A well-structured franchise discovery day is beneficial for both franchisors and franchisees. It should be informative, interesting and exciting, as well as an effective recruitment tool. Here’s our go-to guide to discovery days for both franchise owners and investment candidates.
Attending a franchise discovery day is a key part of learning about new franchise opportunities. And if investors are going to put their time, money and effort into a business, it’s important both they and their franchisor can get the most out of the session. Keep reading to find out more.
Why are franchise discovery days important?
Discovery days provide the chance for prospective investors to learn more about a franchise opportunity, and for franchisors to get to know potential franchisees. For years, franchisors have seen discovery days as a crucial part of the recruitment process, as they play a massive part in closing the sale.
During the session, would-be investors should get the opportunity to meet not only the franchisor but their team at head office too, and take a look around the premises. Ideally, the franchisor also organises a tour of a local franchise unit so the attendee can understand what their future business might be like.
As you might expect, franchise discovery days also allow for a peek into the company culture. Finding a business to suit your attitude and values is important, and there’s no better way to get a feel for the atmosphere than by visiting the premises in person.
Would-be investors can find out more about choosing a franchise with the right culture in our informative guide.
Who are franchise discovery days designed for?
Franchisors organise discovery days to help those interested in joining their brand find out more about the opportunity. The events are aimed at people who have started the research process and have narrowed down their choice of investment options.
There’s only so much people can learn from website pages and business expos; visiting a franchise premises can provide valuable insight. Plus, potential candidates can ask questions and get an immediate answer.
There are also many benefits for franchisors when it comes to running discovery days. It’s their chance to share their franchise opportunity and get investors excited about joining their team. Bosses can build anticipation by helping potential franchisees envisage themselves running their own business as part of the brand.
>> Read more:
What’s more, as a useful recruitment tool, franchise discovery days allow franchisors to assess potential candidates. While the session is not an interview and should be informal, the franchisor can get a sense of the applicant’s suitability for the franchise.
Also, candidates who do meet the franchisor’s standards and decide they’d like to continue with the investment will have already started to develop a rapport with the team. The franchisor-franchisee relationship is crucial in the franchising world, as both parties must be able to work closely and effectively together.
When should you attend a franchise discovery day?
Different franchises disagree on the ideal time for investors to book a discovery day. Some say attendees should have already completed a large proportion of their research and be fairly confident they’d like to invest. Others suggest prospective franchisees should book their place early on in their fact-finding mission.
After all, if you discover the company culture isn’t quite right after months of research, you’ve wasted a lot of time. Conversely, the franchisor will be at a disadvantage if candidates decide against a franchise during a discovery day as a result of information they could have uncovered at home.
Generally, people who book a spot on a discovery day know how much they can afford to invest and are confident they have the skills to succeed with the brand.
What can you expect from a franchise discovery day?
Franchise discovery days are usually informal meetings over a morning or afternoon. They aren’t a chance for franchisors to launch into a sales pitch or start grilling attendees. Often, people can bring along a friend or family member for support and a second opinion.
The day is usually well-structured to allow potential franchisee candidates to get the most from their trip. The itinerary will depend on the business, but usually includes a chat with the franchisor, a tour of the headquarters, conversations with employees and a visit to a nearby branch.
What happens during a franchise discovery day?
Here are some of the key steps in any discovery day:
- The franchisor provides lots of information to help prospective franchisees decide whether to invest in the business. They might make a presentation and go into detail about the financial obligations and brand strategies.
- The franchisor usually gives candidates a franchise disclosure document (FDD), which provides more details about the business model, and talks them through the key parts.
- Attendees get the chance to mingle with the franchise’s management team and start to build relationships.
- The franchisor gives potential investors the chance to visit an existing franchise unit and meet the franchisee there.
- The franchisor can assess the suitability of a candidate for the role of franchisee in the business.
What questions should you ask at a franchise discovery day?
Franchise discovery days are prospective franchisees' golden opportunity to find answers to their questions. Candidates should aim to find out what makes the business tick and whether they have the ability and inclination to run a branch under its branding and strategies.
Read our article on the key questions to ask franchisors before you get started.
What happens after a franchise discovery day?
The franchise discovery day is over and both parties have become acquainted with the other person - now what?
Well, franchisors should have a pretty good idea of whether the candidate is a good fit for the business. They should get back in touch with them in the following three days to let them know whether they’d like to continue with the investment process. If the outcome isn’t positive, the franchisor should suggest ways in which the candidate could improve their chances of success next time.
If, on the other hand, the attendee made a positive impression during the discovery day, the franchisor should discuss next steps. It’s up to the candidate to confirm they’re happy to continue.
>> Read more:
- 5 Tips for Developing Your Employees into Future Franchisees
- Being a Successful Franchisee Means Adopting an Entrepreneur Mindset
- 7 Common Habits of Successful Franchisees
- Mythbusters: Common Misconceptions About What Makes a Successful Franchisee
- Five Tips for Boosting Your Self-Confidence as a Business Owner
- Traits of an entrepreneur
More information on running a franchise business
Whether you’re a franchisee or franchisor - or just considering the franchise model - you’ll find plenty of useful resources here at Point Franchise. We publish new industry artciles daily to help entrepreneurs develop successful businesses. Use the search box to find information on a particular area.
Alice Tuffery, Point Franchise ©