Discovery Day assumes significant importance in accepting or rejecting a franchise opportunity. Both the franchisor and the franchisee get to carefully analyse every detail before taking the final plunge. What is Discovery Day and what it entails? Read on
Discovery Day is a well-scheduled meeting designed to allow prospective franchisees meet the franchisor and his staff face-to-face. It plays an imperative role in the franchise process. This meeting is more pivotal for the franchisee, as he is going to invest his hard-earned money in someone else’s business to debut his own franchise business.
However, it is not necessary that every franchisor will have one-to-one communication with the prospective franchisees. The franchisor may have up to 20 candidates in attendance to meet them together. Typically, it is organised at the franchisor’s headquarter. However, in certain cases, the franchisor or his staff may accompany the franchisee for a visit to various outlets in nearby areas. This meeting intends mutual opportunities to both the parties to impress each other to close the franchise deal and get started with the franchise operation.
What can franchisee gain
The meeting is scheduled after the franchisee has gone through the Franchise Disclosure Document (FDD) and gained enough understanding of the franchise programme. The main purpose of the franchisor behind organising this meeting is to qualify an aspirant and sell the franchise. However, the franchisee has a number of objectives to fulfill from this meeting, as mentioned below:
Questions to put forth
Even though franchising offers more secured and profitable business, it is important not to be misled. This is why, a prospective franchisee is always asked to utilise the Discovery Day to its fullest rather than regretting later. As the franchisee has already gone through the Franchise Disclosure Document, he has enough data to raise questions. Some of the questions that a franchisee can ask his franchisor are:
Points to ponder
As the meeting is usually scheduled at the end of the franchising process, it might be franchisee’s last chance to clear his or her doubts. Take full advantage of this meeting not just to get a good hold of the franchise concept but also to gain the trust and confidence of the franchisor and his staff. Prepare yourself well for the meeting. You must read the FDD carefully and outline all the clauses and points that you want to discuss with your franchisor and his staff. Apart from this, you must draft a rough business plan and share it with the franchisor to get his expert advice.