One of the first steps to owning your own franchise is the franchise application so it pays to take your time and get it right the first time.

One of the first steps to get behind you in starting a franchise in grand style is the completion of the franchise application. It might feel like you are setting out to slay a dragon for King Arthur when you start the process of franchising a business. The path you are about to trod, however, is well worn and many have killed this dragon before.  So there is no need for theatrics. The key is to know the process and what is expected of you each step of the way.

The franchisor is not being a meddling busy body when they ask you for details about your financial history and how well fixed you are for funds going into this relationship. After all, you would not let them sign any legal document with you if they were dead broke. So they need to know that you have the finances behind you to kick start the franchise process and it is the franchise application where they will start learning what they need to know.

Those questions on the franchise application are going to snoop around in your finances above and beyond the money you will need to get the franchise purchase completed in grand style. They will investigate your credit rating and the finances coming into your home including the finances of your spouse. This makes the franchise application much more of a big deal than a resume for employment. But be prepared to offer that information so they know you have nothing to hide.

The franchise application is the first step of a partnership so be honest.

After they get through the inquisition about your finances, the franchise application may also have questions about your motivations for buying the franchise. The franchisor may also ask other personality questions so they can learn a little about just who it is they are doing business with. There are some personalities that do great in franchising and others that flop big time at franchise operations.  So open your wallet and your soul to the franchisor so they can check you out to make sure you are a fit to be part of their empire.

There is one personality trait you can just make up your mind well in advance will be your shining strength throughout the franchise application process. That personality trait is honesty.  Remember, even more than in an employment situation, the franchisor and franchisee relationship is a very active partnership. Be honest about every answer on the franchise application. Tell the truth from the first line to the last and in particular in the sections of the franchise application that deal with the tricky subject of money.

There is no sense in faking it. If you are financially ready to strike a deal with a franchisor, be proud and confess it openly on the franchise application. If you are not financially prepared for this huge step in your career, better to flush out now than after the franchise process has moved along and there is money on the table.  So bear your soul even as early as the franchise application and from then on out, it is smooth sailing because there are no skeletons in the closet.  You will be glad you did.