A potential franchisee seriously interested in becoming an entrepreneur will take several demonstrative steps throughout the ownership process. In this post, we focus on the financing options available to the franchisee. It is our hope that you will be able to avoid potential mistakes and find a suitable solution which matches up perfectly with your own financial position.
Allow us to introduce to you the Top-3 Pitfalls of franchise funding. Take heart, because making the right decisions will illuminate a path to success and growth. A costly mistake could jeopardize your break-even possibilities and even hamper your effort to achieve viability in the marketplace. Some of what you are about to read is just plain common sense, but you may find just find the “gem that keeps you out of a jam!”
Pitfall Number One – “Pump Your Brakes”
You’ve spent the requisite time in choosing to meet with a qualified franchise consultancy like FranNet, whose sole focus is matching the right opportunity with the right option just for you. You believe in the franchise concept, and you did your due diligence through the Franchise Disclosure Document process. You have arrived at this point because you were both cautious and prudent with your time in researching the development of your soon-to-be franchise. It’s time to explore financing options, not hit the gas and floor it. Stay as focused and patient as you have been up to this point, never let your emotions override the necessity for exploring any and all financing options – even if you do feel close to the finish line. (more…)
Success Story: New York
- New York State SBDC at Farmingdale State College
- SBDC Counselor: Erica Chase
- Client: Premier Rubber Company, Inc. – SBDC client since 2012
“Doing business in an environmental and community friendly way can be very successful, especially when you add the SBDC to your team.”– Gail Walker, CEO, Premier Rubber Company, Inc.
Impact of working with the Farmingdale State College SBDC: Approved for an IDA PILOT program that assisted the company in moving into a new 18,000 SF building in Farmingdale, NY, expanded staff from six to 16, and increased sales to $5,400,000 in 2014.
Sandy, Oregon Woman Opens Oasis Senior Advisors with Help from the SBDC and FranNet
As many people do, Breanna Nickila geared her education toward a career in corporate America. After starting on her MBA, however, she began to realize her life might point in another direction, as the allure of business ownership and the struggle to find a quality job in eastern Portland created a new opportunity. Ultimately, her path landed her as one of the newest franchisees with Oasis Senior Advisors, a senior care advising company.
Nickila, a graduate of Portland State University, initially delayed her leap into the entrepreneurial world as she stayed at home for 11 years to raise her daughter. What she realized is that corporate life had changed and that her true calling was that of a business owner. (more…)
Entrepreneur and SBDC Client Josh Fegles is hired as Academic & Government Channel Sales Director to increase market share of SaaS app LivePlan in the government and academic channels
The world’s leader in business planning, strategic forecasting for small business, and small business management software, Palo Alto Software, has announced the hire of entrepreneur Josh Fegles to lead the company’s government and academic relationships.
Fegles will be sharing LivePlan, a great critical thinking tool, with global academic and government organizations to help them increase their relevance among their small business clients and students. LivePlan helps students learn about how to start a business, and helps small business owners plan and manage their business better. Josh will bring LivePlan to SBDCs (Small Business Development Centers), SCORE offices, Women’s Business Centers, Veteran’s Business Outreach Centers, Chambers of Commerce, economic development organizations, accelerator and incubator programs, and academic institutions (high schools and higher education, including online universities).
“Josh is the perfect person to lead our relationships with SBDCs, SCORE offices and colleges and universities for many reasons. Most importantly, he’s been a long time client of the SBDC in Portland, Oregon,” stated Palo Alto Software CEO, Sabrina Parsons. (more…)