Franchise Discovery Day: What Is It & How Do I Prepare?
Franchise Discovery Day: What Is It and How to Prepare
Opening a franchise is an exciting journey filled with research, meetings, and countless important decisions. One pivotal step in this process is Franchise Discovery Day, a day when you have an in-person visit to a franchise you are considering to gain a deeper understanding of the business and gather essential information to make your final decision.
Understand Franchise Discovery Day
Discovery Day is a significant milestone in the process of exploring franchise opportunities. It marks the transition from conducting research and engaging in discussions with franchise representatives to having a face-to-face meeting. It is specifically designed to provide you with insights into the franchise system and its culture.
Typically, Discovery Day occurs after you have initial discussions with the franchisor and express serious interest in the franchise opportunity. It is a time for both you and the franchisor to evaluate each other to determine whether you are a good fit. At this point, you will have already reviewed the franchise disclosure document (FDD) and have a solid grasp of the FDD’s contents. The FDD contains vital information about the franchise's financials, history, franchise agreement, and more.
Prepare for Discovery Day
Preparation is the key to making the most of Discovery Day. Before you arrive at the brand’s corporate headquarters, develop a list of well-considered questions that you intend to ask. Focus your questions on areas that are particularly important to you, such as the franchise's training and support, your territory, ongoing fees, and marketing support. Take the time to familiarize yourself with the franchise's website, social media presence, and any recent news or press releases about the company. Demonstrating that you did your homework will showcase your genuine interest to the franchisor.
Here are some potential questions to ask in a franchise interview.
- What sets your franchise apart from competitors? Gain an understanding of the franchise's unique value proposition and competitive advantage.
- What does the initial training program encompass? Obtain details about the training program provided to new franchisees to determine if it is sufficient.
- Explain your territory specifications. Learn about the territory where you will operate to determine if it is the right market for the business.
- What marketing and advertising support is offered? Explore the marketing strategies and tools the franchise provides to facilitate your business growth.
- What are the ongoing fees and royalties? Understand your financial obligations, including any ongoing fees, to ensure they fit your budget.
- How are technology and software managed? Ensure the franchise is up to date with the latest technological solutions.
- Tell me about your corporate culture. Learn more about the franchise's corporate values and culture to determine if they align with your principles.
Before reaching Discovery Day, consult with a franchise attorney and financial advisor to conduct a comprehensive review of the legal and financial aspects of the franchise agreement and FDD. They can help identify any potential concerns or red flags.
It is also a good idea to conduct validation by reaching out to existing franchisees within the network to gain insights and firsthand experiences. Current franchisees can provide invaluable information that may not be readily available through official channels. If your franchise has brick-and-mortar storefronts, pay a visit to one or more of the existing locations. Seeing the business in action will give you a tangible sense of operations and the potential for success in your chosen territory.
AtWork: A Competitive Advantage in Staffing Franchises
AtWork brings more than 30 years of staffing industry experience to the franchising world. With a solid reputation and more than 90 existing locations, AtWork offers franchisees the opportunity to benefit from the brand's national recognition and expertise. Before AtWork’s potential partners attend Discovery Day, they take part in a call with president and COO Jason Leverant. During the call, you will discuss your background, goals, budgets, geographic territory, and next steps.
AtWork franchises offer various staffing services, including temporary, temp-to-hire, and direct-hire placements across multiple industries. The staffing industry is forecast to grow by 3% in 2024, according to a report by Staffing Industry Analysts (SIA). Businesses turn to staffing companies to access talent and achieve workforce flexibility. Workers rely on staffing providers as a placeholder between jobs or to help secure a permanent role. American staffing companies hire 14.5 million temporary and contract workers per year. This year, AtWork was named one of the best staffing agencies to work for by SIA.
Unlike larger staffing firms that might adopt a one-size-fits-all approach, AtWork focuses on tailoring solutions to meet the specific needs of clients and candidates alike. AtWork’s personalized touch ensures a higher level of satisfaction and better matches between employers and employees.
AtWork franchisees can trim initial investment costs by taking advantage of the work opportunity tax credit. AtWork’s support services allow you to focus on building your business. The staffing franchisor takes care of payroll funding, invoicing, client payment processing, garnishment management, tax filing, and payments.
Learn More About AtWork
Get started to begin your entrepreneurial journey and learn more about partnering with AtWork to launch a business in the high-demand staffing industry. It is never too early to start preparing for Discovery Day.
