Financing your Dream

We have now seen the forks of life and decided that going straight is real a possibility. Blazing your own trail is never easy and there are a lot of questions that arise; the main question being “where am I going to get the money to open my own franchise?” This is a large concern to which there is no definite solution, however, when hearing the word franchise our minds right away think $$$, not all franchises that are successful cost millions. There are many successful franchises to be bought for less than $100,000; tailored to the white collar business professional. Educated individuals tend to not be interested in opening a restaurant franchise, but want to use the skills and knowledge they have learned to become a successful entrepreneur and the $100,000 franchise is the answer.
Once again we come to the ever pressing question “How am I going to franchise my dream?”
The answers are not simple but they are obtainable with a little leg work. If one is not willing to seek out all their options when looking to open a business they are going to be an ideal candidate to run a profitable franchise. The banks have programs set up for the start up business person that is very affordable in regards to interest, as many are willing to negotiate interest charges or even waive them for a period of time while you get on your feet. Banks are very inclined to loan money to individuals who present a coherent business plan that shows were your money is to be spent and how you foresee paying back your loan.
Another option includes finding an investment partner who will go into business with you while providing the financial means to support you. This option is becoming more and more common as it doesn’t take just one person to run a business and a partnership is often how successful people get their starts.
A less popular choice is going back to your loved ones to make a contribution whether it be they co-sign for a loan (be 100% sure) or they loan you the money in order to jump start your career. Once again presenting a thorough business plan will go along way when attempting to borrow money.
Institutions and those close to you are very willing to help individuals out in life provided there is a plan that will ease the payback period. No bank is going to lend you money if you don’t have a plan, no investor will invest without a guarantee that there is going to be a return on their investment.
If you are willing to show a concrete business plan and show that you are organized in your business venture you will find obtaining the money to finance your endeavor will not be that hard and you can then move onto building your business and start profiting.
One thing that is extremely important when looking at a franchise is matching your skills with those required from a franchisor.
Next Week: Matching your skill set and finding the perfect business.