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. Continue reading this article.