How to Secure Franchise Loans
Are you interested in purchasing a franchise in your home town? With the right amount of knowledge, getting into the world of franchises can be a fun and fruitful task. But sometimes it is difficult to know where to begin. This guide can show you how to secure franchise loans that will help you fund the franchise of your dreams.
Start with a Business Model
The first thing you should know when it comes to securing a franchise loan is that you must have a solid business plan. This will help convince the lender or investor that you are fit and ready to take on the responsibility of a franchise.
Make sure to look at the brands franchise disclosure document (FDD) and get some insight from existing franchise professionals before making a final decision.
Apply for a Franchise Loan
The next step, after securing a business model, is to prepare all the necessary documents to apply for a franchise loan. Franchise loans can be easy to acquire, as long as you meet the requirements and are fully prepared. You need to make a good first impression with your lender, as any first-time consultation will cost you money up front, and you don’t want to have to come back and incur those fees again.
Try starting with your own bank or local business lender. This can provide greater advantage in your favor, as the lender is familiar with the local area and can more readily accept the terms for your franchise. Factors such as your credit score and previous business experience can be a great helping hand in encouraging the lender to approve your franchise loans. Remember that franchise loans can take between 4 and 6 months to get approved, so be patient and do not apply with too many lenders at once.
Secure a Franchise Loan with Us Today!
At Wexum, we know how franchise loans work. Call us today for a free quote and more tips to get started!