The entrepreneurial spirit is a driving force that can bring you far in life. It’s what called you to pursue the dream of purchasing a franchise. However, the entrepreneurial spirit doesn’t always come equipped with the financial foundation necessary for success. If you feel stuck in financial limbo, don’t worry, there are some fantastic options available for financing your franchise! Here are some ideas to consider if you’re looking for financing options:

Loans

Loans are the traditional route for obtaining large amounts of capital upfront, allowing you to pursue your franchise dreams. Within this route, there are also multiple loan options available. The viability of each one will depend on your credit history and business plan. You also want to read the fine print and note any initial out-of-pocket investment and repayment terms.

Bank Loan

Working with a bank to obtain a commercial loan is a proven avenue. Note that it does require good credit and a rock-solid business plan. 

Franchisor

Depending on your franchisor, they may work with preferred lenders they can connect you with. It’s worth asking and could save you valuable time.

Small Business Association

The SBA works to help entrepreneurs succeed! They receive a certain amount of federal funding to increase their loan amounts.

Other Lenders

These days you will find countless lenders advertising their services and loans. If your credit score is an issue, you could try this route. Be cautious, however. These loans tend to come with less favorable repayment terms and higher interest rates.

Tap Into Your Resources

You could use your personal assets, such as savings, retirement, or a second mortgage on your home. Keep in mind that this is a risky choice. You risk your future livelihood if something goes wrong in your franchise venture.

Alternatively, you could reach out to friends or family members and request a personal loan. Depending on your family’s resources, it could be a viable funding option for you.

Go Modern

Crowdsourcing funds are becoming increasingly popular. With the rise of social media and countless crowdfunding websites, you can tap directly into the market. In essence, you create a giant pool of “investors.” Most people want to see others succeed and are willing to support them in their dream endeavors, even strangers!

If you’re looking for an exciting new franchise opportunity, check out Pokémoto! Hawaiian Ppoké is delicious and nutritious native Hawaiin cuisine, and Pokémoto offers training and support to get your location up and running. Reach out to us to learn more about our franchising opportunities and for more information about the cost of getting started!