If you have the drive and determination to run your own business, but would prefer to trade some control and potential profitability for added support and reduced risk, then a franchise might be the ideal opportunity.
However, franchise fees typically start in the 5-figures for smaller operations, and run into 6 and 7-figures for more established and visible brands.
If you don’t have the cash-on-hand to buy a franchise — plus enough working capital to cover what is usually a lean start-up period — you’ll need to explore various franchising loans. Read on to learn what to watch out for to ensure that your path forward is safe and not stressful.
Make sure that the lending partner you choose has a full suite of financing loan options, and proven experience helping franchise owners succeed and thrive.
Most franchises are territory-protected, which means that you’ll miss out on the opportunity if another entrepreneur with cash enters the picture. As such, ensure that you choose a lending partner that evaluates and approves franchising loans within days — not weeks or months.
If your lender balks or delays in working with you to try and boost your working capital, then your franchise ownership dream could come to a crushing and very costly halt.
While no lender can guarantee that additional funds will be available to you, nevertheless ensure that you work with a partner who understands that, as the old saying goes, “sometimes you have to spend money to make money.” That is, they should do everything they can to help you succeed.
At National Business Capital & Services, we proudly offer a full suite of franchising loans and options to cover real estate, equipment, inventory, and other costs of doing business.
We also expedite and streamline the assessment/approval process, and are here 24/7/365 to help our clients succeed and thrive — including during the first few months when a foundation of lasting profitability is being built.
To learn more, call us with your questions at (877) 482-3008, or fill out our 1-minute application! It only takes 60 seconds to complete, and as fast as 24 hours to get you funded after. So, what are you waiting for?
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.