Where Can I Get Franchise Capital for My Existing Franchise
As a franchisee, it is likely that you already know where to go for technical help or advice on dealing with employees. However, no one really talks about how to get franchise capital for an existing franchise.
You receive tons of support when it comes to selecting a franchise opportunity and choosing a location. On the other hand, once you actually purchase the franchise, you are basically on your own. This means that you must handle the difficult task of getting franchise capital by yourself. Thankfully, you do have options.
Why an Existing Franchise May Need Franchise Capital
Many people believe that, when you own a franchise, everything is taken care of for you but this is not true. There are times when you may find yourself facing a cash shortage and in need of capital.
For instance, you could experience a seasonal slump in business. Perhaps people are not purchasing as much ice cream in the winter or plants in the fall. This could make it difficult to break even or make your quotas.
Additionally, you may wish to purchase another franchise location in your area. There are also on-going costs and fees paid to the franchiser, such as renewal fees when the contract is extended or special fees for services like training on new software.
Who Offers Franchise Capital for an Existing Franchise?
Going to banks for a fast business loan is typically not an option. They require mountains of paperwork and tons of collateral.
A better choice would be a business cash advance company, like Financing Solutions (www.financingsolutionsnow.com). They provide short term business financing with simple terms and fast approvals.
Financing Solutions works with existing franchises all of the time, providing them with a cash advance or line of credit that they can use to help their business grow, expand or address an emergency expense. Best of all, there is no long term commitment. You can repay the funds in a few weeks or months, when your cash flow improves.
Tips for Growing Your Franchise Business
Just because you run a franchise does not mean you shouldn’t try to grow. Any business that becomes stagnant runs the risk of becoming obsolete.
One thing you should do is to really listen to all key constituents, such as customers, employees and even other surrounding businesses. In fact, this should be a part of your overall company culture. If customers have the same general complaint, you must address the problem quickly before it begins to affect profits. Also, if your staff suggests a better way of managing operations, this could present an opportunity for growth that should not be ignored.
You must also remember that everything you do reflects on your franchise operation as a whole. A crisis at one location can send negative shock waves throughout the organization. For example, when two Pizza Hut employees posted videos of themselves performing unsanitary acts with foods, the entire chain took a hit to its image. Make sure all involved parties in your franchise understand what is expected and know the consequences for stepping out of line.
The best action to take for growing your franchise is to contact Financing Solutions. They can give you the cash advance you need for improvement and success.