So, you’ve decided to look into the possibility of owning your own business, and you think franchising is the right road for you. Challenging choice, but hopefully a great one! If you’ve never owned a business before, moving forward, you may be wondering how to determine whether the franchise brands you’re considering have an adequate discovery process. After all, you want to identify which franchisors won’t be a good match for you during that process.  

Any good franchise system should have a comprehensive discovery process to ensure franchisees candidates are well-informed and aligned with the brand’s values, expectations, and operational requirements. In this article, we look at some of the key factors of what that process should entail. 

Initial contact should include pre-qualification.  

Of course, there are many important signs to look for in your early days of contact with a brand. Timely, professional responses from dedicated team members, for example, give a great indication as to what dealing with corporate head office would be like, if you chose to move forward.  

Even more importantly, this early stage should include pre-qualification from the franchisor. Just as you are vetting them, they should be vetting you. This will look like screening to assess financial capacity, business experience, and alignment with the brand’s values. 

Information transparency.  

From the get-go, a good discovery process includes transparency of information about the franchise and investment process. You should receive detailed document packets, including a Franchise Disclosure Document (FDD). This is legal document that provides a comprehensive overview of the franchise, including fees, obligations, and the franchisor’s history. 

Likewise, early discussions should leave you feeling like all your questions have been effectively answered, with none of your concerns avoided.  

Discovery Day. 

Every franchise discovery process should have a ‘Discovery Day’ – whether virtual or in person. These hold several important purposes, including but not limited to: 

• Mutual evaluation – meaning both the franchisor and franchise candidate can assess whether they’re a good match.  

• Providing a deeper understanding of the business – candidates get a firsthand look at the day-to-day operations of the franchise, helping them understand the processes, challenges, and expectations, as well as the overall company culture.  

• A meet the team opportunity – allowing candidates the chance to meet and interact with key personnel and support staff, helping them gauge the expertise and support they will receive. 

• Clarifying doubts – allowing candidates to scope out any remaining concerns they may have.  

• Product/service familiarization – allowing candidates to see a more detailed look at the products or services offered. 

• Providing decision confidence – serving as an important step before signing the franchise agreement, providing both the franchisor and franchisee with confidence in their decision. 

On top of a comprehensive Discovery Day, a good discovery process usually includes preparatory materials for the day of, as well as additional webinars and educational opportunities to help cement that decision confidence.  

In conclusion… 

During the discovery process with a franchisor, you should feel supported by a dedicated team throughout every interaction, as well as be provided with ample opportunities to ask questions, address concerns, and learn as much as possible.  

You don’t want to invest in something you’re not confident about. Ultimately, the discovery process should leave you feeling confident and excited about the next step in your life.