5 BIG REASONS
You know there are advantages (perhaps many of them) for entrepreneurs to choose franchising instead of striking out on their own. You may NOT know what those reasons are…
Good news: We’re about to break it down for you in a quick and simple manner. We’ll even have Tim Suski, Co-Founder of fast growing franchise Rush Cycle, weigh in.
Although there are many ways a franchise brand can help you win, there are FIVE BIG reasons that rise to the top right off the bat.
#1. A Thorough Start-Up Cost Breakdown
When first-time entrepreneurs start out on their own venture, they’ve got a vision and goal in mind. What they often don’t have is a real sense of what it’s going to cost to get their venture up and running – not to mention ensuring that they are running a business profitably in the long term.
An established franchise already has a proven business model with the financial viability to back it: from real estate cost, to permits, to insurance, software and special building modifications, they can give you an accurate cost appraisal, as well as a budget and financial guardrails to stick to.
A FRANCHISE WILL:
- Provide a breakdown line by line of where their investment will be attributed
- Help you create a high-level budget to ensure your business is profitable
- Give you access to a detailed business plan
#2. Access to Financing and Financial Guidance
If you’re funding your new business venture with cash on hand, we’re thrilled for you. If you’re still figuring out the funding piece of it – don’t worry! The vast majority of new business owners need some kind of financing option to help them get going.
This might just be our biggest insider tip of all. When you are awarded a franchise by an “approved franchise” – meaning a franchise who is established and trusted enough to have an existing credit line through a bank – you can secure an SBA loan that you wouldn’t usually be able to qualify for on your own.
From Tim: “As an approved franchise through Wells Fargo, our selected franchisees can go straight to Wells Fargo and secure an SBA loan, with our personal SBA banker, without an issue.”
Get the full report, including 3 more key tools franchise brands provide to help you win!
“We work with a vendor who offers a sophisticated proprietary mapping system that can hone in on exactly what areas to target based on critical factors like demographics and competitor locations. When our franchisee goes to market, we already know exactly what to look for to ensure their success.”