Discovery Day is a critical step in the due diligence process, whether you're a seasoned franchisee or just starting out.
I've attended several Discovery Days (DD) and compiled this list of what to do and what not to do.
Do: Prepare Yourself
Do your research on the brand. First, attend all calls with the brand representative(s) and perform some online research on the company. Next, speak to franchisees. I think there is nothing more important than speaking to and asking questions to those already ahead of you. Then, attend the DD. this takes you inside to observe how the franchise works. You also should read and understand the Franchise Disclosure Document (FDD).
Do: Bring Your Business Partners Or Spouse
Anyone who will be working in the business should be aware of what they are signing up for. They can also serve as a sounding board for topics discussed during the Discovery Day presentation.
Do: Ask Questions
Before you attend, try to have most of your questions answered beforehand. You will undoubtedly have some questions as you conduct your research of the brand and review of the FDD, but try to have most answered before you travel.
Do: Bring Energy
Be energetic and participate in the discussion. Keep in mind that discovery day is a two-way interview. You should also make connections with the other attendees.
Do: Take Notes
The Franchisor will most likely offer to send you some of the Discovery Day presentations after it's finished, but take your own notes during the presentation, tour, and so on.
5 Things Not to Do
Don't Wear Flip-Flops To The Franchisor's Office
You're attending an interview. Even seasoned franchisees should show the executive team that they care by dressing professionally.
Don't Leave Your Phone On The Table
The buzz or ring of a cell phone is the worst possible distraction during a meeting.
Don't Be Shy
Don't leave until you've gotten all of the information you need to make an informed decision. Get to know the team that will be supporting you.
Don't Assume You're A Fit
A franchisor may refuse to make you a franchisee. They may make their decision based on the interview or on a combination of factors.
Don’t Attend Too Soon
This is one of the final stages of the franchise investigation process, so don’t go before you are 95% ready to say Yes (or No). Discuss with your franchise coach/consultant and brand representative when this timing may be right for you.
Following my Discovery Day tips will help you on your path to a successful future as a franchisee.
Find out more about how to prepare for Discovery Day by scheduling a brief call here.
