Fish Window Cleaning Blog

The Franchise Application Form: What to Expect
Posted on Tuesday, November 15th 2022


The Franchise Application Form: What to Expect

When inquiring about a franchise opportunity, you will go through several steps. The first will be an initial request for information from the franchisor, usually by completing a form on the franchise. From there, you could have a quick call with a member of the franchise development team to review some initial questions or common issues. At this point, you might choose to pursue another kind of franchise opportunity, or you might decide to proceed to the next step, which is the franchise application form.

This form is a detailed outline of information that franchisors use to more fully evaluate you as a potential franchisee. Filling out this form does not mean that either you or the franchisor is committed to a relationship – it’s just the next logical step in determining whether you are a good fit for the franchise model.

Filling out this form is also an important exercise for you as it helps bring focus to your skills, awareness of your financial situation and starts you thinking about what you want to achieve with the opportunity.


Elements of a franchise application form

While every franchise will have its own form, here are some things to expect to provide in a franchise application: <3> Personal information Most franchise applications will start with personal questions (your full name and contact details, educational background, etc.). When detailing your education, remember to include any additional training you received throughout your career or courses and workshops you have taken. Franchisors like to see that you’re committed to learning because you will take training with them on the franchise model.


(1) Work experience

For work experience, include specifics about what your work entailed; even the smallest details will be important when you are responsible for the entire business. Some key things to keep in mind for listing your work experience include:
  • Supervisory experience. Whether you supervised a team or one other person, being able to direct and monitor others is a key skill.
  • Administrative details. Filling out timesheets, banking, monthly or weekly reports, inventory and other similar tasks.
  • Leadership. Examples of how you led projects or initiatives are important.
  • Service commitment. Serving customers is a key part of your role as a franchisee, and so is integrating into the community. Showing you can serve others is a critical attribute.
You’re completing the franchise application as the future owner of the franchise, so think like a business owner when filling in your key details.


(2) Financial details

Gather every bit of information about your finances you possibly can. Not only will it help the franchisor evaluate your financial preparedness to start and operate the franchise, but it will give you valuable information on how you will finance the business (with savings or borrowed funds). Financial details to gather include:
  • Assets. Things you have: cash, stocks, investments, savings, real estate, vehicles, etc.
  • Liabilities. Money you owe: loans, mortgages, bills, credit card balances, monthly costs of living, unpaid income tax, etc.
  • Net worth. The value of your assets minus the total of your liabilities gives you your net worth.
  • Banking details. The name, contact details and account information for all of bank accounts.
  • Additional items. A copy of your credit and details on any past or current bankruptcy or other filings.
Of note: If your spouse’s income is contributing to the business, or if you have a partner, you need to include those details as well. In some cases, a separate application will be needed for each financial contributor to the business.

 

(3) Goals and aspirations

Some franchise application forms will ask about your goals for the next five and 10 years. While the franchisor wants to see if your future plans are consistent with what makes a good franchisee, this is an excellent exercise for you as a future business owner.

What do you really want to achieve? Think about what you want financially, as an improved lifestyle and for the future. Obviously, goals can change as you become more successful in a franchise, but you need a starting point – something to move toward – initially.

Next steps

If you and the franchisor move forward in the franchising process, your next step may be to review the franchise disclosure document (FDD). This is a legally required document, which is updated annually, with detailed information about the franchise, the responsibilities of the franchisor and the franchisee, and other important disclosures.

At Fish Window Cleaning, we have almost 25 years of experience with franchise documents. As a veteran of the industry, we have probably encountered every concern or question that a new franchisee could have, and we remain available to you throughout the franchise process.


Start your franchise journey with us today by filling out a form to request more information. It is the first step in your new career as a business owner.
 

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