Getting Properly Funded: The Key to Franchise Success
Turning Your Dream into Reality Through Smart Financing
Speaking at The Great American Franchise Expo, banking expert Van Conners, Principal of Conners Financial, shared key insights on how proper funding is crucial for franchise success. Hosted by The Entreprenudist Podcast's Randolph Love III, Conners explained why having enough capital from day one prevents the #1 killer of franchises - being distracted by financial fears instead of focusing on business growth.
Conners encourages aspiring franchise owners to find funding that fits their specific business model and goals. With customized financing, franchisees can solely concentrate on their new venture instead of worrying about paying bills. According to Conners, “If you have the ability to solely focus on the business, your bills are paid, everything else, you’ve got that game plan in place, you will be successful."
Rather than hastily accepting the first loan offer, Conners advises speaking to multiple lenders to find the best terms. The right financing partner will understand both the franchise model and geographic market to provide a loan that enables success. An uncomfortable, cookie-cutter bank loan can crucify a business, while a customized "sweet spot" loan leads to growth and strong lender relationships.
With over 150 lending sources,
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