Discovery Day is an excellent opportunity to experience a franchise before committing to a franchise agreement.
But what should you consider when attending a franchise Discovery Day? These six tips will help prepare you.
1. Prepare for possible ownership by doing your due diligence.
Carry out the essential research and planning before you attend. Most prospective franchise owners will need to research and prepare, especially in areas of business where they are not experienced.
2. Recognize the learning curve that comes with operating a new franchise.
Any new venture can be difficult. For many franchisees, this may be their first step into a business. Starting a new business can bring on new hurdles even for the most seasoned entrepreneur.
Becoming a new franchisee is a learning process, and embracing it benefits you, your employees, and the franchise. First, ask the franchisor about the support system, and then talk to other franchisees about how the corporate office follows that system.
3. Evaluate the franchise's adaptation and flexibility in the face of a changing economy.
- Where can the franchise provide value to the local market and the franchise system?
- Is there an absentee or semi-absentee option for the franchise owners?
- Is there a system and culture in place that can pivot if future unforeseen circumstances occur?
For example, you should think about how the franchise can adjust when events like a pandemic occur.
4. Determine what success is.
Determine what success looks like, and then analyze the franchisor's procedures, growth strategy, and market tactics. As a potential franchisee, you can next decide if the franchisor's methods and values fit with your vision of franchise ownership.
5. Identify possible market hurdles that the franchise will encounter.
Unexpected hurdles will develop as a result of competition and company disruptions. Prepare for adversity, so when it happens, you are ready. Having the right procedures in place and executing them will only help your business grow.
6. Face your anxieties and be prepared to address your concerns when purchasing a franchise.
Make a detailed list of your concerns before attending a Discovery Day and pay attention to how the franchise addresses them.
Other franchisees are also an excellent resource, and the majority will have had comparable experiences. Ask if their anxieties and doubts were eliminated after starting their franchise.
Owning a franchise can be a very rewarding experience, which can provide a high level of flexibility, independence, and work/life balance. Regardless of the franchise you purchase, go to Discovery Day with a positive open mind to make it the best experience. After all, you are interviewing them as much as the franchisor is interviewing you!
Following my Discovery Day tips and asking the right questions can help you create a successful path forward as a franchisee.
Find out more about Discovery Day by scheduling a call here.