So you’ve decided to take the leap and finally buy a franchise. Awesome! Of course, the problem with buying anything is that you need actual money for it. And although some franchises are less expensive than others, they still require you to pony up the dough. Check out a few ways to do just that.
Pay as you go
What if there was a way to get money you need for your franchise step-by-step, instead of trying to come up with the entire amount at once? There is, and it’s called “on-the-line funding.” Banks, loan organizations and investors can all be sources of this type of loan.
If you want to get money the old-fashioned way (by working for it), there’s nothing wrong with getting a part-time job. You might also be able to increase your hours at your current full-time job. It may amount to only a bit of money at a time, but it can add up quickly.
What many franchisees don’t know is that their franchisor can be a source of funds as well. Some agree to shoulder as much as 75% of the debt burden. But this differs with the particular franchise in question.