IFA has teamed up with Littler Mendelson to create a FREE Franchise Compliance Toolkit for franchisors and franchise owners who must comply with an ever-changing and increasingly complex landscape of labor and employment laws.
In real estate, they say three things are important: location, location, location. In franchising, as evidenced by these female entrepreneurs, the keys to success are: perseverance, perseverance, perseverance.
Taking into account the franchise fee, royalty fees, working capital and other possible costs needed to start a franchise business, most potential franchisees find they don’t have the cash resources to purchase a franchise upfront. If you find yourself in this position as well, don’t be surprised if you run into a few financing challenges. Many lenders are typically more hesitant to approve loans if you don’t have experience or a solid track record as a business owner. That’s why it’s important have a strategy and be prepared.
There are a variety of loan programs available through the SBA including specific ones for veterans, disaster recovery, etc. The primary one for small business owners is the 7(a) program, which is more generally focused on helping small businesses start and grow.