A well-planned franchise Discovery Day benefits both franchisors and franchisees. It should be educational, intriguing, and exciting.
A franchise discovery day is an essential aspect of learning about new business opportunities. And, if investors are going to spend their time, money, and effort in a business, it is critical that both they and their franchisor get the most out of the event.
Prospective investors can learn more about a franchise opportunity during Discovery Day, and franchisors can meet potential franchisees. For years, franchisors have viewed Discovery Day as an essential component of the process since it plays a significant role in brand growth.
Discovery day is like a final interview with a company. You’ve done a lot of research, you like what you’ve heard, and now it’s time to get a feel for the people. Do I trust them? Are they competent? Do I want to be partners with this franchise?
I call discovery day the “gut feeling day.” I know that sounds a little strange, but you wouldn’t be going out there if you didn’t believe that this is a good company. You’ve heard that the model works, the franchisees are happy, and you’ve validated strong earnings. Now it’s time to let your instincts or gut take over.
So, how do you confirm this franchise is a perfect match for you?
Prepare a list of questions you’d like covered at Discovery Day. Where do you need information? Do you have outstanding concerns? Do you have questions about their CEO/President or what makes a top-performing franchisee?
Read the franchisee agreement to get comfortable and have any last questions answered.
Dress to impress. Think of this again as a final interview. You want to bring your “A” game! Business casual is typical, be comfortable.
So, if you have a concern, please bring it up. Just start with a positive statement about the company.
If you raise your hand and say, “I have a concern about marketing.” That might not sound incredibly positive.
If you raise your hand and say, “You have such a great culture of franchisees, and everyone has been so helpful so far! I still have concerns about marketing. Can we talk about that?”
It’s the same question, with completely different approaches.
At the end of Discovery Day, most franchisors will meet with their approval team and have a decision for you within a couple of days. And most franchisors will require a decision from you soon after Discovery Day.
So, most importantly, relax, be yourself, and have a great time!
When you leave, you will know the answer if this is the right company for you. If you have done your research and you let your gut instincts take over on Discovery Day, you will know when you leave that day if this is the franchise for you.
Find out more about Discovery Day by scheduling a quick call with me.