DISCOVERY DAY

Discovery day is essentially the final interview. The entire franchise discovery process from the first communication with the franchisor is basically a long interview process. They are deciding whether you can succeed in their franchise, and you are deciding if it is the right fit.

Discovery day historically has been an in-person event, but some brands have transitioned to conducting virtual discovery days. Either way, the franchisor invites serious candidates they believe are good matches for their brand to learn more about the franchise system.

While not all franchises have discovery days, this is typically the last phase prior to being awarded a franchise.

Discovery day allows you to fine-tune your understanding of the franchise, learn about its values and beliefs, and see firsthand what makes them successful. Most importantly, it lets you meet your potential franchise partners, allowing for the creation of deeper, more personal relationships. Finally, both parties can gauge levels of interest and address concerns.

If you land a discovery day invite, the franchisor will expect that you:

  • Understand the franchisor business model
  • Know the responsibilities of a franchisee
  • Have reviewed the FDD
  • Have validated with several existing franchisees
  • Are seriously considering joining the franchise

Mutual interest and your knowledge of the brand sets up the discovery day as one of the final steps in your decision- making process.

Franchisors award franchises to candidates who are passionate, committed to following the brand’s systems and processes, have the skills and commitment necessary to succeed, and have the values to embrace the culture.

When you reach discovery day, both you and the brand already like each other. D-day is more about cultural fit and how you and the team click. Here are some tips to leave discovery day with an offer to join:

  • Show up on time, and that means five or ten minutes early. Stay during all the presentations and chat with the franchisor’s staff during breaks. Show genuine interest!
  • Attend with your business partner or spouse if they will be involved in the business.
  • Ask questions. Nothing shows interest more than a few good questions.
  • Find out everything you need and whether you connect with the leadership team and staff. Be prepared to decide whether or not you want to move forward with the franchise.
  • Stay engaged. Listen actively. Follow along in your book during presentations and take notes. Turn your phone off and avoid distractions.
  • During all meals and events, it is important to be personable, interested, and engaged. Don’t have more than one drink, eat politely, and be kind to the staff. Everything matters when you are trying to make a strong impression.

Franchisors typically want you to digest the information and allow time for you to decide. That said, you will be expected to decide shortly after attending discovery days. If you are awarded a franchise at discovery day, thank them, and let them know that you want to review the opportunity with your family.

The Perfect Franchise

The Perfect Franchise is the one book you need to read if you are considering franchising.

Mark Schnurman is one of America’s top Franchise Consultants, and the founder of The Perfect Franchise. Mark outlines a clear process for finding the perfect franchise.

In straightforward language, he explains how to:

  • Decide whether franchising is right for you;
  • Determine which franchise will optimize your chances of success;
  • Conduct due diligence;
  • Fund your franchise investment;
  • Live the life you dream about.

If you want to be your own boss, this is the book for you!