Many people who feel the entrepreneurial itch make the wise decision to develop their business chops by purchasing a franchise. It makes a lot of sense to have a successful franchising company backing you up with a well-developed business model, operational procedures, training, and even marketing support. But there is still a significant bill to foot in terms of the franchise fee and a host of other startup costs. You need to know what you can afford, and what you might qualify for in terms of a business loan to fund your franchise. The Entrepreneur Authority is excited to announce we are forging a new partnership with the business funding experts at Benetrends Financial.
Strategies to Fund Your Franchise
Benetrends has been in the business of helping entrepreneurs realize their dreams of starting and running their own businesses for more than 30 years. And they don’t just help you out with initial funding – they stand by you for as long as you need them. eAuth views that kind of commitment to your success as an absolute basic foundation for considering a partnership. “When it comes to offering a range of innovative services to help entrepreneurs secure the funding they need, nobody does it better than Benetrends,” said David Omholt, CFE, a Dallas-based franchise expert and the CEO of The Entrepreneur Authority and Veteran Franchise Centers. “We don’t form partnerships with just anyone, and Benetrends not only meets but exceeds our rigorous standards.”
Can you Afford to Fund Your Franchise?
One of the most important steps in the funding process, and one that is often also the biggest question for most entrepreneurs, is trying to accurately estimate what you can afford for a franchise. Our partnership with Benetrends includes a robust pre-qualification tool that will help you narrow your search for the perfect franchise opportunity by identifying the various financing options for which you’d likely qualify.
This process just makes good business sense when you think about it. After all, in the same way that shopping for a new home is unwise if you haven’t been pre-qualified for a mortgage to know how much house you can afford, you should also get pre-qualified for funding when shopping for a business opportunity.
Pre-qualification can also save you a ton of time, which is the most precious commodity for any entrepreneur. There are literally hundreds of options when it comes to buying a franchise. A good portion of them will turn out to be well beyond your means. When you know in advance what you have to work with, your search will be much more efficient by ruling out many.
Please note that this type of pre-qualification tool is not the same as an actual loan commitment. It is an early determination of what options and amounts you could qualify for based on your unique situation. But as an easy and free litmus test for what you can afford, it’s invaluable.
At eAuth we are constantly on the lookout for tips, tools and strategies that will give you an edge in finding the best opportunities, including the quest to fund your franchise. We hope this one helps you make the best decision possible!