Many aspiring business owners are drawn towards franchise ownership due to the increased odds of success. After all, franchises have the benefit of providing franchisees with specialized support, a well-known brand name, and an established system of conducting business.
However, running a successful franchise still comes with challenges — and many new franchisees don’t realize that there are additional resources they can turn to for support along their journey. These resources may pertain to financing your franchise, furthering your education, or planning with a franchise consultant.
In the realm of franchising, all of the tools for success are readily available. You just need to recognize which resources will best support your unique goals. Whether you’ve already gotten started on your franchise or you’re still considering which brand is best for you, here are three small business resources that can help your franchise flourish.
1. Loans and Grants
There are currently an estimated 750,000 franchises in the United States, and many of their franchisees turn to SBA loans for financing. Franchisees can use SBA loans to begin their franchising journey or expand operations. In addition, you can use the financial backing from SBA loans to pay franchise fees, mitigate a low cash flow, or pay for commercial real estate.
SBA loans are much easier to obtain than other forms of financing, making them ideal for franchisees with low credit scores, uncertain cash flow projections, or limited working capital. If SBA loans do not suit your needs, many other forms of financing are also available for franchise owners.
2. Business Classes
Although franchisors typically offer training and support, you may want to consider furthering your education with supplementary business classes. During training with a franchisor, you will learn information specific to your business and how you can work effectively within their established system. However, business classes can provide general knowledge that you can use to deepen your business savvy and apply to any venture you may undertake. Using the knowledge from such classes can help increase your odds of success and allow you to run your franchise with confidence.
3. Franchise Consultants
If you’re still looking for the right franchise opportunity, consider working with a franchise consultant to guide you throughout the process. A franchise consultant can assess the current market and determine which business ventures have the most opportunity for growth. They also allow you to form valuable connections within your industry.
Perhaps most importantly, a knowledgeable franchise consultant can evaluate your strengths, interests, and skills to help pair you with the ideal brand for your success. With an experienced franchise consultant by your side, it’s much easier to find a franchise that fits your individual needs and will serve you for years to come.
Hundred Acre Consulting
Hoping to work with franchise consultants that know their business in and out? Hundred Acre Consulting is here to help. With years of experience, we can help you choose the best franchise for your skill set and guide you through the process of building a lucrative business.
If you’re ready to build your dream franchise, just contact Hundred Acre today to get started!
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