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Posted:29-December-2015

Delving deep into franchising: The truth about a Discovery Day

Many franchisors hold Discovery Days but what are they? Should I expect a heavy sales pitch? Are you asked to sign on the line there and then?

In line with the British Franchise Association Guidelines we look at what Discovery Days actually entail, what information you should receive, how we (at TaxAssist Accountants) conduct them and what the next steps are after a Discovery day.

Discovery Day

Discovery Days are designed to allow the prospective franchisee and franchisor to meet face to face.

For the prospect it is a chance to take a good look around the franchisor’s headquarters and to meet the people who’ll be supporting them should they join the franchisors network. For the franchisor it is a chance to meet their potential franchisee, if they are right for the network, and to show them what a great opportunity is on offer. A Discovery Day can either be held in a group or 1-2-1.

What should you expect?

Franchise candidates shouldn’t expect to discover anything negative; if you knew you were having company visiting your home, you’d make sure your house was in order.

Likewise, prospective franchisees should remember that most discovery days are primarily designed to impress them and to allow them to get to know the franchisors business model. At TaxAssist we believe in honesty, openness and transparency and that you shouldn’t take our word for it but speak to our existing franchisees.

We recommend to all our prospects that after attending a Discovery Day they should call or visit franchisees in their surrounding area, from all backgrounds and levels of franchising experience, to get a real feel for the business. Existing franchisees are ideal to speak to as part of your due diligence as they are already running the business and have been through the franchisors recruitment process.

What happens at a TaxAssist Discovery Day?

All our prospective franchisees have to attend a Discovery Day as we will face-to-face meetings before considering your application. It’s a great opportunity for the prospective franchisee to meet the franchisor to see if they are right for the franchise and if the franchise is right for the prospect.

A TaxAssist Discovery Day is a non-pressured, informative and free of charge event. You should not have to pay to attend a Discovery Day as this is your chance to find out about the business model and franchise offering.

Top Topics for Discussion and all the things you would find on a TaxAssist Discovery Day are:

    • Franchisor History
    • What’s do you receive for your franchise fee
    • The Franchisors Network
    • Plans for growth
    • Find out about awards the franchisor may have received
    • The support the franchisor will provide to make your business a success
    • Bank funding and business plans (we also bring in a Relationship Manager from a top bank to discuss funding with you)
    • How to market and develop your business successfully
    • And anything else you would like to know! (We are here to provide you with fact not fiction)

And at the end of the day, on a TaxAssist Discovery Day you will have the opportunity to have a one to one discussion, so you are able to ask us any questions personal to you about the franchise in private, and to discuss your next steps if you wished to find out more about joining us.

Like other franchisors we are always on hand for follow up with questions and queries. Our mission is to give you the information and facts and let you go away and do things in your own time. We have had franchisees join us 3 weeks after a Discovery Day and up to 10 years after they attended the Discovery Day, the time has to be right for you with no pressure.

We recognise that investing in a franchise is a big decision, not just for you but also for your family, you are welcome to bring a guest with you when you visit us, whether it be a business partner or a family member, that way they can learn first-hand about us and of course to meet us to.

Interested and want to know more about TaxAssist Accountants?

The TaxAssist Accountants profile outlines all aspects of their franchise opportunity and allows you to contact them for further information or to ask a question.

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