Researching Online Lenders for Your Dog Grooming Business

/in /by

When looking to finance your steps into owning a business, it can be difficult to find the right sources to borrow from. Between angel investors, traditional loans, and loans from family members, there must be other option in case none of the above worked out for one reason or another. If you’ve hit the end of your rope for loan and financing options for the dog grooming business, consider the following about online lenders:

Alternative Lenders Want to Support You

Collecting appropriate financing and opening your pet grooming business can often feel like a one-person task. Isolation, anxiety, and fear are all common feelings experienced by the new business owner and the hefty price tag that comes with opening your own dog grooming business. However, all is not lost. According to a new report on the Wall Street Journal there are not only billions of dollars out there, available for pet care franchise owners, but the lenders want to help fund your dreams.

Still be Cautious of Lenders

There is a saying that goes, ‘If something seems too good to be true, then it probably is”. There are a lot of honest investors out there who really do want to help you build your dog grooming business with the best conditions possible. However, there are also lenders out there who just want to make a ridiculous amount of money with hidden fees that jump out at you at the worst possible time. Don’t think that just because a lender is well known that they follow the best lending practices. Always makes sure to do your research so that you do not fall into a large-scale money trap.

Popularity of Online Lending is On the Rise

In the first half of 2014, it’s said that up to 20% of small business owners turned to online lenders for securing finances. There are a few reasons why online lenders are becoming more popular. One of those reasons is the ease of approval. By July of 2014, 61% of online lender requests had been approved while only 49% of small bank loans had been approved. With online lenders, hopeful dog grooming business owners have a better chance of securing their funds early on and getting a head start in the business.

Finding the Right Funds for Your Dog Grooming Business

You can receive tips, suggestions, and do all the research in the world saying what type of financing is the best. However, financing is not one-size-fits-all. It will depend on the relationship you have with your lender, the financial needs you have, and the business you’re going into. Many lenders offer different benefits to individuals opening specific businesses. If you already have a financial consultant for your dog grooming business, you may want to talk to them before you take out any loans. Financial consultants may be able to offer great resources to franchisees and business owners as they have been in franchising industry for some time. They may know how to talk to the talk to get the best deal that you may otherwise never have heard of. At the end of the day, the loan that works best for you will be very specific to your business goals, your financial abilities, and the location of your business.

7 Reasons a Pet Grooming Franchise is Better Than a Startup

/in /by

A pet grooming business can be an excellent way to get the income you want as the pet industry is not only booming but recession-proof. However, the question many people have is whether it is better to buy a pet grooming franchise or to start your own business. Here are 7 reasons why you should think about buying a pet franchise rather than doing it on your own.

 

Have More Predictable Revenue

shutterstock_84715165When you start your own pet franchise you will find it hard to determine what your revenue potential is. When you go with a franchise you can at least look at similar markets with other franchises to get at least an understanding of what you may expect. Companies like Splash and Dash that offer a recurring revenue model make predicting revenue even easier.

 

Training is Provided

Training your own employees can be time-consuming and frustrating. Even just learning all the things you need to know about the business on your own can be hard. This is where a pet care franchise that offers training can be extremely helpful.

 

The Branding Power

Starting a pet grooming business from the ground up means taking on branding all on your own. When you choose a franchise, they will already have at least regional branding in place and are constantly growing, which means that your company will continue to grow as a result.

 

Growth Strategies

Creating business strategies and procedures can be difficult and time-consuming. The benefit of buying a franchise is that this is already done for you. You can simply implement the strategies they have outlined and watch as your pet grooming business turns a profit in no time.

 

Become Profitable Sooner

Many startup businesses take years or sometimes, even more, to become profitable. This is because there is a lot of trial and error that goes into this. However, when you use a franchise you are cutting out this trial and error aspect of a business startup as they have already done this for you. You simply take the strategies they offer in their franchise model and watch as this works for your business.

 

Invaluable Support

Support is something you will not have when you start your own pet grooming business. Sure you may have a support group that is there to listen when you are having a rough day. With a franchise though you will have someone who is there to help you through the issues you are having with the company and to help you come up with solutions to the issues.

 

Easier to Finance

Unless you have the money to fund the entire start-up of the business from your savings account, chances are you will need to use some sort of financing method. There are many options out there, but many people find this is hard to get with a startup. Rather, you have a better chance of getting the funding you need for your pet grooming business if you go with a franchise.