Franchise industry business operation deals with much of the same joys and challenges associated with any small business ownership, whether a single or multi-location project. One of the greatest joys can be the green lights that go along with establishing the right relationships with financing partners who are there to support the endeavor of turning goals into realities.
This June, Franchise Direct imparts valuable financing tips to potential franchisees through the Franchise Finance Report, available through the homepage Resources section of the site in the Information Center. Alongside a series of reports focused on supporting potential franchisees, from veterans to women in franchising, this “Finance a Franchise” report features guidance for individuals new to franchising and those looking for additional guidance on financing options that have worked and continue to work for thousands of franchisees.
A deeper look into primary funding sources brings franchisees closer to understanding what options are often used as funding channels in the world of franchising. Franchisees can then weigh in on their personal situation and make decisions about which avenues to pursue. The report covers loan options available through the Small Business Administration (SBA) with links to detailed information for franchisees along with home equity financing and the conversion of retirement funds into business support, increasingly popular sources of financing for new franchisees.
Online sites that work as funding matchmakers connect loan seekers with potential loan providers, a service available through BoeFly for example, and the report takes a look at this new way to locate the right loan, size up potential lenders, and deliver a portfolio to would-be-lenders that can be reviewed and followed up on. To create awareness in the community of franchisees seeking direction through the financing maze, certain online portals and registries are explained, which are streamlined and highly accessible resources.
For those seeking guidance on how to approach financing agencies, whether it’s a private bank or a personal connection through a family member or friend, the report also expands on credit report history management, to ensure a streamlined and positive portfolio, not to mention a section dedicated to the creation of a business plan. These two areas alone require dedicated focus for new franchisees to make sure that every possible means of success is granted their new investment project.
To read the report yourself and find out more about how to get franchise funding off the ground with various detailed tips, follow the link here.