After youve done all your research and made an informed decision about which franchise is right for you, your first step toward buying a franchise business will be your application, whichaccording to Craig E. Yaris of The Lemon Treeis basically a weeding out process for the franchisor.
The application serves as a guide for the franchisor in determining with whom they will speak further and to whom they will refuse a franchise agreement. So, how can you make a good impression on your application? What is the franchisor looking for in a prospective franchisee?
Yaris says that Lemon Tree looks at five key factors, and he explains that his companys criteria are similar to other reputable franchises, so this list can serve as a basic navigation system for filling out any franchise application.
The first thing a franchisor wants to know about a prospective franchisee is whether he is a people person. On your application, you should list and explain all work experience youve had that involves dealing with people, and this is not limited to customers. It includes coworkers as well.
Second, the franchisor will evaluate the applicants financial situation. You...
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