My friends over at Franchise Direct recently put together a valuable post detailing the “11 Key Steps in Opening a Franchise.”
Before I magically transfer you to the Franchise Direct site, I need to share my feelings on one of the steps they suggested; it pertains to attending a Discovery Day.
Here’s what the editors at FD wrote;
4. Attend “Discovery Day”
“Discovery Day is an in-depth meeting between the franchisor and one or more franchisees. It can take place at a local outlet, but most likely will happen at the company’s corporate office. Often, the franchisee, or franchisees, in attendance will see presentations about what the franchisor can offer in terms of support, and can ask questions. If done at the corporate office, a tour of the different departments and introductions to franchisee training and support personnel are common.”
That is what a franchise Discovery Day entails. However…
I don’t think you should attend one. (Well, not too early)
For example, when I was a franchise broker, I worked with a franchisor that insisted on having franchise candidates attend a Discovery Day after only 2 weeks or so after first talking with them. Really? Really. That’s not the way to do it, people.
You should only attend a Discovery Day after you’ve done your due diligence, and have talked with and/or visited current franchisees of the chain you’re interested in becoming an owner with. You should be pretty much done with your research. You should have started one of these. You may have even contacted a franchise attorney.
Attending a Discovery Day is a crucial part of the franchise buying process. But, it needs to happen towards the end of it.
Not at the beginning.
Check out this Franchise Direct article-which includes a cool infographic.