How to Buy a Franchise: Attending Your First Discovery Day

At some point in your journey toward becoming a franchisee, you’ll most likely be invited by the franchisor to attend what’s commonly known as Discovery Day. This event provides potential franchisees with a firsthand look into the franchisor’s operations, culture and overall business model. 

In this installment of the “How to Buy a Franchise” Masterclass, 1851 Franchise publisher Nick Powills sheds light on what you can expect from your first Discovery Day. 

What to Expect 

Many franchisors hold Discovery Day events as a way to facilitate a deeper connection between potential franchisees and the franchise system. They will use this as an opportunity to introduce their leadership team and showcase the inner workings of their franchise model. 

“This is your opportunity to go and see the franchisor in their environment,” said Powills. 

As mentioned in a previous Masterclass, the franchisor will also be using the Discovery Day to evaluate you and other potential franchisees. Just as you will be reviewing the brand, they too will want to ensure that the entrepreneurs who are considering joining their system align with the brand’s overarching values. 

Some franchisors may also invite you out for a meal, which can be a more relaxed and informal way of fostering a connection. However, it’s important to stay on your toes as this informal setting still plays a role in the overall evaluation process. 

Ultimately, use Discovery Day to solidify your understanding of the franchise system. This is your time to make sure the brand is willing and capable of supporting you and your potential business in exchange for your franchise fee and an ongoing royalty. Be prepared, bring questions and come to the table with a game plan that shows that you’ve thought this through. 

“Prove to them that you want to be a part of the system,” said Powills. 

Are you in the process of seeking out franchise opportunities? We can help! Check out https://1851growthclub.com/ for more information.