The modern world of today allows for a vast number of opportunities for businessmen and for those who dream of having their own business. There are traditional businesses, online businesses, home-based businesses, services and so many products out there. The competition is so tight and you have to keep up with it. Technology is becoming so advanced that it has become easier to communicate with customers, manufacture products and ship them as well. In connection with this, I’ve been looking around for business options lately. I came across all these wonderful business types that I mentioned. More specifically, I saw ways to start my online boutique business, sell accessories on websites, direct selling, network marketing and franchising. The franchising business really caught my eye. It even made me think of getting a business loan for it. We’ll get into financing a little later though.
So what are the advantages of franchising? First of all, it’s like inheriting an already established business. If the franchisor has been in the business for at least 10 years already, then more or less, you know that it’s going to last for a longer time. But, that’s not the only thing that you have to look into. What are the products or services offered by this franchise? Is it timely and in with the trend? I just found out that health and wellness is the trend of today and the next years to come. So a good business is one related to this. Maybe some healthy food and services like a gym and spa would be in today. This again depends on the location and other factors.
When investing on a franchise, there is less work in terms of manufacturing, training and advertising. The main company takes care of these things. They also protect their franchisees as there are rules in terms of distance between two franchisees of the same company. One cannot put up the same franchise so close to another one.
Branding is another factor in franchising. If people are already familiar with the brand of products that you are selling, then half the work of advertising is done. They already know that it works, it’s good and it is of good quality. That is if you chose the right company. You wouldn’t have a hard time in introducing the products and the market is pretty much established.
Now going back to financing, you have the amazing option of getting a business loan. You can very well present the materials from the franchisor regarding the business details. Although you will still need to make a business plan as a requirement for the loan, much of the information will come from the franchisor. This makes it easier for you then to get approved for the loan. The advantage of getting a business loan is that you don’t have to pay immediately for the whole amount of capital to the franchisor. The credit company takes care of this. You just have to pay on installment basis to the credit company and be on top of the expenses for your new business. If you have bad credit and need a loan fast consider a bad credit loan. The interest rates are higher, but companies like BHM Financial will do their best to match your needs.