Mayweather Boxing + Fitness franchisees share their advice for prospective franchisees on the top things to know before heading into a Discovery Day.
Attending a brand’s discovery day and deciding whether to become a franchisee of that brand are both momentous decisions that shouldn’t be taken lightly by prospective franchisees. Those who want to sign on with a franchise should make sure they complete their due diligence before they even attend discovery day to ensure every one of their questions has an answer in order to make the best, most informed decision possible.
Franchisees Sara McSpedon and Dan Page both joined fitness franchise Mayweather Boxing + Fitness in 2019. McSpedon is currently building out five units in downtown Chicago and Page has two locations under development in Florida’s St. Petersburg and Sarasota markets.
McSpedon signed on with Mayweather Boxing + Fitness because as an entrepreneur and someone with a strong passion for fitness and boxing, she saw the concept as “a perfect fit in the fast-growing studio fitness space for individuals looking to improve their health and wellness.”
Page, a veteran energized by seeing others succeed, signed on “for the brand promise and, most importantly, the people behind it.” He shared that, with Mayweather Boxing + Fitness, he will be able to positively impact the lives of his team and gym members “who are all working to get healthier, both physically and mentally.” Both enjoyed meaningful discovery day experiences that helped inform their decision.
Based on McSpedon and Page’s insight, here are five things franchise candidates should do to prepare ahead of attending discovery day.
Know the brand basics
Ultimately, a franchisee acts as a brand’s boots on the ground, so if the franchise candidate is not completely aligned with the brand’s mission, they might want to look for a different concept.
A prospective franchisee should first research the franchise’s overall concept, brand and programming before attending discovery day, McSpedon said in an email.
“Because the franchisee is representing the brand in a local market, it is essential that the individual or group is comfortable being that brand’s ambassador,” McSpedon wrote. She added that it is critical for the prospective franchisee or group to “understand all aspects of the financials, not just the capital needed to create and execute, but also the cost structure due to the franchise upon operation.”
Research, research, research
Before attending discovery day, a prospective franchisee should do their homework on the franchise’s services and its competition in their market, as well as complete brand and financial due diligence, Page said in an email.
“Discovery Day should be about getting to know how the franchise will operate and how it will work with a franchisee on their journey, specifically the people and processes,” Page said.
Comb through the brand’s online presence
A simple Google search on a brand can go a long way in educating a prospective franchisee. Third-party validation can educate a prospective franchisee about a brand from an outside perspective and help them determine whether they should even consider franchising with the brand.
McSpedon noted that the group or individual looking to franchise with a brand “should do their own web research for the concept, brand and programming information.” This, she said, includes reading media articles, thoroughly looking through the brand’s website, browsing relevant social media and watching videos.
“For the financial element, creating a basic proforma based on your knowledge of the industry is key to understand the ROI from the start-up costs,” McSpedon said in an email.
Draft your questions in advance
Discovery day is sometimes just that—one day. Everyone involved, from brand executives to franchise candidates, will likely be in a time crunch, which is why prospective franchisees should make sure they use this time wisely and ask the right questions.
“Do the research and ask the corporate team questions for clarification on any elements of brand, team and financials,” McSpedon said in an email. “You want to believe you can successfully own and operate the franchise prior to attending the discovery day.”
Page advised franchise candidates to have their final, well-thought-out questions written.
“You experience so much at Discovery Day and have access to every resource, so make the most of it,” he said. Page also advised prospective franchisees to make sure they interact with corporate team members, as well as those at the flagship operation.
“Getting a sense for the culture and the mindset of all aspects of the business, and how you will fit in, will help you make your decision,” he wrote in an email.
Know what the brand promises its customers
Prospective franchisees should be aware of the brand’s mission and what it promises to offer clients and customers. If franchise candidates do not feel they’d be effective in delivering results, they might want to consider other franchise opportunities.
“Core research should include an understanding of what the brand promise will be to the customer and how that fits in the marketplace,” Page said in an email. “With Mayweather Boxing + Fitness, that brand promise is to deliver an immersive training experience utilizing industry-leading technology and content based on the system that propelled Floyd Mayweather to an unprecedented 50-and-0 career.”
By doing as much research as possible ahead of time, including third-party validation and due diligence related to brand financials, prospective franchisees can make the most of discovery day and ensure they are making an informed decision.