If you’ve been looking around for franchising opportunities, it’s highly likely that you’ve heard the term “Discovery Day.” Equally, if you’ve been invited to one of these corporate events – you’re one of the lucky ones!
Discovery days are held by franchisors for potential candidates who have met the basic requirements of the company and show promise as one of their new business startups. The day provides both the franchisor and the budding franchisee with a chance to meet up, find out a bit more about each other, and discover whether this is the right opportunity for both parties.
What Happens on a Discovery Day?
A lot of franchisors will have a thorough agenda for their discovery days, providing a mixture of
group presentations and one-on-one meetings. For example, at a Dwyer Group discovery day (named – Orientation Day), you’ll hear staff members and team leaders talk about setting goals, marketing, operations, technology, demographics, legalities, and the mission and image of the brand. This is a great opportunity to meet people that you may be working with and to hear how the brand operates.
There may also be other activities such as interviews with current franchisees or touring nearby franchises.
What Should You Take Away from a Discovery Day?
The information you’re provided with at a discovery day should help to give you a good overview of the company’s values and culture. And, at the same time, it’ll give the franchisor a feel for how you work and whether you’re the right fit for the business.
Discovery days are beneficial for both parties – for example:
A franchisor may benefit from:
- You meeting key members of staff and learning about the franchise program
- You asking or answering any questions
- Talking to you, hearing your thoughts, experiences, and qualifications to make a decision as to whether you should be offered a franchise
A franchisee may benefit from:
- Getting a good understanding of how the company works and what’s involved in the day-to-day running of it
- Having questions answered when talking to current franchisees – and their answers may be more candid than a manager’s or team member’s
- Receiving feedback on their overall strategy and business plan from the franchisor
What Happens Next?
A discovery day is about you meeting key figures within the business and for them to meet you. This enables everyone involved to make an informed decision about whether the franchise agreement should be taken to the next step.
After attending a discovery day, you’ll be able to go away and think about what you’ve learned, discussing the finer details with your family and attorney before you progress to the next stage. Once you’re comfortable with the franchise agreement, and you’ve received the go-ahead from the franchisor, you’ll be able to start your journey towards a successful franchise ownership.