Seize the franchise discovery day
If your franchise is in a period of growth and you want to make the most of your time while generating a buzz among your new franchisees, a franchise discovery day could be the ideal way to promote your brand, get your newly onboarded franchisees excited, and help them develop a professional network.
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What is a franchise discovery day?
A franchise discovery day is a planned event in which new or pre-screened prospective franchisees are invited to visit the franchise's headquarters to learn more about the business and meet the executive team and other franchisees who, like them, are just starting out with the business.
These events are operated on an invitation-only basis, with only qualified candidates who meet the needs and financial requirements of the franchise being invited to attend. The franchisor will usually prepare a number of in-depth presentations, meetings, tours and opportunities for franchisees to ask any questions they have.
A franchise discovery day is an excellent opportunity for prospective franchisees to immerse themselves in the business, meeting with its owner and executive team and having the opportunity to have their questions answered. It is also a convenient way of inducting new franchisees as it can address a multitude of needs in one day and at one location, minimizing the training burden and the costs associated with hosting multiple events.
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Prerequisites of a franchise discovery day
To get maximum benefit from a franchise discovery day, it is important to only invite new franchisees or prospective franchisees who are pre-screened and deemed to be appropriate candidates for joining the business.
Invitees should be familiar with the franchise disclosure document and franchise agreement. They should also be bound by confidentiality terms to protect any proprietary information they will be exposed to during the course of the franchise discovery day.
Attendees should be sufficiently prepared for the day, with a list of questions that they wish to have answered. They should maintain this list throughout the day as many questions will likely be answered during the tour, introductory discussions and other planned events. They will need the information that they learn to support a later business case if they wish to proceed with becoming a franchisee.
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What happens after the franchise discovery day
During the event, the franchisor and their executive team will assess the attendees to determine which ones they believe are most suitable to join the business. After the event, they will approach prospective candidates to confirm whether they wish to proceed, fully understand the concept of the franchise and are prepared to sign up.
The candidate will need to decide whether they wish to become a franchisee. If they want to proceed, they should consider appointing a franchise lawyer to support them with the legalities involved in formalizing the arrangement.
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