The Franchise Application

Getting to know a little more about you as a prospect is one of the first things franchises are interested in. The initial franchise application process is a screening mechanism by which franchisors begin to determine your interest and qualifications.

Today, it is common to find initial franchise application forms on franchisors' websites - but most will be happy to send you one as well. This is a good stepping off point for beginning the communication process. You should not only take this very seriously, but also expect to spend some time gathering the information and completing the application.

Most franchise applications include many of the same requests for information, and it can get quite detailed.

One of the fundamental requests you'll discover will deal with the specifics of your current financial situation. The franchisor will want to know about your personal assets (and liabilities), for example, because they want to make sure you have enough financial resources to operate the business in case it runs into unforeseen financial difficulty.

And it won't just be your financial status the franchisor is concerned with. You will probably also be asked about your spouse's financial state. Some franchisors will want to know if you have financial partners or backers. These are all important questions.

Again, the franchisor wants to be sure that you, your spouse, and your partners are prepared to make the financial commitment necessary to start and run a franchise business successfully.

Beyond finances, you'll encounter detailed questions concerning your experience, education, background, and even aspirations. These questions are designed to help the franchisor determine whether or not you meet their profile. In other words, they want to know if you're the kind of person they think will be able to run the business successfully and fit into their franchise system. They do this not only to protect their brand but also their existing franchisees.

Successful franchise organizations depend on franchisees who follow the franchise system completely. As a result, they don't want people who they perceive as too independent, or people who won't play by the book because they like to experiment and try out their own ideas. In one sense, franchising is not for those who think outside the box. In this business, there's no need to reinvent the wheel.

Franchise applications are kept confidential and neither the franchisor nor the prospect is bound in any way by the submission of the initial application. Again, take the time to fully and accurately complete the application and return it to the franchisor promptly. You can then expect a quick response and most likely a telephone interview with a franchise representative.

What you can expect to find - and be asked - in a typical franchise application form:

  • Detailed personal information: including all contact information and other biographical and character background

  • Business interests: they'll want to know if you ever owned a business, have been involved in any kind of litigation/arbitration, or have any partners

  • Location preferences: will usually ask for cities/territories you're interested in and any alternates you would consider as well as if you are open to relocation

  • Detailed employment history: where you have worked, what you did, for how long, and annual compensation

  • Educational background: and any other pertinent training/experience

  • Personal financial statement: assets, liabilities, net worth, source of income, and total income

  • General inquiry: many franchisors will want to know what you already know about them, their franchise opportunity, and why you are interested


Back:
7.6: Speaking With Other Franchisees
 
Index
Next:
7.8: The FDD: What To Expect

Social Reach:

Viewer Response:

comments powered by Disqus

Franchise Guides »

Featured Choices:

Popular Choices:

Hot Opportunities

Hungry Howie's Pizza Franchise Opportunity

Hungry Howie's Pizza
Hungry Howie's is currently EXPANDING! Top Markets are available for...

Add
Moe's Southwest Grill Franchise Opportunity

Moe's Southwest Grill
At Moe's we're all about celebrating originality. Our guests become food...

Add
Kids 'R' Kids Franchise Opportunity

Kids 'R' Kids
Kids 'R' Kids Learning Academies is a pioneer in the early childhood...

Add
AAMCO Transmissions and Total Car Care Franchise Opportunity

AAMCO Transmissions and Total Car Care
AAMCO franchisees benefit from joining a brand that has been in business...

Add
Blue Coast Burrito Franchise Opportunity

Blue Coast Burrito
Bring a healthy alternative to traditional fast food to your location with...

Add
El Pollo Loco Franchise Opportunity

El Pollo Loco
The secret to El Pollo Loco is great-tasting food. Our menu has a broad...

Add
Wireless Zone Franchise Opportunity

Wireless Zone
Almost 25 years ago an instantly successful business began called...

Add
Launch Trampoline Park Franchise Opportunity

Launch Trampoline Park
Launch Trampoline Park is an indoor sports and entertainment facility...

Add

Learn More

Dominators!    

Multi-Unit Franchisee Magazine

Issue IV, 2016

Multi-Unit Buyers Guide    

2016 Multi-Unit Buyers Guide

Special Edition

A Franchise Update Media Group Production
Franchise Update Media | P.O. Box 20547 // San Jose, CA 95160 // PH. (408) 402-5681
Copyright © 2001 - 2016. All Rights Reserved. Site Hosting Provided By: wishVPS on FUMG3

In Loving Memory Of Timothy Gardner (1987-2014)