You wouldn’t buy a car without test driving it first. You want to hear the hum of the engine, look under the hood, and test the brakes before you sign on the dotted line and drive away. Taking these steps brings you confidence in the purchasing decision you are about to make and is part of doing your due diligence when buying a vehicle.
These same principles also apply when looking to buy a new business or a franchise. Entrepreneur.com defines Due Diligence as: A reasonable investigation of a proposed investment deal and of the principals offering it before the transaction is finalized to check out an investment’s worthiness; generally performed by the investor’s attorney and accountant.
This process is designed to ensure you are an informed buyer and are making the best decision for you and your family. The internet offers plenty of information and ways for you to perform your research prior to purchasing but seeing the business first hand is one of the best ways to truly get a feel for it.
Discovery Day provides the opportunity to come and visit the company headquarters, meet the team, taste the product, and experience the culture. It allows you to put a face to a name, shake their hand, and do business in person. You are able to see the amount of support you will receive by meeting the actual people who will become your support network in your new business. It also is a time of mutual investigation. In franchising, Discovery Day provides the opportunity for the franchisor to make sure you are also the right fit for the company. This is designed to award franchises to those who will represent the brand in the best way possible and who possess the necessary skills to grow and maintain a successful business.
Preparing for Your Discovery Day:
How to Get the Most Out of a Franchise Discovery Day:
Doing your research ahead of time is vital to making a big decision but having the opportunity to take part in a Discovery Day reinforces everything you learned up to that point. It’s also a chance to voice any concerns or ask any questions you might still have.
By the time you leave Discovery Day, you will hopefully come out with a true understanding of the business so you can confidently cement your decision to invest in your future.
To learn more about Maui Wowi’s Education Process and Discovery Days, please visit www.mauiwowifranchise.com.