Buying a dog grooming franchise can get expensive, even if you go with the lowest industry startup costs. There are several tips that you should know about that can help you to get the funding you need.
Know What You Need
Even though the franchisor cannot tell you the exact amount the initial costs for the franchise will be, they can give you a high and low figure. This is because there are many variations depending on where your location will be. It is best to hope for the low end of costs but plan for the high end.
Get a Second Job
This may sound counterproductive to going into business for yourself, but it can be a great way to save for your franchise. Even if you do not like working a ton of hours or having a boss, this temporary job can help you to get to your dog grooming franchise a reality. Just make sure you are saving this income rather than spending.
Find Ways to Cut Your Spending
You know the old saying, “a penny saved is a penny earned?” Well, put this to work when financing your dog grooming franchise. Find ways that you can cut down on your expenses and then apply this money into your savings account for the franchise. If you are unsure of where you can cut expenses, then it is helpful to talk with a financial counselor who can help you create a budget and savings plan to get you on track.
Improve Your Credit
If you plan to get a loan to cover part of your expenses for buying the dog grooming franchise, then you should make sure you improve your credit. This can help save you money in a few ways. For one, this will make you a better candidate and more likely to get the loan you need. This will also reduce the down payment required by the lender. On top of all this, it can save you money in the long run because a better credit score means lower interest rates which can cause you to spend tens of thousands of dollars more over the life of your loan.
If you are considering a dog grooming franchise, give Splash and Dash a call. We can answer all your questions and help you achieve your dream of franchise ownership.