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May 9, 2015When it comes to business ownership and financing, the franchise industry will continue to grow. In fact, in 2014, franchising outpaced the private sector employment by 0.3%. It grew faster than the rest of the economy!
One of the things most new franchisees suggest, as do the franchisors, is nail down the financing first. You’ll need to make sure you can afford to purchase the franchise you are interested in and set up your new business.
Do you already know how much money you can invest in the business from your own savings, from family help and/or any other sources available to you? If you’ve done that homework and you still need the financing from other sources, read on.
Being able to find the right funding for your franchise is important. Before we recommend a couple of funding and financing options to consider, take a look at the list below of some typical funding programs available to Tutor Doctor franchise start-ups:
1) Start-up Funding
2) SBA Loans
3) Unsecured Finance
4) Franchise Funding
5) Retirement Funding
6) Line of Credit
Depending on your country, will determine the specific funding programs available to you, of course. In the US, Tutor Doctor works with Guidant Financial to assist and support Tutor Doctor’s prospective franchisees looking for help with financing their Tutor Doctor Franchise business.
Another one that seems to be gaining some traction in the US -- all around in the business and franchise world is Finance Store. They say they have “a funding solution for every business and every situation”.
In the UK, Tutor Doctor works with NatWest Commercial Banking. Tutor Doctor and NatWest have forged a successful working partnership to provide financial backing to support the setting up of new franchisees in the UK.
As a potential franchisee, take advantage of the growth in the industry. You are in a better position than a self-employed person setting up a business from scratch. As a franchisee, you have the backing of a proven business format and history of many similar franchisees to back up your funding application.
Fortunately, opening a Tutor Doctor Franchise does not require a huge investment! It is a home-based business with no requirements for leasing any building, equipment nor any need for inventory. Tutor Doctor is built so that you can be up and running in less than 30 days with a chance to experience immediate cash flow right out of the gate.