When it comes to owning a pet franchise you will need to have adequate funds. If you do not have all the initial investment now, then the best thing you can do is secure a small business loan. Keep the following tips in mind.
1. Before You Buy a Pet Franchise, Get Things in Order
The first thing yo have to do in order to buy a pet franchise is get your documents in order. You will need to have the right applications filled out appropriately and neatly per lender request. Each lender will have different requirements. Two things that you will definitely need for all of them is a compilation of financial information and references.
2. Prepare for Your Interview
You will have to interview for the small business loan in order to receive a loan for a pet franchise. The thing to remember is that you are selling yourself. Make sure you look like a successful business owner. Be prepared for all the questions they will ask. Take the time to practice the interview so you are not stumbling all over yourself as you defend your pet franchise loan.
3. Create a Financial Plan
While not all lenders will require you to have a business plan, it is a good idea. The nice thing about a pet franchise is the business model is laid out for you already. This will take care of a good portion of the work. Do not forget to focus on your goals for the future in your business plan.
4. Don’t Quit Your Day Job Yet
While it may seem like a great idea to quit your job in anticipation of opening your new pet franchise, lenders do not like this. You will come across as flighty and a bad investment risk. Wait until after the loan is finalized and you get things moving with your store to quit your job.
5. Talk with an Expert About Financing Your Pet Franchise
Your local SBA office can help you get the information about securing your loan. It does not cost a thing to talk with them. They have a wealth of information they can share with you to help you through this process.