Buying into a Canadian franchise is a big investment,...
Your "discovery day"--or weekend--is when you are able to visit
a prospective Canadian franchisor's headquarters for a closer look
at the brand. This time is important because you have the chance to
evaluate your potential brand in action and ask some deeper
questions before you legally commit. To get the most out of this
opportunity, you'll want to bring along a list of questions that
include the five crucial ones below.
Who am I dealing with?
This may be one of the most fundamental questions you'll have.
When you visit a brand's headquarters, you'll have the chance to
connect with the franchisor's team and see if you can imagine
yourself as a part of it. Since you've already done the online
research and other cut-and-dry things as part of your franchise
search so far, this is a time to connect with the leadership team
and other franchisees and go a little deeper.
What do the other franchisees have to say?
You'll likely see testimonials from established franchisees
during your discovery day. More importantly, you'll also be able to
speak to some of these franchisees about their own experiences and
connect with other franchisees for more discussions later.
How is the franchisor going to support me?
Even if you see the management team is engaged and helpful
during your discovery experience, it's important to confirm this
support is going to continue over your entire time with the
company. Ultimately, these are the people who will be your
day-to-day support, so you want to know all of them--from the vice
president to the tech director.
Will I make any money?
Investing in a franchise is a huge commitment, so you'll want to
prioritize questions related to your return and costs and expenses.
You should also dig around their plans for the future--does the
franchisor have a long-term plan for success or is it just simply
looking to add locations?
How does the brand remain relevant in its industry?
During discovery day, it's time to find out how the leadership positions itself in its industry and what they are doing and going to do to stay in front of the competition. A franchisor that isn't keeping an eye on the competition is one that is likely to struggle down the line.
When you are ready for and engaged in the discovery day
experience, you can foster a transparent and open dialogue between
yourself and the franchisor. This will allow you to make an
informed and confident decision on what to do next.