Discovery Day is typically done face to face. This is when the potential franchisee connects with the franchisor at their corporate office to learn more about them. Further, this time is primarily to ask all your important questions to your franchisor before you make your buying decision. You can review some tips to succeed at the franchisor interview to make the best of it. However, like many other meetings, Discovery Day too is now virtual. Below are some virtual discovery day guidelines to help you prepare for a successful meeting.
We share some insights from a recently held webinar by the Titus Center for Franchising at Palm Beach Atlantic University. The featured speakers were Ryan Zink of Franchise FastLane, a company that represents 14 franchise brands, and Ray Titus, CEO of UFG (United Franchise Group).
It is essential to do a pre-check on the basic qualifications to own a franchise. In other words, an application with details on the qualifications must be submitted prior to the meeting for approval. This application includes details on the emotional, mental and financial ability to invest in the franchise. Ideally, Zink mentioned he would like for franchise prospects to be within 10 days of making their final buying decision when signing on for a discovery day.
The time for a discovery day meeting can vary between couple of hours to six hours a day. This does not mean, you will be glued to your seat. There will be ample breaks every 30 or 40 mins. There is no exact format for these meetings. So it can vary between different franchises. UFG prefers to keep its virtual discovery days as one-on-one meetings. With the Franchise FastLane brands, it’s more of a group setting until the one-on-ones between the candidate and a franchise executive at the end.
You will at some point be facing the key leaders of the brand on a one to one questions session. This includes the president of the brand, the CEO, the marketing director of that brand, the trainer of that brand or similar roles. Write down in advance all the questions that you have with regards to the financial or operational systems. You will probably have close to 30 mins for each meeting.
The virtual discovery day helps you interview the shortlisted franchises. Likewise, it is also the franchisor who is constantly watching and judging your behaviour during the meeting. This includes the following. How good you are with technology? Can they set up the audio and video well for the meeting? Is the candidate using the “raise hand” feature to ask a question? Even the way you ask a question with clarity can have an impact on the impression you leave for the interviewer.
Are the virtual discovery day meetings better than the normal face to face discovery days? There are many advantages in terms of lower cost and better time management with the virtual setup. However, since it is has been a recent trend, it is too early to predict if this will be a future norm. But nevertheless, most of the above virtual discovery day guidelines apply for normal discovery days too. And since now is a good time to research and invest in a profitable franchise, virtual discovery days come in as a useful solution.
Source: Franchise Direct
Read: Tips to Consider in Buying a Franchise for additional information
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