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Get Pre-qualified for a Franchise Loan

 

When smart house hunters look for a new home, a lender prequalifies them. This provides a guideline concerning how much the family can pay for a house. It also impresses sellers to know the prospective buyer is qualified before accepting an offer.

A prospective franchise owner can go through a similar process. In the same way you prequalify to buy a house, you can prequalify for a business you want to own. You don’t even need to know the exact business you want.

I can refer you to expert franchise financial planners who will work with you in an effort to furnish guidance concerning the amount you can reasonably afford to invest. The financing specialist will review your down payment, type of business, overall investment needed and your credit score. The pre-qualification is done in such a way as not to affect your credit score by treating your pre-qualification as a request for credit. 

While working through this process won’t give you full loan approval, you will have a very good idea of the types of franchises you should be exploring. The franchisors will be impressed when you have already taken this step.

Call me at 208-772-5755 to talk about franchise ideas and how I can help get you prequalified.

BENFITS OF FRANCHISING

The following benefits provide a good rationale for starting a business by purchasing a franchise. These must be balanced by the costs or disadvantages.

Lower Risks. Most business experts agree that a franchise operation has a lower risk of failure than an independent business. The statistics on this vary depending on the definition of failure. Whatever statistics are used, they consistently suggest that a franchise is more likely to succeed than are independent businesses.

Established product or service. A franchisor offers a product or service that has sold successfully. An independent business is based on both an untried idea and operation. Three factors will help you predict the potential success of a franchise. The first is the number of franchises that are in operation. The second predictor is how long the franchisor and its franchisees have been in operation. A third factor is the number of franchises that have failed, including those bought back by the franchisor.

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Choosing Business Structure

Which Business Structure Is Right For You? 

While you are considering the purchase of a franchise, you should also begin a process, in parallel to your search, that addresses your financial and tax considerations. Your consultant will generally suggest you begin interviewing small business accountants and financial consultants so that you may have a relationship developed when you’re ready to start your business – but more importantly, so that you’ve had conversations with these experts that will allow you to think through various issues important to HOW you start up your business. If you wait until after you purchase your franchise to have these conversations, it may cause unnecessary delays in your ability to start up your business – and as you know, time is money in the world of business. These issues usually have to do with how you should structure your business, how you finance your purchase, and the tax implications of your franchise purchase. Only your accountant or financial consultant can best answer the latter two issues for you, but we can address structure for you here:

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