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Purchasing a new franchise? Consider your financing options.
Purchasing a new franchise? Consider your financing options
Posted: 3/21/2016 12:53 PM by
Entering into a franchise arrangement is somewhat like starting your own business. It is a decision that needs to be taken seriously since it involves a considerable investment. Part of the decision making process includes understanding the level of investment and then evaluating your financial status to see if you need to secure additional funding.
Today, there are many franchise concepts for all price ranges. There are home-based franchises that usually require a minimal investment all the way up to large brick and mortar franchises that require a million dollars or more.
Here are some steps you need to take as you secure financing for your new business:
Talk to your franchisor before searching for outside financing.
Consider financing options including friends and family, reach out to them.
Seek out lenders that understand not just small business but franchising as well.
Be upfront with lenders and be prepared to explain every detail.
If you lack liquidity, consider finding a partner with money.
Consider equipment leasing to conserve start-up capital and improve the appearance of your balance sheet.
Keep debts and expenses to a minimum. Many business owners take on too much debt, forgetting that cash flow must pay that debt.
Avoid dipping into your retirement money or your kids' college funds.
Any startup, even a franchise, is a risk. You need to be prudent and resourceful as you move forward.
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