In life, you want every advantage you can get. We cannot help with everything, but we do have three franchise tips to help you with your financing. Whether you are a first time franchisee, you are expanding, or you want to re-finance to increase growth potential, these are some things you will need to keep in mind.
1. Invest in what you know. If you do not know anything about the industry you are looking into becoming a franchisee of, then the business venture is not going to work. Investing in an industry you are familiar with will give you an advantage out on the market, because there will be less of a learning curve for you to overcome.
2. Know what financing options are available. While some franchises offer their own financing, there are several options available to you to finance your new franchise. While most will go straight to preferred lenders and big banks, it is always best to choose the option that best suits your needs. Some of these options include financing from credit unions and small community banks, investing your retirement fund, home equity and second mortgage, online loans, and private lenders.
3. Know how to sell yourself. Most lenders want to know more than just what your franchise plan is for the next five years or that you have a solid proof of concept. They want to know that you are worth investing in as an individual. For this, you will need to know how to market your strengths and talents.
So here you are, and you are ready to begin the journey of owning your own franchise. The only thing that may be stopping you: finding the right funding. This is where we come in. To talk more about this, or if you have any further questions, please contact us. Thanks.