Starting a franchise is one of the best options out there for people looking to quit 9-5 work and become their own boss. If you’re keen to explore entrepreneurship but lacking a business of your own, you can enjoy the support and resources of an established business while reaping the rewards of being in charge.
Starting your own Time For You franchise can allow you to earn great money while working from home. Franchise owners don’t go out and clean; instead, they’re needed at home, pulling the strings and managing the business. This is the perfect job for many people, and yet so many are put off by the issues with funding. There are funding options out there for franchisees, and knowing how to get funding to start a franchise is the first step to opening your own business.
How To Get Funding To Open A Franchise
There are a number of ways to procure franchise funding, and the best route for you will depend on your preferences as well as your own financial situation.
The first place most potential franchise owners will likely go to for funding is the bank. Many UK banks, including both RBS and Natwest, have funds set aside especially for franchise owners to draw from. Bank loans are a good choice if you can prove your dedication to the franchise and have good credit history, but less accessible to applicants with prior debts or a poor credit score.
Some franchises offer funding options designed for their own franchise owners. This can be a very convenient way of funding your business, because the funding may cover more than just franchise fees; it can also cover equipment and resources you need to set up your business. This can be the perfect option but bear in mind not all franchisors offer bespoke funding.
Crowdfunding platforms like Kickstarter, or those designed especially for use by franchise owners such as Group Franchising, are another potential way to raise the funds for a franchise, and might be considered by people without the credit score required for a bank loan. However, bear in mind that the public won’t fund your franchise for free: you’ll either have to offer services or stakes in the franchise in exchange for the funding, which can eat into your future profit margins.
Friends And Family
One final option is asking your friends and family to help you scrape franchise fees together. It’s not a perfect solution, but if they’re keen to help and want to see you succeed in life, they may be happier than you think to help you out.
Is Time For You Worth The Investment?
We’d say so. Investing in a Time For You franchise is not a step into the unknown; we provide training and support to make sure you can build a successful franchise, achieve the lifestyle you want, and save more for your future, too.
For more information and advice about how we can help you to start a successful cleaning business of your own, please just get in touch with here.
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