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First, what is a "Discovery Day?"
"Discovery Days" are a key part of the franchise buying process. These events enable wannabe franchisees to learn about the franchise they’re about to purchase in-depth.
Traditionally, Discovery Days are held in person at the franchise company’s headquarters, where office visits and tours of the facilities are arranged. Some franchise locations currently in operation can also host Discovery Day events. There’s usually meet and greets with people who are major players in the franchise, such as corporate executives and franchisee support staff. It’s also a way for incoming franchisees to meet and develop relationships with each other as well.
The Shift from "Regular" Discovery Days to Virtual Ones
However, in the days immediately after COVID-19 began to blanket the world, franchisors needed a way to continue meeting with potential franchise owners without physically meeting with them. Enter virtual franchise discovery days.
For example, United Franchise Group (UFG), a major player in franchising with over 1,600 locations in more than 80 countries across all of its brands, jumped on the trend immediately. In April 2020, the first full month of social distancing methods in the United States, UFG was scheduling 35+ virtual franchise discovery days per week for its brands. They were so successful, the company noted that the virtual option is “cost-effective, practical, and preferred by many prospective investors.”
(If you’re interested, UFG’s franchise brands are currently seeking franchisees. Check them out at the following links: Experimax, Fully Promoted, Jon Smith Subs, Signarama, The Great Greek Mediterranean Grill, Transworld Business Advisors, and Venture X.)
Realizing the trend, the Titus Center for Franchising at Palm Beach Atlantic University held a webinar recently to discuss best practices for a virtual discovery day. Below are a few keys to having a successful virtual discovery day for prospective franchisees. The featured speakers were Ryan Zink of Franchise FastLane, a company that represents 14 franchise brands, and Ray Titus, CEO of UFG.
(Again, if interested, you can check out some Franchise FastLane clients currently seeking franchisees, like fitness franchises Bodybar Pilates and Spenga.)
Tips to Maximize Your Virtual Discovery Day
Be Sure of Your Readiness, You’ll Be Vetted before You Get an Invitation
Just as with a face-to-face discovery day, franchises don’t want to waste the time of their sales team or you as the prospect if the basic qualifications for franchise ownership haven’t been met.
“No one’s doing a discovery day unless we have an application in and they’re qualified to own a franchise,” says Titus. Zink adds, “We talk [beforehand] about whether [prospects] are emotionally, mentally, financially ready to purchase a franchise.” Ideally, Zink mentioned he would like for franchise prospects to be within 10 days of making their final buying decision when signing on for a discovery day.
Block Out Your Time
Expect to spend at least two-and-a-half hours doing a virtual discovery day, but it could last up to five or six. But you won’t be tied to your computer the whole time. Typically, there’s a break every 30 to 40 minutes.
The exact format will vary from franchise to franchise. UFG prefers to keep their virtual discovery days as one-on-one meetings. With the Franchise FastLane brands, it’s more of a group setting until the one-on-ones between the candidate and a franchise executive at the end.
Be Prepared to Speak with Important Players
“To make it convenient for you, the CEO is there. [Attendees are] going to have an individual conversation with the president of the brand, the CEO, the marketing director of that brand, the trainer of that brand, and maybe a couple of others depending on that brand,” says Titus.
For the brands Zink is involved with, the one-on-ones last approximately 20 to 30 minutes a piece, and can consist of key leaders of the franchise as well as vendors. Have your questions about franchise operation ready.
Remember You’re Being Interviewed, Even When You’re Not
Franchises are using these virtual discovery days to learn more about you too. “Let’s see how good people interact via technology. Are they good with technology? Do they know how to work the camera? Do they have good audio?” Those are a few questions Zink has on his mind through the process.
Zink and his team are also looking for other things as well. “What’s going on when they ask questions? There’s a raise your hand feature [in the system]. We get to hear how articulate they are in asking the question. Are they spot on with asking the question? We require them to keep their video on. We want to see their physical reactions.”
Is it as good as the "regular" Discovery Day?
Initial indications are that the quality of the meeting is just as good as a traditional Discovery Day, maybe a little better.
“My first thought was that with these discovery day tours [done] electronically, the quality [of franchise candidate signed] was going to be much lower than our face-to-face. It’s not been the case at all,” says Titus. “I have no idea why that’s the case.”
However, Titus did emphasize that we’re still early in the process and there’s not a lot of data. “There are a lot of positive signs that this could be a new norm, but there’s also a lot of unknowns,” he says.
So if you’re ready to buy a franchise, don’t let the fact that a face-to-face Discovery Day can’t happen right now deter you. According to the experts, it’s a great time to buy and get acquainted with the franchise you want to run. In some cases, training can happen online. That way, when things open back up, you’ll be ready to hit the ground running.