What is a franchise discovery day?

If you’re considering a new franchise opportunity, a discovery day is one of the most important steps in your decision-making process.

But what actually happens on the day, and how should you prepare? We asked franchise experts to explain what prospective franchisees should know…

What is the purpose of a discovery day?

A discovery day serves two main purposes. John Pratt, senior partner at specialist franchise firm Hamilton Pratt, explains: “The first is to give you as much information as possible concerning the franchise opportunity. Bear in mind that the franchisor is trying to sell the franchise, so treat what they tell you with suspicion and check it out.”

The second purpose of a discovery day, according to Pratt, is for the franchisor to assess whether you are a good fit.

How should I prepare for a discovery day?

Preparation is key. Alan Wilkinson, head of franchise development at The Franchising Centre, recommends doing thorough research.

“A discovery day should provide an opportunity for you to find out all the details about a brand and give you enough information to start to make an informed decision on whether or not to invest.”

Wilkinson stresses the importance of understanding both the franchise and its competition: “A prospective franchisee should properly prepare for the meeting. This should involve doing a lot of research on the brand and preparing a list of questions.

“In addition, you should research other franchises in that sector and compare and contrast the benefits of each. This often throws up some good questions to ask during a discovery day.”

He also notes that knowing your local market can impress the franchisor. “At the end of the day, the franchisor may be the expert in their field, but they’re unlikely to know and understand your local region as well as you do.”

What kinds of questions should I ask?

There are two main areas to cover at a discovery day: operational aspects of the business and franchising support. Wilkinson explains: “You want to know if the business itself would work for you and also how you would be supported as a franchisee.”

Pratt adds a simple but important rule: “You should remember the golden rule in picking a franchise, which is never to hold back in asking whatever questions are troubling you.”

Why might a franchisor want my partner to attend?

Franchising isn’t just about the franchisee – it’s often a partnership. Louise Harris, principal at Franchise Projects, explains: “Good franchisors will want to meet a partner, as running a business can be hard work. However much support is offered by a franchisor, partners are there for the long haul and their support day to day is equally as important.”

She also highlights the value of a partner’s perspective. “A discovery day also allows a prospective franchisee a second opinion from someone who knows them – warts and all. Franchisors find that partners are especially honest.”

“The ultimate goal is that all parties are as satisfied as possible that the franchise partnership is the right one for them.”