We wont be exploring the reasons why you picked any certain franchise, that's your decision, motivated no doubt by opportunity and the ability to create personal wealth. But we do recognize that franchise lending might be a challenge to yourself, and the financing and funding of your business has left you a bit worried, to say the lease. So let's end those worries.
In preparation for the financing of your new business there are a couple of pre-requisites that have the ability to stop you right out of the gate. Let's make sure you know what those are and how to address them.
One of those key issues is your ability to demonstrate two things, a reasonable personal credit history and some business experience. Naturally it helps if you have some industry experience, but it's not critical. By industry experience we mean, as an example, that if you are buying a QSR (QUICK SERVICE RESTAURANT) that you have some expertise in that area. But do you know what, if you can prove you can translate other business skills into the management of this business we're pretty sure that's a big plus.
The other key element that will eliminate your worries about getting approved by franchise lenders is what your proposal looks like. Proposal? Whats that we can hear clients say?
Well you can call it what you want, a ‘proposal ‘, ' business plan '... ‘Executive summary '... etc. Bottom line is that this document, when properly presented, has the ability to again eliminate a huge amount of the worries you have had on achieving the financing you need.
Whats in that document? It's not as bad as you think, it's simply a profile of yourself, the new business you're buying, info on the franchisor, and a financial plan. No surprise there on the financial plan, lenders seem to want to know how they will be repaid!
Oh yes, those ' lenders ‘. Who are they in the Canadian franchising marketplace? Actually we're not betting people, but we would wager that you won't guess that the government is probably one of the largest franchise lending and financing partners in Canada. How is that ?It's because they sponsor the BIL /CSBF program, which underwrites most Canadian franchises that are under 350k or so in purchase price .
Other lenders include one or two major independent finance companies, as well as numerous equipt financing firms that have specialization in areas of franchise equipment finance.
Did you know that, according to Forbes, 86 percent of customers will pay more for a better customer experience? Customer satisfaction is always a worthy business pursuit, but to identify customer preferences and exceed expectations, you must keep pace with innovations in the technology your customers are using. more
Deciding which phone system is right for your business can be difficult. With our VoIP technology blueprint, discover the top 15 questions you should ask VoIP vendors before you make a buying decision. more
Real-time personalization of the customer experience has been described as the holy grail of digital marketing. And the race is on. Gartner believes that by 2018, businesses that excel in personalization will outsell those that don’t by 20%. Though the benefits are clear, the path to get there is not. more