Financing Your Franchise Business
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Naz Daud
Mar 24, 2013, 4:50:05 PM3/24/13
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Article Title: Financing Your Franchise Business
Author: Naz Daud
Word Count: 526
Article URL: http://www.isnare.com/?aid=654322&ca=Business
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=654322
Easy Publish Tool: http://www.isnare.com/html.php?aid=654322
*********************** ARTICLE START ***********************
Establishing a franchise is becoming one of the most popular ways to start a new business, and it�s also among the best methods of setting your business plans in motion. Franchising is possibly one of the most secure and ideal ways for new entrepreneurs to quickly enter the business arena.
When you are looking to finance a franchise, your first stop should be your local bank. It may be a good idea to approach your bank and ask about the options it has available for financing franchises. Seeing as you already have a financial relationship with them, it may be a good idea to see if they are eager to advise you about their lending options. Most high street banks will have specialist franchise units that can give advice on services and products that are adapted specifically for financing franchises.
While high street banks do look favourably on lending to new entrepreneurs, they will still expect you to raise at least 30 to 50 per cent of the costs yourself, along with you presenting a business plan and yourself successfully.
If you get hold of an application form, it is important that you fill in all the sections in as much detail as possible. The more information you provide, the better you will look to the bank. If you are not thorough enough, the bank will be uncertain about how your money will be used.
It is also crucial to include a thorough business plan. This is important when starting any type of business as it will tell the bank, and also yourself when referring to it in the future, what your goals are and how you will accomplish them. It helps you to calculate your budget, which will help you a lot when you approach the bank for money. Although there are many websites and guides on the Internet that can help you construct a strong business plan, a complete one should include an intimate and technical study of the business you plan to go into, projections and cost analyses, calculated estimates of working capital and a suitable marketing plan. If you are unfamiliar with writing a business plan, then seek professional advice or consult business software that you�re able to download online.
Also, it is beneficial if you have a good credit rating as there are three main criteria that banks look at when assessing your credit rating: stability, income and track record. They will also examine your income and whether this amount is a suitable living wage, because if you cannot handle your own personal finances then they are unlikely to think you can be trusted to manage a business.
Through assessing your credit rating the banks are able to explore how successful you've been in paying off past debts. If you have a record of not keeping up with payments, repossessions and so on, you should get these sorted before asking for a loan because they could really damage your chances of business success. With the correct support, your entrepreneurial spirit will be nurtured and good progress can be made.
About The Author: Nazir Daud - CityLocal Franchises http://www.citylocal.co.uk/businessfranchise/ http://www.citylocal.co.uk/frontend/latestbusinesses.php http://www.citylocal.co.uk/businessfranchise/articles/Financing-Your-Franchise-Business-183/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=654322
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Naz Daud
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=654322
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=654322
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Financing Your Franchise Business
Author: Naz Daud
Word Count: 526
Article URL: http://www.isnare.com/?aid=654322&ca=Business
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=654322
Easy Publish Tool: http://www.isnare.com/html.php?aid=654322
*********************** ARTICLE START ***********************
Establishing a franchise is becoming one of the most popular ways to start a new business, and it�s also among the best methods of setting your business plans in motion. Franchising is possibly one of the most secure and ideal ways for new entrepreneurs to quickly enter the business arena.
When you are looking to finance a franchise, your first stop should be your local bank. It may be a good idea to approach your bank and ask about the options it has available for financing franchises. Seeing as you already have a financial relationship with them, it may be a good idea to see if they are eager to advise you about their lending options. Most high street banks will have specialist franchise units that can give advice on services and products that are adapted specifically for financing franchises.
While high street banks do look favourably on lending to new entrepreneurs, they will still expect you to raise at least 30 to 50 per cent of the costs yourself, along with you presenting a business plan and yourself successfully.
If you get hold of an application form, it is important that you fill in all the sections in as much detail as possible. The more information you provide, the better you will look to the bank. If you are not thorough enough, the bank will be uncertain about how your money will be used.
It is also crucial to include a thorough business plan. This is important when starting any type of business as it will tell the bank, and also yourself when referring to it in the future, what your goals are and how you will accomplish them. It helps you to calculate your budget, which will help you a lot when you approach the bank for money. Although there are many websites and guides on the Internet that can help you construct a strong business plan, a complete one should include an intimate and technical study of the business you plan to go into, projections and cost analyses, calculated estimates of working capital and a suitable marketing plan. If you are unfamiliar with writing a business plan, then seek professional advice or consult business software that you�re able to download online.
Also, it is beneficial if you have a good credit rating as there are three main criteria that banks look at when assessing your credit rating: stability, income and track record. They will also examine your income and whether this amount is a suitable living wage, because if you cannot handle your own personal finances then they are unlikely to think you can be trusted to manage a business.
Through assessing your credit rating the banks are able to explore how successful you've been in paying off past debts. If you have a record of not keeping up with payments, repossessions and so on, you should get these sorted before asking for a loan because they could really damage your chances of business success. With the correct support, your entrepreneurial spirit will be nurtured and good progress can be made.
About The Author: Nazir Daud - CityLocal Franchises http://www.citylocal.co.uk/businessfranchise/ http://www.citylocal.co.uk/frontend/latestbusinesses.php http://www.citylocal.co.uk/businessfranchise/articles/Financing-Your-Franchise-Business-183/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=654322
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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