The Franchise Application: What's In It & What's the Process?
The Franchise Application: What's In It & What's the Process?
Understanding the steps required to own a franchise can be challenging for someone new to the industry. To simplify your journey to business ownership, AtWork can help you find out what to expect during the franchise process, what information you need, and the next steps.
Rely on a Proven Revenue Stream
Tired of the corporate grind? Transform your career by partnering with AtWork. We understand starting a business from scratch can be daunting. It requires extensive planning, market research, and a significant financial investment with no promise of reward. As one of the nation’s largest and fastest-growing staffing franchises, we offer a safer route to business ownership. AtWork has more than 30 years of experience helping new entrepreneurs exit the corporate world and open a business in the lucrative staffing industry. We’ve got 85 offices across the U.S. — and we’re still growing.
If you’re ready to be your own boss and take charge of your financial future, opening a franchise enables you to embrace your entrepreneurial aspirations with less risk and a higher chance of success. We equip you with a proven brand, training, and ongoing support. By partnering with us, you’ll get a turnkey business with a streamlined application process.
In April, Americans filed 433,894 applications for new businesses. The franchise industry is booming as people cut ties with corporate America and join the small business revolution. Franchising generated $825.4 billion in 2022 and is forecast to jump 4.2% in 2023 to $860.1 billion, according to the International Franchise Association. Despite an economic slowdown and sweeping layoffs at Fortune 500 companies, the franchise industry is expected to add nearly 254,000 jobs this year.
Franchise Application Rundown
Although the exact contents of a franchise application depend on the brand you are considering, there are some common elements you can expect at each franchise.
- Application form: The application form covers the basics and serves as an initial screening tool.
- Resume: A resume is required to provide a comprehensive overview of your professional background, including previous employment, relevant skills, and qualifications.
- Business plan: A business plan outlines your proposed approach to operating the franchise and helps the franchisor assess your understanding of the franchise opportunity and your ability to succeed.
- Financial statements: Franchisors usually want to take a look at personal financial information, including balance sheets, income statements, and cash flow statements. These documents help assess financial stability to ensure you can meet the financial obligations of operating a franchise.
- Credit report: You’ll be asked to authorize a credit check to allow the franchisor to assess your ability to secure financing.
- References: Franchisors often request references from previous employers, business associates, or personal contacts to gain insights into your character, work ethic, and business acumen.
- Franchise Disclosure Document (FDD) acknowledgment: You’ll need to sign a document acknowledging the franchisor provided you with the FDD. The FDD contains detailed information about the franchise system, including the franchise agreement, a detailed breakdown of your startup costs, and other important disclosures for you to review.
- Application fee: An application usually requires a non-refundable fee to cover costs associated with reviewing it.
Own a Business That Puts People to Work
Partnering with AtWork to open a franchise allows you to join a lucrative, high-demand industry. Annual gross revenue during the 2022 calendar year for all 65 franchised offices ranged from $140,233 to $41,205,398.* For an initial investment of $153,500 to $210,500 you can take advantage of best practices offered by fellow owners and enjoy ongoing support to keep operations running smoothly. Our accounting team takes the pressure off of franchisees so they can build their business by handling support services, such as payroll processing, payroll funding, invoicing, client payment processing, garnishment management, tax filing, and payments.
Get started to learn more about franchising and connect with our team.
*This is a historical representation of what some of AtWork’s franchised agencies earned as described further in Item 19 of the FDD.
