In pursuit of franchise marketing and business growth, most franchisors will organize some sort of franchise Discovery Day. Some franchisors may choose to have a different term for this event but it all pretty much points to the same thing with similar objectives.
What Happens During A Franchise Discovery Day?
The Franchisor will organize and put on a franchise showcase for prospective franchisees to gain a more intricate understanding of the business and franchise system. Furthermore, a Discovery Day will also provide the opportunity for both franchisor and prospective franchisees to interact with each other and gain insights into the people they could potentially go into business with. But while the franchisor is evaluating prospective franchisees, it also works the other way.
As A Franchisor
From a franchisor's perspective, the key objective is probably to 'wow' the audience by highlighting the unique selling proposition of the business and advantages of taking up the franchise. Throwing in interesting facts about both the business and franchise definitely helps too. As the Discovery Day will be conducted at either the corporate headquarters or a company-owned unit, lead the prospective franchisees around on a tour for a better overall show-and-tell experience but have in place preventive measures to protect any proprietary knowledge that should not be disclosed at this point.
As A Prospective Franchisee
From a prospective franchisee's perspective, it is important to understand exactly what is on the table for acquiring the franchise. Other than potential financial gains or costs, perhaps most notable considerations relate to type of support provided by the franchisor, and roles and responsibilities of each party. Furthermore, it is always advantageous for prospective franchisees to come up with their own set of questions for the franchisor as this will ensure a clearer view point. Most of the time, this is where prospective franchisees establish a decision point whether to take up the franchise.
End Of Discovery Day
At the end of the Discovery Day, the franchisor will be looking for prospective franchisees being ready to sign the franchise agreement while prospective franchisees will probably still need more time to come to a decision. As with all business dealings, both parties have to be open with each other to move forward. What's important is for all parties to clear their doubts so as to avoid any unexpected curve balls after the franchise agreement has been signed.