Be prepared with a business plan
There are more than 780,000 franchise establishments in the U.S. that support nearly 8.9 million direct jobs and $890 billion of economic output for the U.S. economy. Big business and growing.
Franchise businesses are expected to grow and create more jobs at a faster pace than the rest of the economy in 2015 for the fifth consecutive year, according to The Franchise Business Economic Outlook: 2015 by the International Franchise Association (IFA) Educational Foundation and IHS Economics.
And while this sector is growing and profiting, there is often one big roadblock to starting up and/or expanding a franchise – financing.
While some franchisors offer their own in-house financing programs, or have partnerships with a particular lending company, there are many situations where the parent company doesn’t offer financing or additional financing options may be required. The good news is there are opportunities available for franchisees that need to seek financing on their own and for situations where franchisors are willing to lend support their franchisees throughout the process. Read more and comment.