Finding the means to fund your franchise can sometimes be difficult, especially if the investment level is high. Whilst there are more affordable franchise options appearing, coupled with more grants and incentives, there still remains the need to weigh up your available options.
Below are three tips to consider when planning your franchise finance.
Your budget. Before setting your eyes on the prize so to speak, ensure you have a solid business plan set out. Plan out exactly how much you can afford to fund, borrow, and most importantly how you're going to plan for the unexpected or unpredictable scenarios.
Any good franchisor will help you forecast these costs, discuss options with you and consider how much you can realistically afford to invest.
Your Options. The majority of franchise options now offer their own funding sources to help you get started (repayable over the course of your franchise journey). Before jumping to the idea of a franchise loan, weigh up your options. Perhaps a bank loan is the route for you, maybe you have family/friends to help invest, or crowdfunding/grants is an option.
The most important thing to do is talk, research and find out all the options available.
Your Decision. So you've explored all the potential funding options, now all you have to do is choose the best option.
Ensure you have a clear franchise plan set out for the lender. If you've already done your research, forecasted financial projections and have contingencies in place, you're in a better position for securing the funds you require. Bear in mind, most options will not secure the entirety of your project so be sure to have a nest of capital investment necessary for your chosen franchise.
Finance Options At The Show
At the International Franchise Show Online you'll be able to access a collection of finance options and advice from some of the industry's leading experts including; Lloyds Banking Group, The Franchising Centre, Lime Licensing, Accentia and much more. Not to mention the personal funding options offered amongst our 200+ brands!