Sure you’d love to open a franchise. But like so many would-be franchisees, you’re at a loss about how to come up with the cash. Here are just a few ways you can get the dollars you need for your dreams.
Talk to your franchisor
The first conversation you have about money might be with the franchise itself. Many have financing solutions already in place just for their franchisees. Sometimes this is because they have a partnership with a specific lender, or because they’re willing to lay out the capital themselves.
Go to a bank
A term loan from a bank is another common way of financing commercial enterprises – like your franchise. There will be interest in addition to the amount borrowed, of course, but at least these types of loans usually let you pay both down monthly. To get a loan successfully, you typically need to have a sound business plan and credit history.
Kickstart your loan
Crowdfunding on sites such as Kickstarter have gained in popularity over recent years. People use them for everything from paying off medical bills to buying homes. So why not try using one to fund your franchise? You may not even need to do all the work yourself; there are specific organizations that crowdfund on a business’s behalf.