Prep Tips to Apply for the Franchise Ascension Initiative (FAI)

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The Franchise Ascension Initiative — working to bridge the wealth gap through diversity in franchising — is getting written up in Forbes, Savoy,  Black Enterprise, and more. The program’s mission is clear: empower underrepresented voices in franchising and help people build success.

Applications are open now for the Franchise Ascension Initiative (FAI). The actual application only takes a few minutes if you’re ready, but many people start first and quit. Here’s how to get your material ready, including prep work and a heads-up on things that make people drop off. 

The Real Work: 2 Essays, 2 Takes 

The application starts easy, with basic questions about yourself and your business background. If you’ve had any businesses or currently own a business, include those details in the application. What year did you launch? How many people are involved? Do you share ownership with anyone? Do you have the majority stake? Those questions are easy enough. 

It’s the next part here’s one place to pay attention, the short essays. Don’t overthink these, just write down some ideas, and put your answer together. 

  1. Reflect on a personal triumph over adversity. 
  2. Define what makes you the perfect fit for franchise ownership. 

Reach out for guidance. Friends or even good co-workers can offer perspective and help you write authentic and compelling responses. 

You’ll also be asked for two clips. In one, tell the camera why you’re trying to get into the Franchise Ascension Initiative, including your entrepreneurial dreams, goals you have set, and how this program will help you reach your dreams.

The second clip is more fun: Talk about your passions and what motivates you. In this one, include a moment, insight, or experience that has fueled your ambitions. No need for Hollywood production – just be yourself. Personalizing the application process and showcase your unique qualities. Think of it as a reality show audition more than a professional interview. Most phones record an .mp4 file, which is an accepted file type, so use your computer to make the short videos with the “Record” option inside the application. 

Clear Your Calendar 

If you’re accepted into the Franchise Ascension Initiative, there are two important franchising events to attend in the United States. The application asks for specifics — are you available those dates? Unless you’re saving the world that weekend, mark yourself as available. 

There are a few more potential stumbling blocks to contend with, but confidence is your best weapon. Address these questions with confidence: 

  1. Can you afford the refundable deposit? Yes, with financial aid options available. 
  2. Consent to a credit and background check? Absolutely. It’s all part of the process. 
  3. Can you meet the deadline? Yes, with time to spare. Don’t risk missing out by cutting it close. 

Procrastination isn’t an option. Get your answers together and make your mark on the franchising world in the Franchise Ascension Initiative. Read more in Savoy.

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