A franchise Discovery Day allows prospective franchisees to learn about the franchise from the franchisor firsthand. Attending a franchise Discovery Day is an excellent way for franchisees to obtain a wealth of important information quickly.
Discovery Day is often one of the last stages a potential franchisee takes before being given a franchise, and it is usually only offered to serious contenders.
If you receive such an invitation, you'll know the franchisor is considering you as a new franchisee, and they'll assume you've done your due diligence and are ready and prepared to take the next step in franchise ownership.
Before attending a franchise discovery day, you should:
- Educate yourself on the details of the franchise opportunity.
- Understand your responsibility as a franchisee.
- Understand the general operation of the business model.
- Review the franchise disclosure document (FDD).
Make a list of questions to ask the franchise support team. Here are some samples to get you started:
- What are the franchise's current long-term plans?
- Does this franchise allow for multi-unit ownership?
- How would you rate your leadership in comparison to your competitors?
- How many revenue streams do you offer?
Make a list of questions for existing franchisees. Here are a few useful examples:
- What does your daily routine look like? What about your weekly routine?
- What are the most satisfying aspects of your franchise?
- Are you able to live the life you desire?
- Why did you choose this franchise above others?
Whatever franchise you choose, go to Discovery Day with an open mind and a good attitude to make the most of your experience. Please keep in mind that you are interviewing them the same way the franchisor is interviewing you.
Following my Discovery Day tips and asking the proper questions will assist you in charting a successful future as a franchisee.
Find out more about how to prepare for Discovery Day by scheduling a brief call here.