June 15th, 2008
Where Do I Get the Money to Take Part in a Low Cost Franchise?
Unless you have several thousand dollars in savings, it is not likely you will be able to buy into the low cost franchise, plus build your store, and conduct your business. As a result, you will need to obtain startup and operations capital from a bank or other lender. In some cases, the SBA will guarantee part of your loan, and make it easier for the bank to approve your application. Unfortunately, if you do not factor interest rates, bank fees, merchant account fees, and other loan fees into your plans, you may well find that you will not have enough money to operate your business, thus guaranteeing its failure.