The Benefits of Holding a Franchise Discovery Event
Discovery events have long been among the best ways for franchisors to uncover and get to know potential franchisees. They are sometimes held by invitation at a corporate headquarters, other times at a hotel or conference center, or sometimes at an existing franchise location. Whatever the venue, there are three major benefits to both franchisors and franchisees to holding a discovery event.
Potential franchisees will learn about the franchise brand
For enterprising aspiring business owners, there is no better way to learn more about a franchise than a discovery event. This is a great chance for them to ask specific questions that will address their questions and concerns about the company, franchise financing, and corporate expectations. They will also have the chance to learn and understand branding materials and the thinking behind them, as well as some best practices and procedures.
Franchisors can lay out the opportunity
On the other side of the table, at a discovery event, franchisors have the rare chance to demonstrate the opportunities and expectations for potential franchisees in both group and one-on-one settings. In this digital age with search engines and social media at the fingertips of every potential franchisee, it is critical that the franchisor makes a presentation that is compelling, memorable, and personal, with takeaways that can’t be found online.
Sometimes discovery events begin with a group presentation, which is fine, but they must follow up with the chance for potential franchisees to meet individually with a representative of the company who can field questions and share their stories. It is very helpful to have successful franchisees already active in the company to participate in discovery events. These people are the perfect touchstone to set a relatable example for potential franchisees.
Franchisors can evaluate potential franchisees
The franchisor/franchisee relationship lives and dies off trust. Another huge advantage of a discovery event is that the franchisor gets to use their gut instinct and look the potential franchisee in the eye while evaluating their worthiness to join the company. Their resume and qualifications are, of course, the primary criteria. But their behavior and demeanor may lead to important and revealing questions about their experience, philosophy, and management style. Just as in a formal job interview, it is important to keep questions relevant and appropriate. A skilled franchisor will be able to ascertain a great deal about the potential franchisee in a conversational manner that helps both sides learn about each other.