One of the biggest concerns for new franchise owners is, “Will I have enough money to open the business and run it successfully?” Despite those nagging doubts we all face from time to time, the answer to that question is definitely YES. Take a look below to see why.
Squirrel money away
One way to be at your most financially comfortable during your franchise start up is to use saved money. Ideally, you’d have been saving for months or even years before the opening. But if your franchise nest egg looks a little fragile, see where you can cut items from your personal life to fund your dream.
Be a borrower
Despite Shakespeare’s advice to “neither a borrower nor a lender be,” borrowing can be the key that unlocks franchise success for you. So, we’ll say it once and for all: there’s no shame in borrowing money to open your franchise. People do it all the time. Borrowed money can come from a loan, investor, or even an online campaign to raise cash and awareness for your franchise.
There are budget-friendly options for every franchise. You just need to know where to look for them. Things like décor and stock items exist in every price range, and you don’t necessarily need to have the very best when you’re just starting out.
If you’re still worried about money when opening your franchise, talk to your franchisor. They may have even more ideas on how to save, so you can start up and breathe a sigh of relief!