Franchising: Prepping for Your Discovery Day

A franchise discovery day is a day in which you can find out more information about a particular franchise. Franchisors will often host these discovery days as a way to entice new business owners to get involved with their companies. If you are going to attend one of these meetings, you need to take the proper steps so that you can have a successful experience. Here are a few things to consider about discovery days and how to prepare for one.

Discovery Day

If you have contacted a particular franchisor about more information, they might invite you to a discovery day. In some cases, they will host this event at their corporate headquarters. In other cases, they will host these events in many areas around the country so that they can increase effectiveness. A discovery day involves an informal meeting that you can go to for free to listen to a business presentation. Some of these meetings will require registration, while others allow you to enter freely. At this presentation, you will find out all of the basic information about becoming a franchisee. They will tell you about the basic products and services that they provide to customers. They will also give you specific information about how much it costs to become a franchisee and what you should realistically expect from being an owner.

Do Some Research

Before you go to a discovery day, you should conduct your own private research. Even though you will be presented with a great deal of information from the company, you cannot fully rely on it. Since they are trying to get you to become a member of their business, they will obviously present the information in a manner that seems positive. They will not tell you about any of the negative aspects of owning a franchise. If possible, you should go to a local franchise and try to talk to the owner. You should also do some research online to find out if anyone has had any complaints against the franchise.

Prepare Questions

You also need to spend some time thinking about questions that you want to ask. During a discovery day, you should have the opportunity to ask questions of your presenter. This time can be a great opportunity to get answers that you were not able to find on your own. 

Financing

If you are seriously considering getting involved with this business, you should try to figure out how you could finance it before getting too far along in the process. This might include talking to a lender or even getting preapproved for a business loan. Talk to some people in your area to see how they were able to get financing for their businesses. If you are serious about getting involved, you need to have some idea of how you will pay for the business. You should also ask about financing at the discovery day. Many franchisors have financing options that are available for new owners.

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