They say that in life, you want every advantage possible. Well we're not here to help with everything but there are three things all franchisees should keep an eye out for when financing their business! 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 with an experienced 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.
You are about to embark on the journey of your life. You've worked hard, and now you're ready for something new that will make all those hours worth it- owning a franchise is what could be possible! But don't let funding stop you; we can talk more about this if need be or answer any questions before committing completely by contacting us right away.