If you’ve decided to explore the world of franchising, you will eventually reach the application process. This stage is arguably one of the biggest in your franchising journey, as it means you have expressed interest in a franchise and are ready to officially get the ball rolling.
To help guide you through this stage, we’ve outlined what you can expect during the application process. While every franchise system can differ, there is typically a pattern across franchises, and preparing ahead of time can make it feel less daunting.
Making the Initial Franchise Inquiry
Where did you first hear about the franchise opportunity? Your answer can help guide you to where you’ll find an inquiry form (or something similar). Whether it be from an advertisement, a search result, or a franchise brand’s website, it will typically lead you to a form that you can fill out to receive more information.
However, this is where franchises will differ. Some offer a franchise kit with more in-depth details on the franchise opportunity, while others may connect you with a member of their franchising team. Either way, it is important to remember that this is not tying you down to the franchise, nor is the franchisor’s response an offer. This initial stage is simply a way to access more details and requirements before continuing.
Submitting the Franchise Application Form
Once you gain greater insight into the franchise brand, have reviewed the requirements, and feel ready to move forward, you can fill out the franchise application. The main goal during this stage is for the franchisor, who likely has a comprehensive selection process, to learn more about you and assess whether you meet their requirements to join their network of franchisees.
Every franchise brand will have different requirements, so the fields on the application form may differ. However, you can expect to see:
- Personal information: This section typically asks identifying questions, such as your name, contact information, if you’re bringing on a co-franchisee, your experience, etc.
- Financial details: The franchisor wants to know if you have the financial means to support your initial investment and beyond (i.e., ongoing franchising fees). Be prepared for questions about your net worth, liquid capital, etc. Consider working with an advisor and gathering updated documents to ensure you can accurately and thoroughly fill out these fields.
- Location preference: Where are you looking to open the franchise? Are you open to in a different city? This information can help the franchisor determine any territory-related concerns or decide if they want to open in a specific area.
- Your interest: Some franchisors may ask you to fill out why you’re interested in franchising with them. Being open and honest in your answer can be a great way for the franchisor to get to know you, your goals, and your intentions as a franchisee.
After you have filled out the franchise application form and the franchisor has received it, they will contact you if they wish to move forward. If your plans change during this time or you want to proceed with a different franchise brand, you can do so. Again, the franchise application does not commit you to the franchise.
After the Franchise Application
If your application is accepted, you can then move on to the next stages, which can include attending a franchise Discovery Day. This is typically where you can meet at the franchisor’s headquarters and get to know the brand better.
Additionally, you may receive the Franchise Disclosure Document (FDD). In Canada, it is considered best practice for a franchisor to present an FDD to a prospective franchisee, and in some provinces (British Columbia, Alberta, Ontario, Manitoba, Prince Edward Island, and New Brunswick), franchisors are required to provide one before signing the Franchise Agreement. This legal document outlines key pieces of information, including franchisee obligations, the history of the franchise, trademark information, franchise fees, and more.
Franchise Opportunities with The UPS Store
If you are interested in pursuing a franchise opportunity with The UPS Store, we’ve outlined the steps to approval, which include filling out our franchise application. To kick things off, you can fill out our convenient online request form to receive more information about franchising with us. Also, be sure to check out our detailed FAQ page, which includes answers to our most popular questions.
