What are Franchise Discovery Days?
Franchise Discovery Days (FDD) are when a franchisor meets potential franchisees who want to take up the franchise and wrap up the deal in the shortest possible time. Franchise Discovery Days are beneficial to both parties and help out franchises to be bought and sold in a two-hour setting. FDD are beneficial to the brand owner as he can sift from the crowd and chose those who can run his business successfully. It is an opportunity for the owner to discover potential investors who are not only willing but also able to run the franchise in the best possible way.
It’s a storehouse of information
FDD are great because a lot of information is shared during the session, and franchisees can directly ask the brand owner questions and get all doubts cleared. Sometimes the brand cannot divulge certain information due to unforeseen constraints. This is avoided at FDD, and the franchisee is happy with what he needs to set up the franchise and any expertise he would need.
Potential franchisees also feel assured by the presence of the brand owner and it shows that he is interested and available to speak to franchisees. Furthermore, information like operational processes, profitability, proven system, etc. is crucial to a first-time franchisee, and face-to-face interaction with someone who is constantly working on the scene is valuable.
When is the right time to attend?
The right time is as early as possible. The earlier you start, the better. This will give you a head-start and help you in your decision-making process. The Discovery Day will help you decide which franchise is right for you.
Mostly Discovery Days are attended by those who have already decided what they want to do, how much they want to invest, how they want to move forward, and in which direction their thoughts must flow.
Since the days are designed according to the potential franchisees’ convenience, a lot can be accomplished in a single day. Moreover, the franchisor and franchisee can think of the way forward if all things go well, in a short period of time.
In short, FDD helps you decide.
What is the next step?
Once you have decided on what you want, get in touch with the franchisor or brand and talk of how and when you want to start your franchise. The paperwork and other formalities may take time, depending on which country you want the franchise in. Clearing all kinds of red tape is also essential in countries where the process takes time, usually when too many legalities need to be followed. Make sure you cover the following details.
- The size of the franchise market in your country.
- The support available in the operation of the franchisees business
- The Return on Investment (ROI)
- The investment options
- The training, both before starting and ongoing
- The benefits of and access to information from the franchisor
- Any ongoing mentoring program
Make sure you get the most out of your FDD, and prepare yourself with as many questions as possible. It is better to be clear about the potential franchise early on.