You’ve got that entrepreneurial spirit — but maybe you’ve got a track record that has less success but an abundance of risky ambition. If a few failed business ventures or poor investments have left black marks on your credit history, you might feel reluctant to jump in again. If you’ve got your eyes on a new franchise venture, however, what are you going to do?
Luckily, bad credit doesn’t necessarily spell the end of the road in the world of franchising. If you need to take out a loan to finance your newest business adventure, you’ve still got options. First of all, lenders evaluate aspects other than your credit score. They will want to see how much cash you have to invest, what collateral you can offer, as well as your managerial track record.
That last element might just be your saving grace if you’ve had a couple businesses tank in recent years. Lenders are just as aware of the economy of anyone else — they’ll be wary of a poor credit score, but in a a time where everyone’s wallets are hurting, they’re likely to be a bit more understanding. If you can pack your application with high quality references and testimonials from past employers and coworkers, it can really help your cause. Make them see that just because your product or service wasn’t well received, it doesn’t meant that you don’t know how to successfully manage a business.
So, if you’ve got that next entrepreneurial vision on the horizon, stop making excuses for yourself! Pull together your strongest portfolio and be as prepared as possible to present yourself to potential lenders. If you have confidence, it’ll show — and it’ll make someone else more likely to have confidence in you, too.
If you want advice more specific to your personal situation, Profit Street can help you find experienced franchise brokers that can answer all your questions.
A franchise broker is a lot like a realtor. When you’re looking to buy a house you meet with a realtor who gets to know your personality, asks about your criteria in a new home. They then give you personalized recommendations on homes that they think you might like based on your wants and needs. Similarly, franchise brokers help you sift through the thousands of franchises that are available and help you find the perfect fit.
What are the Other Benefits?
- Our Service is Free- At Profit Street our brokerage services are completely free to our clients. We receive compensation from franchisors when we find qualified individuals that become franchisees in their system. All of the franchising fees and process will be the same whether or not you use our services. Getting help from the franchise experts just makes sense!
- Save Yourself Some Time- There are over 4,000 concepts, spread across 75 industries and if you try and narrow down the opportunities on your own you could end up wasting precious time. One of the benefits with working with the educated franchise brokers at Profit Street, is that we provide a Prospective Owner Assessment. This valuable information is used to best match you with franchises that fit all of your needs.
- Be Informed- With so many different opportunities it is easy to find yourself feeling overwhelmed and undereducated. With the help of a franchise broker you can make confident decisions about what direction to go with your new business. Buying a franchise shouldn’t feel like taking a shot in the dark. If you are considering purchasing a franchise then you owe to yourself to do your homework. We can help!
2012 is just around the corner and with the start of a new year comes a renewed sense of vision and ambition. If you’re determined to be your own boss, and have control over the money you make and the hours you work, then you should consider buying a franchise with a business plan that has already proven successful. Give the expert franchise brokers at Profit Street a call today, and let us help you pursue your passion for business and achieve your dreams. (888) 781-4473
Franchises are everywhere and they come in all shapes and sizes. If you’re thinking about starting your own franchise then you definitely have a lot of options to choose from.
So many options in fact that you may have a little bit of trouble actually choosing one that fits all of your needs and will be something that you can enjoy as the business owner. As you begin to look at what franchises are available there are a few things to consider that will help you narrow your search:
- The Budget- At the end of the day when everything is all said and done, your budget will play the most important role in deciding which franchise you can open. It’s good to do some research ahead of time and see what kind of budget you’ll want to set aside for your new business. As well, you should also put forth significant effort in building your credit score so that you can qualify for a business line of credit if need be. It is always wise to have extra funds on hand to cover any unexpected costs that you may come across.
- What’s your Background- Another thing to take into consideration when choosing a franchise is your own personal background; What you’re interested in, hobbies, talents, skills, and previous work history are big clues into what kind of business will make you happy. Making your business a success depends in part on how much you enjoy doing what you’re doing. If you dread going to work everyday then you end up losing out on the ultimate dream of owning your business and you might as well find a job working for someone else that you don’t enjoy.
- Speak with An Expert- An experienced franchise broker can help you to find the perfect match to fit both your budget, and your personal interests. The best part is that they get paid directly from the franchises that they represent, which means that their services are free. They can walk you through the entire process of starting a franchise and really help you to get your feet wet, without you ever feeling like you’re in over your head.
Here at Profit Street we have professional franchise brokers who are dedicated to educating others and helping them find a franchise that fulfillls all of their needs. Our goal is to help potential franchise buyers get all that they ever dreamed of out of their new business. We work with hundreds of unique franchises and we have several opportunities that we can share with those looking to start their own businesses.
It’s not surprising these days to discover that your grandparents have Facebook profiles. It seems like pretty much everyone is online — and if that’s where the people are, that’s where your business needs to go.
In any worthwhile endeavor, knowledge is a crucial key to success. So what do you need to know when using social media to market your franchise?
Know the Platforms
If you’re going to use Twitter, you need to know Twitter. The best way to prepare to market your business online is to use Twitter, Facebook, etc. on a personal level. You’ll learn a lot just by jumping in, and it’s better to get any newbie mistakes out of your system in a forum where the consequences don’t reflect poorly on your business. Don’t be intimidated — basic common sense will keep you from doing anything too fatalistic in the social media world. But it’s important to get a feel for the online community — how often to post, what kind of content interests people, etc. — and you can learn a lot of this using personal accounts. Once you have a steady grasp on the tools and culture, create your business accounts!
Know the Rules
One difference between marketing a franchise versus marketing an independent business is that there may be restrictions on what you can and can’t say. With a franchise, you’re working under the umbrella of a larger company. You’re representing that company’s brand, and they’re bound to have some parameters about acceptable social media usage. Some companies will allow you to do what you want, others will allow social media usage but insist on supplying or reviewing all content, while yet other companies want to keep one set of centralized accounts for the brand as a whole. You need to check your paperwork and speak with the higher-ups before giving your franchise an online voice, or you could be setting yourself up for trouble. If you can have your own social media accounts, make them unique with localized deals that appeal to your neighborhood audience. And when you have accounts, share them! Print the URLs on coupons and napkins, put a sign in the window — do what you need to do to get the word out, or your pages won’t get any traffic.
Know Your Market
When you’re all set up and ready to start tweeting and posting, you need to put careful thought into the demographic you’re aiming to reach. For example, are you marketing your goods to an elderly population? Twitter is a young, hip site — it might not be the way to go. You need to know your customers — are they online? What platforms are they using? What type of content are they interested in? Pictures? Coupons? Spotlights on regular customers or staff members? A lot of this you can figure out by logical deduction or by trial and error. Or, you can survey customers and find out first-hand where you can find them online and what they want to hear.