Once you have taken the decision to be a franchisee, the next step would be to approach the desired franchisor. Confused about how to go about it. We will make it easy for you. Here is all you will need to go through
After zeroing down on the brand you wish to partner with, it is your responsibility to initiate the first move. The process of your procuring the franchise takes some time and patience. Also you should not try to speed up the process as this is the time period where you can finally make up your mind about the venture. Once you sign on the dotted line, there is no turning back.
You can initiate it by letting the franchisor know regarding your interest in his company. Almost all franchisors have made available the franchise application on their websites where you can directly fill up the form. If the form is not available on their website, you can contact them and request for the form which they will be more than willing to send across. The application form would be detailed where the franchisor would want to extract all the necessary information from your end. The form mostly includes sections further followed by questions asking for details for particular sections. The sections are broadly classified under sub heads like personal details, contact details, financial details, experience in business, legal history, educational qualifications and professional qualifications and experience.
After the submission of the franchise application form, the company will get in touch with you. The franchise managers are the ones who usually carry out this interview. As it is the meeting, make sure you leave your best impression. Try and completely sell yourself and your ideas to them. Discuss as well as ask any questions that you may have in mind. After this meeting you should be convinced and should have gathered enough information that you wish to know about the brand.
After this meeting, the franchisor from his end will verify all the information that has been provided by you. You work experience and financial status will matter the most to him. The checklist is important for the franchisor as this is the point where he needs to make sure that he is giving the rights of his business into the right hands.
After the round of background check is completed, the franchise managers submit their reports with all the details about you to the franchisor. After a rigorous procedure of submission and meetings then comes the final decision as the team sits together and finalises on giving the green signal to you. It is after getting their approval that you will be the proud owner of the franchise.
All of this is followed by the signing of the deal, procuring the location (in case you still have to get it), getting the required finances, hiring personnel and finally the opening of your store.
So if you think that the process of taking up a franchise was frightening, then the information mentioned above will help you overcome the fear and advance to a new height.