Entrepreneurs who are looking for cheaper ways to own a business often go for franchise opportunities. But what if you lack enough funds even when trying to buy a franchise?
The first and most logical step is looking for an affordable franchise to buy. But you might not want to indulge in cheap opportunities for various reasons. So, we have found 7 ways for you to buy a franchise even when you’re short on funds because short on funds hardly means you shouldn’t try your luck in the business world.
- Look for business that will loan you your franchise fee
The fastest and easiest way to acquire a loan for your franchise business is from your franchisor. Some franchisors help the candidates if they see enough determination and potential in them and help with a part of the franchise fee or sometimes loan you the whole franchise fee. Once you start your business operations and earn, you can pay them back in installments.
Window Medics is a business that offers franchising opportunities along with loaning a part of their franchise fee to the franchisee units. This is mostly because companies like Window Medics are sure that your business will work, either because of the person’s determination or because of the location they choose to set up the business.
- Go for opportunities that don’t require a physical location
Home-based businesses cut down the cost of owning a business drastically. Even better if you are offering services through the internet. For example, franchise opportunities like Cruise Planners are simple home-based business opportunities that you can fully operate from your home.
Some of the other home-based businesses are Window Medics and other window glass services. Although you don’t need a physical location for your raw materials or consultation, you will need a vehicle for moving your equipment and raw materials during the time of project installation.
But this is still a better opportunity than having a fitness center which will require a good amount of space in accessible parts of the city, requiring more cost regardless of whether or not your business is working at the moment.
- Find an SBA-Backed Loan
Where else would you go for business funding if not to SBA-backed loans? SBA(Small Business Administration) is often associated with or well-familiar with various businesses offering franchises, and if you are lucky, it will be easier for you to acquire a loan.
Your best bet is to go for a reputed company like Window Medics, even though it is not as popular as Dunkin Donuts or KFC.
Window Medics is a business that has established itself as a fast-growing brand in its industry and offers franchise opportunities. Having successful franchise units scattered throughout the country is also a huge plus.
Your financial history will, however, come into play during your evaluation.
- Find suitable partners or investors
You’re not a lone wolf while starting a business, and the more players are involved, the stronger your chances of survival. If you use money from your partner, who is equally owning the business with you, your risk of using the money reduces dramatically.
Sometimes some investors are willing to invest in your business, although a solid business plan and vision will be required to convince the investors that you are not just going to waste their money.
Although, the profits you will have from your business must be shared with your investors and, of course, your friends.
- Search for Low-cost franchises
This is one of the ideal ways to start a franchise business. We suggest that you buy a franchise business that is affordable and which will not require you to borrow from your franchisor, bank, or other financial institutions.
For example, Dream Vacations, Cruise Planners, and Window Medics franchise opportunities are cheap enough that you can afford them with your saved money for your business. Don’t worry about low-cost franchises not offering the best benefits.
Opportunities like Window Medics offer unique and patented services, which you get access to and offer to your customers. Because of this unique process, a Window Medics dealer can be a successful dealer in any area they operate because of virtually zero competition. Even though you will find many window glass repair and replacement services as your competition, they will not have the defogging process to offer to the customers.
- Consider a Personal Loan
Indeed, many don’t want to take a personal loan unless they can’t help it, but if you are confident about your chosen business and have a business plan, we say go for it. But make sure you have a good credit score.
You will also have to keep in mind that your personal loan will affect your credit score and your chances of acquiring loans in the future, depending on how you handle your existing personal loan.
- Equipment Loan
Businesses like commercial cleaning solutions or fitness centers require heavy equipment, which can be crazy expensive. And even when you have a low franchise fee, you are scared about starting the business because of equipment prices. But an equipment loan can make things easier.
Some lenders offer loans that are dedicated to the area of franchise pieces of equipment. This loan is one of the easiest to acquire because you have physical assets to cover the loan if you ever fail to pay your loan back.
Conclusion
Sometimes, saving up and paying your franchise fee out of your pocket is easier than relying on external aid. If you are not in any hurry to start a business, you will always be self-reliable and save money to buy your dream franchise.
To know more about the Window Medics franchise business, call 888-329-7116 or email at info@windowmedics.com.