How to Finance Your Franchise
How to Finance Your Franchise
In the past several years the opportunity to own a business and franchise has appeared around every corner and in nearly every industry. For many families the challenge is not decide whether to get into business but how they will finance the one that they want.
There are a number of financing options that exist and they all have pros and cons which need to be researched.
SBA Loans – Small Business Administration guarantees loans for banks and lenders and typically will have limitation on values. Total loan amounts under $100-150,000 may offer low or minimal documentation and a more efficient process.
401k/Retirement – These are specialty financing options. There are several organizations that focus on these programs to avoid penalties and taxes while accessing the values you have in your retirement plans.
Franchisors may also have financing options available. As the established company, with a history, many times they have relationships to support financing options.
Finally, personal assets – with the numerous programs available throughout the three categories mentioned above, it is necessary for you to plan on raising 20-30% of the capital yourself. All of the lending institutions want to be able to know that they are partnering with you, as much as you are partnering with them.
The process of securing financing can be long and tedious. Be patient, diligent, and do not lose focus on your defined goal of opening and operating your own business for you and your family.
How to Finance Your Franchise - To learn more about this author, visit Tom Parsley's Website.
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Over the past several years, many people across the country have envisioned leaving their current work environment for the opportunity to own a business or franchise. In many ways that is the easiest decision to make but the work is just beginning.
In the past several years the opportunity to own a business and franchise has appeared around every corner and in nearly every industry. For many families the challenge is not decide whether to get into business but how they will finance the one that they want.
There are a number of financing options that exist and they all have pros and cons which need to be researched.
SBA Loans – Small Business Administration guarantees loans for banks and lenders and typically will have limitation on values. Total loan amounts under $100-150,000 may offer low or minimal documentation and a more efficient process.
401k/Retirement – These are specialty financing options. There are several organizations that focus on these programs to avoid penalties and taxes while accessing the values you have in your retirement plans.
Franchisors may also have financing options available. As the established company, with a history, many times they have relationships to support financing options.
Finally, personal assets – with the numerous programs available throughout the three categories mentioned above, it is necessary for you to plan on raising 20-30% of the capital yourself. All of the lending institutions want to be able to know that they are partnering with you, as much as you are partnering with them.
The process of securing financing can be long and tedious. Be patient, diligent, and do not lose focus on your defined goal of opening and operating your own business for you and your family.
How to Finance Your Franchise - To learn more about this author, visit Tom Parsley's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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