The Franchise Application: What You Need to Know Before You Start
Are you new to franchising? Completing the franchise application is one of the most critical steps on your path to ownership. This essential document sets the stage for your future success. Get ahead by learning exactly what information you need to streamline the franchise application process and eliminate any uncertainty.
Deciding to open a business is a big step. Many people want to be their own boss, but lack the drive and ambition to chart an entrepreneurship course. Business ownership requires passion, strong leadership skills, and the ability to thrive in a high-pressure environment.
Franchising helps spur business ownership by providing entrepreneurs with a turnkey business and a recognized brand. According to the International Franchise Association, the franchise industry generated nearly $860 billion in 2023 and was expected to add more than 15,000 locations in 2024.
What is a Franchise Application?
Your franchise journey should start with research and self-reflection. Identify your financial and lifestyle goals to understand the type of franchise you want to pursue. Determine if there’s a market for the brand in your community and validate your options with existing franchises in the system to make sure you’re on the right track. Once you’ve taken a deep dive into the brand’s franchise disclosure document (FDD) and grasped the type of training and support it provides, it’s time to take the next step.
A franchise application is a formal document submitted to a franchisor by a potential franchisee. The application provides the franchisor with an overview of the applicant’s financial, professional, and personal qualifications to ensure a good fit. Some franchisors charge a nominal fee to fill out the application, but many waive the fee for serious candidates. Completing the application signifies a commitment to move forward.
Key Elements of the Application
Gathering all the necessary information for the application can make it easier to complete the task. It helps to have a dedicated folder and checklist to stay organized. Be sure to block time in your schedule to complete the application without interruptions. Double-check your submission for grammatical errors and confirm that any documents you scanned are easy to read.
It typically includes four sections and is similar to a job application:
- Personal identification and contact information
- Financial documents, such as bank statements, tax returns, and a list of assets and liabilities
- Details on your professional background, including your resume, relevant work experience, and achievements
- A business plan with preferred franchise locations, operational plans, and growth goals
- Character and professional references
Budget Blinds: A Trusted Franchise Partner
Budget Blinds is the nation’s No. 1 window coverings franchise in North America. We offer exclusive design-driven window covering solutions. Our shop-at-home brand provides a business with low franchise startup costs and high rewards.
Budget Blinds has decades of experience facilitating entrepreneurship, and our skilled franchise team will be with you on every step of your franchise journey. Our support team has the tools, resources, and knowledge to help you achieve your franchise goals.
“Our strength comes from the support of our parent company, investment in technology, and focused marketing and product lines, creating a cohesive business foundation,” said Heather Nykolaychuck, president of Budget Blinds.
Inquire now to connect with an expert from the Budget Blinds franchise team today!