,

brandEXPANSION Hot Press

Franchise & Business Opportunity News

5 Things You Must Learn at a Franchise Discovery Day

Written on March 12th, 2009 by Joseph in Franchise Industry.

After your initial search for a worthwhile franchise opportunity is over, you will have a list of franchises that you like and are suitable for you. Then you go through the FDD of the selected few and if they appeal to you, you go for the Discovery Day. It is the single most important day you have before you actually buy a franchise. You get to see the franchise inside out and learn first hand how to run the franchise business. Hence, be prepared beforehand about what you want to see and learn on this important day. Never take it casually, as you may end up choosing a bad franchise opportunity. Now, here are 5 things that you must learn on the Discovery Day.

1. The number of people attending: This is a vital sign to know whether the company is more interested in just cashing on its franchise business for sale offers or developing the whole system. Generally, top franchises invite 5 to 7 franchisees to show them the business system. That makes sure that they can answer the questions of the prospective franchisees very well and to their satisfaction. Franchisor that brings in a huge franchisee contingent on the Discovery Day, then it may not perform to the franchisee’s contentment
.
2. How the program has been organized: An ideal franchisor is supposed to be an efficient organizer and the way he arranges the Discovery Day goes a long way in establishing this credential. If you were taken to departments where you haven’t found any person to meet, then it’s certainly not a sign of a good franchisor. Any top franchise company will structure the visit in such a way that the prospective franchises get to check out all the departments of the franchisor and meet relevant people.

3. How they handle the questionnaire: A prospective franchisee is supposed to ask every kind of question to the franchisor on the Discovery Day. This is essential, as it will help them to understand the concept better and choose whether they fit in or not. So, how patiently the franchisor handle your questions (no matter how silly or trivial the question is) will show how much support the franchisees can expect from it, after they have joined hands with the franchisor.

4. Whether they ask questions to the prospective franchisees: The success of a franchise chain largely depends on the franchisor granting the franchise business for sale offers to the right candidates. Just as the franchisee is questioning the franchisor, the latter should also question the former to find out whether he is suited for the business. That shows whether the franchisor is interested in developing the units or just selling them.

5. The franchisor doesn’t pressurize the franchisees: Going for a Discovery Day doesn’t mean that you are going to buy the franchise. The franchisees get to see the company on the Discovery Day and then further decide whether they want to buy a franchise. So, no top franchises in the business can pressurize the prospective franchisees to sign the franchise agreement with baits of reduced franchise fee or other things.

To know more, contact brandEXPANSION.