Franchise Discovery Day - What Can You Expect?
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Franchise Discovery Day - What Can You Expect?
The decision to purchase a franchise can be a very complex one. You need to make an informed decision, based on an extensive fact-gathering process, to identify the ideal franchise for you. One of the final steps of this process is to attend a Discovery Day.
By: Cory Barber
The decision to purchase a franchise can be a very complex one. You need to make an informed decision, based on an extensive fact-gathering process, to identify the ideal franchise for you. One of the final steps of this process is to attend a Discovery Day.
By: Cory Barber
Franchisors hold Discovery Days, typically on a monthly basis, for potential franchisees to give them an opportunity to find out more about the franchise in an informal, no-obligation setting. During a Discovery Day, which is usually held at the corporate headquarters, the company defines the overall operation of the business, the product or service it provides, the training and support systems, and the financial investment required.
Despite the assumption that a Discovery Day is solely for the benefit of the potential franchisee, the franchise company itself also uses the occasion to develop first impressions of prospective franchisees and to informally assess their suitability for the business. So, it is the day for the management team and the franchise candidate to get to know each other on a deeper level than phone and email to decide if this is a good match for both parties.
Also, it seems that the general consensus is that franchises are "purchased". The vast majority of the candidates I consult with tell me that they wish to "buy" a franchise. While technically you do have to pay the franchisor to become a franchisee, franchises are not "bought". They are awarded to the individuals that franchise companies deem the best fit for growing their business. Because of this, companies tend to be extremely thorough when investigating those who wish to represent their business. There are many reasons that they need to be so selective and picky.
The franchisor will be generating income (royalties) based on the income of the franchisee. Therefore, the franchisor has a vested interest in the level of success of its franchisees.
In addition, the overall reputation of the franchisor is at stake. If a customer of one of its franchisees has a bad experience, it is reflected on the entire corporation, including all franchisees. Word of mouth will spread unpleasant news at warp speed, and people will assume that the entire franchise is bad if a negative experience is had at one unit.
Item 20 of the UFOC requires the corporation to list any franchises that have closed (failed). Therefore, a company with any history of failed franchises will most certainly be unattractive to a potential new franchisee.
The Discovery Day has several benefits to the prospective franchisee as well. Discovery Day is a great opportunity to meet staff members of the corporate franchise team and, in some cases, existing franchisees in the network. You'll have a chance to ask any lingering questions you still may have in a casual atmosphere. Keep in mind that you do want to sell yourself, and first impressions are vital, so present yourself as someone who will be a strong asset to the franchise. Dress professionally, be confident, social, happy - excited about the opportunity!
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Despite the assumption that a Discovery Day is solely for the benefit of the potential franchisee, the franchise company itself also uses the occasion to develop first impressions of prospective franchisees and to informally assess their suitability for the business. So, it is the day for the management team and the franchise candidate to get to know each other on a deeper level than phone and email to decide if this is a good match for both parties.
Also, it seems that the general consensus is that franchises are "purchased". The vast majority of the candidates I consult with tell me that they wish to "buy" a franchise. While technically you do have to pay the franchisor to become a franchisee, franchises are not "bought". They are awarded to the individuals that franchise companies deem the best fit for growing their business. Because of this, companies tend to be extremely thorough when investigating those who wish to represent their business. There are many reasons that they need to be so selective and picky.
The franchisor will be generating income (royalties) based on the income of the franchisee. Therefore, the franchisor has a vested interest in the level of success of its franchisees.
In addition, the overall reputation of the franchisor is at stake. If a customer of one of its franchisees has a bad experience, it is reflected on the entire corporation, including all franchisees. Word of mouth will spread unpleasant news at warp speed, and people will assume that the entire franchise is bad if a negative experience is had at one unit.
Item 20 of the UFOC requires the corporation to list any franchises that have closed (failed). Therefore, a company with any history of failed franchises will most certainly be unattractive to a potential new franchisee.
The Discovery Day has several benefits to the prospective franchisee as well. Discovery Day is a great opportunity to meet staff members of the corporate franchise team and, in some cases, existing franchisees in the network. You'll have a chance to ask any lingering questions you still may have in a casual atmosphere. Keep in mind that you do want to sell yourself, and first impressions are vital, so present yourself as someone who will be a strong asset to the franchise. Dress professionally, be confident, social, happy - excited about the opportunity!
Page 2
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Cory Barber is a professional franchise consultant affiliated with the world's top franchise broker network. His free, confidential consulting services help guide you through the entire process of purchasing a franchise based on your background, skillset, lifestyle, and financial goals. For more information about his free Franchise Consulting Service, please visit: www.thefranchisingauthority.com or contact Cory at his office: 877-271-4305.
