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.