Even if you’re new to franchising, you’ve probably heard of “Discovery Day.” Sometimes, it’s called “Meet the Team Day.”
Whatever a franchisor calls it, it’s an opportunity for them and for prospective franchisees to get to know each other. Often, they’re held at the franchisor’s headquarters or some other on-site location. Sometimes, they’re done via videoconference.
While, as a potential franchisee, you might be focused on trying to impress a franchisor, it’s important to use the opportunity to its fullest to find out more about how they do business, whether or not you’re a good fit for each other and whether their goals align with yours.
Do your research, and come prepared with insightful questions
It’s crucial to learn about the franchisor ahead of Discovery Day and prepare a list of questions. Also, be prepared to ask follow-up questions based on the answers and maybe new information you get.
Here are some questions that are appropriate for just about every type of franchise:
- What are the main reasons for your success?
- What are your biggest challenges (with franchisees, customers, the market or other things)?
- What do you do to stand out from your competitors?
- How have you changed your business model over the years, and why? (Has franchisee input been the reason for any of these changes?)
- What’s most important to you as a franchisee?
- Where do you see the franchise five years from now?
Of course, you’ll want to ask questions more specific to each franchisor based on your due diligence. It’s always impressive to a franchisor to know that a potential franchisee has done their homework and is serious about them. It’s also important to know the industry – whether it’s fitness, fast food or anything else) and the local market.
Remember that these Discovery Days are just a chance for everyone to learn more about each other. Don’t be pressured into signing an agreement on that day. You’ll need to live with any agreement you sign, so it’s crucial to have legal guidance before signing anything.