Have you researched how much it costs to purchase and own a franchise? More often than not, investors and entrepreneurs turn to some kind of funding — taking out a loan, setting up a financing plan, getting an outside investor or taking out a second mortgage — to get the money necessary for that initial investment.
To help you prepare to receive the financial help you might need to own your own franchise, here is list of things you should start doing at least a few months prior to applying for funding.
- Improve your credit score (aim for above a 720).
- Have no late payments on your records. If you do have a lot of negative items, sometimes they can be eliminated by contacting a reporting agency such as Experian.
- Look into rolling over your IRAs and 401K.
- Search out funding with a low interest rate and a good payback plan.
Doing the things listed above and getting everything in order a few months before beginning your search for funding will help ensure that no money is wasted and that you don’t miss an opportunity in your area.
