Franchise Discovery Day: To Clinch A Deal?

Discovery Day presents a make-or-break moment for many would-be franchisees. Related: Franchise Discovery Day: A Franchiser’s POV For Megan Yu, a visit to the franchise parent company of Signarama, United Franchise Group, in West Palm Beach, Fla., helped seal her decision. Of course, by this time, she and her partner, Andy Yu, her father, had already spent almost six months researching businesses they might open in Ann Arbor, Mich. Casting a wide net at first, they looked at all options, including purchasing an independent business. They chose a franchise because they liked all the support and training offered as part of the deal. “For me it was the one-on-one interactions with the owners that was huge,” Megan said. Meeting other franchisees who shared their own experiences and offered a ready support network raised Megan’s comfort level with this new business. During a carefully choreographed Discovery Day, Megan was greeted by her “host” at her hotel and taken to company headquarters, where she met with current franchisees, technology, and financial support staff. She toured a “brand new, state-of-the-art training facility,” all of which convinced Megan this was the business for her. Franchise Discovery Day will either reel you in with a display of stellar services and support staff or you’ll discover something about the franchisor that sends you to the exit with a feeling of doubt. For example, you may find the CEO has recently changed and you’re not sure about the transition. Or perhaps, you’ll discover you don’t like the support staff. For Megan and Andy, the advantage of a franchise, with all the systems in place to help them through the start-up phase, eventually won out over other options. Megan, 29, who had been working as a manager of a retail store, gave her month’s notice soon after the Franchise Discovery Day. “It boils down to having a world-recognized name and, of course, corporate support,” said Andy Yu, 56, a retired engineer. “We don’t want to get into all these miscellaneous details that will consume all our time and effort.” So, instead of figuring out how to negotiate the best lease agreement, select office furnishings, stationery, and myriad other necessities of their new operation, Yu said, they could spend their time on activities, like sales and marketing, that have more direct impact on the bottom line. They hope to open their new sign-making business by late September. So, how do you prepare? Said Yu: “Do your homework.” Before you even arrive for Franchise Discovery Day, you should:


Do A Comparison Study

Look at a multitude of business types that might suit your experience, interests, and lifestyle.

Read The Franchise Disclosure Document

Federal law requires franchise companies to disclose much useful data, from a list of all their franchises to detailed financial information. Read through this carefully.

Research The Market

You should be confident this business type will work in your location.

Talk To Franchisees

Interview as many as possible to hear about the franchise company’s support systems and how helpful these are. Then, when you get to Franchise Discovery Day, you’re armed with highly educated questions that will enable you to learn if this really is the team you want behind your new business.

Related Posts

Think You’re Ready For A Franchise Discovery Day? Not So Fast Worried About Starting Your Own Business? Try A Franchise The Image Factor In Buying A Business

About the author

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-5489. Disclosure: This post is sponsored by a CAREEREALISM-approved expert. You can learn more about expert posts here. Photo Credit: Shutterstock

If you saw our first video, you might have heard about the awkward situation one of our viewers, Diane submitted. She has recently worked with a co-worker on a group project. When it came time to present the project at a meeting, Diane let her co-worker present. While it went great, the co-worker proceed to take credit for nearly all of Diane's work. Frustrating to say the least!

SHOW MORE Show less

In this week's episode of "Well This Happened", we want to know what you would do if your co-worker took credit for the work you did...right in front of your colleagues AND boss!

We want YOU to be the career coach and tell us which one is the RIGHT answer!

Think you know? Vote below, and stay tuned for later this week when we announce the right answer (and why the other ones are wrong).

SHOW MORE Show less

If you saw our first video, you might have heard about the awkward situation one of our viewers, Cam submitted. He's been working at a job for awhile, but recently overheard a hiring manager making fun of a candidate with autism right after an interview-not only awkward, but VERY unprofessional!

SHOW MORE Show less

In this week's episode of "Well This Happened", we want to know what you would do if witnessed a hiring manager at your organization making fun of a candidate who they had just interviewed who had autism.

We want YOU to be the career coach and tell us which one is the RIGHT answer!

Think you know? Vote below, and stay tuned for later this week when we announce the right answer (and why the other ones are wrong).

SHOW MORE Show less

Starting a family is one of the biggest milestones in a person's life. It's in those first few months when a parent can really bond with their newborn and make lifelong memories. However, for some new dads, it can be difficult to juggle being a new parent while remaining dedicated to their career.

Fortunately, some companies have generous paternity leave policies that give new dads the ability to take time off of work to stay home with their child.

SHOW MORE Show less

There are LOTS of questions around resume dos and don'ts. There's so much advice out there that it can be overwhelming to try and figure out what's the correct answer.

During our weekly live Office Hours on YouTube, two of our coaches, Ariella Coombs and J.T. O'Donnell, answer questions live from viewers related to their job search, career success, on the job situations and more.

We complied a simple list of what we find to be the most common questions our coaches get about resumes. We hope you find this helpful.

Let's start with the basics...

SHOW MORE Show less

Back in March, we made the hard decision to change our private Facebook group of over 37 THOUSAND members to a fee-based only platform.

SHOW MORE Show less

In this week's episode of "Well This Happened", we want to know what you would do if a recruiter called you a day EARLY for your phone interview (and you were NOT PREPARED!)

We want YOU to be the career coach and tell us which one is the RIGHT answer!

Think you know? Vote below, and stay tuned for later this week when we announce the right answer (and why the other ones are wrong).

SHOW MORE Show less