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How to Get a Loan for Low Cost Pet Franchises

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There is no denying that low cost pet franchises are a lucrative opportunity for most people. The one problem most people have though is coming up with the funding they need to get the loan. If you are trying to figure out how to fund your new business, here are a few options you may not have thought about.

 

Borrow From Your 401(k)

This can be a great way to get the funds you need when buying low cost pet franchises, though it is not for everyone. First, you will need to make sure that you can borrow from your 401(k) plan. There is a good chance you will be able to because approximately 87% of all 401(k) plans offer this feature. You will need to make sure you understand the regulations for your particular plans to know the amount you are able to borrow as well as any fees that may be associated with this. Keep in mind this is also only a good option if you have a decent amount saved in your 401(k).

 

Home Equity Loan

If you have a  home and have ample equity built up, then you can always take out a home equity loan for low cost pet franchises. While you may think that you do not have much equity built into your home, keep in mind that the value of home nationwide has been on the rise for over a year now. Also keep in mind that you do not have to get an appraisal of your home if you want to get a general idea of your home’s value. You can simply look up comparable homes in your neighborhood that have sold. This will help you get an understanding of what the prices in your neighborhood are at right now. If you find that there is enough equity in your home,  then start talking with lenders.

 

Unsecured Loans for Low Cost Pet Franchises

If you do not want to put your home, car or other property up as collateral for your business, then an unsecured loan may be the best option for you. Many owners of low cost pet franchises use this option because the approval for the loan is quick, generally within 24 and 48 hours. The one downside to this is that it does have a significantly higher APR than traditional business loans because there is no collateral on the loan. You may also need to provide extensive documentation compared to a traditional business loan.

 

These are just a few of the options you can use to fund low cost pet franchises. There are many other ways that you can get the money you need. Simply take  the time to assess your financial position and what you have available to you. If you are not sure, then visit a financial adviser. They can help you find the options that are right for you.

5 Things Successful Owners of Low Cost Pet Franchises do Every Day

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There are several concerns people have when buying low-cost pet franchises. You may worry about whether or not the business will be successful. To help alleviate this fear, it is helpful to know what successful franchise owners do every day. Here are the top 5 things they do.

They Practice Self Discipline

A common misconception is people either have self-discipline or they don’t. While some people naturally have more than others, everyone has it. Like anything else in life, practicing can help you to improve your self-discipline. If you want to own low-cost pet franchises then you will need to have a great deal of self-discipline. This will help you to keep on track and keep the business running as it should.

They Give to Others

There are some who simply look at this as a matter of karma or the old saying “you reap what you sow.” The bottom line is people who are putting good out into the world will see the benefits in their business. Some successful owners simply invest in their employees to make sure they are happy and have the tools for success. They may even just take a little extra time to talk with customers and create a better rapport with them. Others give to charity or help out with events in the community. There are endless ways for you to give to others.

They Get Adequate Sleep

Lack of sleep does crazy things to the body. It can trigger a stress response which in turn shuts down your brain so it does not function properly. Your immune system cannot function at full capacity which makes you more prone to sickness and disease. Lack of sleep can interfere with just about every system in your body and owners of successful low-cost pet franchises know this. Make sure you get plenty of sleep at night. It may seem impossible, but with the right organization, productivity, and planning you can make this happen. You will find that it will make you more alert and happy as well.

They Face Their Fears About Low-Cost Pet Franchises

Fear is what holds most people back from buying the pet store franchise. This is something we have covered in another blog about the fears people have about buying a franchise and the reality behind these fears. Whether you are afraid of failing or simply getting started you will find that being overcome by fear does nothing to improve your situation. While your fears as a business owner never fully go away, you need to confront and deal with the fears.