise ownership.
Whether it’s managing a team, handling operations, or providing customer service, explain how your background will help you begin strong and lead to a successful grand opening.
7. Prove Your Financial Stability
You are going to be investing money when you buy into this franchise. The franchisor will want to see that you have enough money to invest in the business as it grows.
8. Socialize with the Inner Circle
One of the most important things you can do is spend time in franchisee conversations. Most discovery day events include a Q&A with current franchisees or existing franchisees on the schedule.
- Talk to them about their profit margins.
- Determine if the corporate culture has a match for the “boots on the ground” reality.
- Ask them what they would have liked to know before they got into this brand
FAQs
A franchise discovery day is an in-person meeting between a prospective franchisee and the leadership team of the franchisor. This meeting typically takes place at the company’s headquarters.
It is a critical step in the franchise process where both parties assess their compatibility for long-term business expectations and their potential partnership. This stage allows candidates to validate the franchise opportunity beyond initial research.
Typically, discovery days take place once you have completed your preliminary research on a potential franchise opportunity, reviewed the franchisor’s franchise disclosure documents (FDD), and had some conversation with the franchisor.
It represents a transition from evaluation to serious consideration before making a final investment decision.
Preparation involves thoroughly reviewing the FDD, understanding the franchise’s business model, researching competitors, and preparing thoughtful questions.
Additionally, consulting with a franchise lawyer or franchise consultant may assist you in interpreting legal and financial information contained in the FDD so that you have the best understanding possible when you meet.
You should be asking strategically related to their training programs, ongoing support, territory availability, operational systems, and growth plans. Also, you should want to know if they have made improvements in their systems as a result of feedback from current franchisees.
Both parties (you and the franchisor) will determine if you are ready to proceed after the discovery day. Once you are both agreeable, the process will begin with approval, signing your franchise agreement, and beginning onboarding and training.
Conclusion
Ultimately, discovery day is the final moment to evaluate the brand and determine if you have found the right fit.
To ensure you navigate this process with confidence, secure your success, and prepare for a prompt follow-up, speak with an expert who can guide you through the process. Ensure your success, and allow the time needed to prepare for a quick follow-up on a decision.
Ready to turn your franchise dreams into a reality? Ensure you’re prepared to navigate your discovery day with confidence and secure the long-term business partnership you deserve.
Take the first step toward your future—talk to FranchiseCoach Adam Goldman now!
