22
Sep

Payday Loan Suggestions Completely From The Experts

Get fast $ 600 Loan mepay Oakland, CA within overnight Get $700 tonight fast wire transfer. You can also apply quick $ 400 loan me paycom.com Detroit Michigan within next business day .

In today’s world of speedy speaking salesclerks and frauds, you need to be an informed customer, conscious of the facts. If you find oneself within a economic crunch, and looking for a fast payday loan, please read on. These post can provide suggestions, and recommendations you need to know.

If you are planning through severe fiscal difficulty, then payday loans are not a great choice for yourself. This sort of financial loan is merely for those individuals who, have sustained an abrupt cost that should be repaid right away. Those who submit an application for these personal loans need to, are able to pay out them away from inside of two weeks. It is now time that a majority of payday loan terms will expire.

Be sure that you fully grasp precisely what a payday advance is before you take 1 out. These financial loans are normally of course by organizations which are not financial institutions they lend tiny amounts of money and demand very little forms. The personal loans can be found to most people, though they generally have to be repaid within 2 weeks.

In case you are looking for a pay day loan on the web, try to avoid getting them from spots that do not have very clear contact information on their own website. Lots of pay day loan companies are not in america, and they will cost exorbitant fees. Ensure you are aware your identiity lending from.

When you have poor credit, a payday advance can be the best way to get fast cash to use for an unanticipated emergency. Payday advance businesses will not run a credit examine, nevertheless they really do need to know that you are hired or obtain normal reimbursement from your trustworthy supply.

You will find around ten thousand payday loan providers in the states on your own, and more worldwide. Make use of this truth in your favor. Enjoy competitors off of one another for much better bargains. Discover who may have the hottest deal, and see if you can make use of this information and facts as influence above somebody in your area.

When you must get a cash advance, open a whole new bank account at the lender you don’t usually use. Ask the lender for momentary investigations, and make use of this bank account to acquire your payday advance. When your bank loan arrives due, downpayment the total amount, you must pay back the money in your new banking accounts. This safeguards your regular cash flow just in case you can’t pay for the financial loan rear by the due date.

Pay day loans have recently become increasingly popular. You will find a wide variety of options, it is therefore a sensible idea to check costs and terms from 4 to 5 various loan providers just before, you select your loan. Read through all of the disclosures for every loan that, you are thinking about. Ensure that you obviously understand the interest levels, and any fees that can be incurred.

Those looking to apply for a cash advance will be sensible to investigate payday cash loans, with a roll-over option. Occasionally you won’t have the capacity to spend the money for complete loan by the expected particular date. Some lending options will allow you to pay out only the fascination, and expand the money for an additional spend period.

Before taking out a pay day loan, ensure you comprehend the settlement terminology. These financial loans hold high interest rates and stiff charges, and also the rates and penalty charges only increase when you are late building a settlement. Usually do not sign up for a loan prior to entirely reviewing and comprehending the terminology to avoid these issues.

If you find yourself bound to a pay day loan which you are not able to pay back, phone the financing company, and lodge a criticism. Most people legit issues, about the high service fees incurred to increase payday loans for the next spend time. Most creditors will give you a discount on the financial loan costs or interest, however, you don’t get in the event you don’t check with — so make sure to question!

Repay the complete loan as soon as you can. You will have a due particular date, and pay close attention to that date. The quicker you spend back the loan in full, the sooner your deal with all the cash advance company is complete. That will save you funds over time.

Payday cash loans can give you dollars to pay your bills these days. You just need to know what to expect throughout the entire process, and ideally this information has presented you that info. Make sure you take advantage of the ideas here, as they will assist you to make better choices about online payday loans.

27
Aug

Weight Loss with Apettite supressants 37.5 milligram

My good friend david is definitely an outstanding mirror but is self-conscious to expose his ability because he is chubby. Lots of people around the globe are hooked on obesity the worst type of part is always that kids and young people are also beneath its understanding.
Disinclination in the direction of conditioning and rapidly lifestyle is a crucial aspect for fat gain. These kinds of quick life provokes need for processed foods so much so we’ve overlooked the need for fresh produce in fact good diet has become a matter of possibility.
What is going on wrong? Exactly what is the basis for this kind of rise in unhealthy weight in the the past few years?
We take in fifty percent the quantity of food that individuals in early fifties employed to consume but we surpass them significantly with regards to putting on weight. The solution is clear-cut –
World food prices few decades, there’s been an exceptional change in our lifestyle to be precise we live in a remote device planet where the need for physical effort has actually faded.
Today we spend more time facing pcs, we use cars in which prior to we used our feet or bicycles, and now we use pulls and escalators as opposed to stairs. We’ve got dwindle energetic. So, although we ingest a lesser number of calories from fat now than a few years ago, in addition we burn off considerably fewer calories from fat than ever before.
Extra weight could be the contrast between the calories we consume and the calories we lose. Or, put more simply, foodstuff as opposed to exercise. Yes, we may not appear to take in a lot, but when we’re lounger potatoes we even now find yourself adding for the excess weight.  A blessing named Apettite supressants 37.5 milligrams from http://kositbangkok.com: Phentermine 37.5 milligram is really a boon for individuals looking for rapid weight loss it works by rousing the hypothalamus human gland and impacting particular chemicals to decrease urge for food.
The hypothalamus gland will be the region with the mental faculties that regulates the autonomic central nervous system, regulatory slumber fertility cycles, the body’s temperature, appetite, and so on. Apettite supressants 37.5 milligrams will come in supplements, pill and liquid plastic resin tablets.
Phentermine 37.5 milligram from http://www.pkl-resort.com is diet it needs to be obtained vacant abdomen, as soon as daily, just before breakfast time. Having Phentermine 37.5 milligrams overdue inside the morning can affect your sleeping hours.
Phentermine 37.5 milligram Doses:
Dental serving variety (Capsules) – 15 to 37.5 milligram once every day just before breakfast every day or 1-2 hours following breakfast.
Common dose variety (Supplements) – 15 to 37.5 milligrams after daily ahead of breakfast time or 1-couple of hours after morning meal. Instead of getting it daily, your doctor may well let you know to take 15 to 37.5 milligram in split doasage amounts a single-30 minute before meals.
Common glue dose kind (Pills) – fifteen to thirty milligram after each day ahead of breakfast time
Apettite supressant 37.5 milligrams negative effects :
Prescription medication like Apettite supressant 37.5 milligram can lead to uncomfortable side effects including pain in the chest, bloating of hip and legs, difficulties in breathing and exercise and passing out.
A few other acquainted adverse effects of Phentermine 37.5 mg consist of Major depression Drowsiness, Elevated blood pressure levels, Becoming easily irritated, Anxiety, Sense of properly-staying, Tiredness, Blurry eye-sight, Change in sexual interest, Clumsiness, Frustration, Diarrhoea, and Lightheadedness. , Dry mouth, Head ache, Irregular heart beat, Nausea / vomiting, Psychosis, Epidermis allergy or itchiness, Tummy discomfort, Exhaustion and Unpleasant taste.
Alert: Individuals earlier mentioned 60 need to talk to their physician before looking Apettite supressant 37.5 milligrams it can be purely banned for individuals beneath 16 years of age
Maintain your medication from kids.

20
Apr

A Nice Apartment to Start Fresh

My daughter and I have been a really good team through the years. It has just been the two of us ever since her mother succumbed to cancer nearly ten years ago, and that has made the two of us extremely close. That is why when I had to go to Boston for work, I asked her if she wanted to look at Boston luxury apartment rentals for the two of us. I knew it was asking a lot of her to leave her school and friends, but she is mature enough to understand that this was not a choice that I willingly made on my own too.

I figured if she was in charge of finding us a new apartment to live in, then that would help her a bit with the temporary chaos. When she showed me the Ocean 650 apartments, I knew she had hit gold. It is only 15 minutes from my new work place, and it is in a great district for her to continue with her education. The location is just great for so many reasons, and the apartment that she thought would be perfect for us turned out to be just that. Continue reading

20
Apr

Moving to Arlington to a Town Home Not Far from Where I Work in Cambridge

I got a new job promotion and had to tell my wife and kids that my new boss wanted me to work in Cambridge. None of us wanted to move, but we really needed the upgrade in income that this job would provide if we were ever going to be able to send our kids to the colleges they wanted to go to. We looked for apartments for rent in Arlington MA that is only a few minutes away from Cambridge. We found the Arlington 360 apartments, and the kids were trying to give us an ultimatum that they would only move if we moved there. Well, my wife and I kind of liked the place too. Who are we kidding? We really liked the place. Continue reading

26
Nov

Why These Three Brothers Moved to San Antonio to Open a Pair of Franchises

Why These Three Brothers Moved to San Antonio to Open a Pair of Franchises

Why These Three Brothers Moved to San Antonio to Open a Pair of Franchises

Image credit: Two Men and A Truck | Facebook

Franchise Players is Entrepreneur’s Q&A interview column that puts the spotlight on franchisees. 

Would you relocate to open your own business? For Kevin, Curtis and Steve Newman, the decision to move to San Antonio to do just that simply made sense. Originally from Des Moines, Iowa, the three brothers decided to buy a franchise together. When a pair of Two Men and a Truck locations were available in San Antonio, the trio decided to make the purchase. Here’s what they’ve learned.

Name: Kevin Newman, Curtis Newman and Steve Newman

Franchise owned: Two Men and a Truck in San Antonio

How long have you owned a franchise?

We began running our first franchise on Dec. 8 and took over our second franchise on Dec. 22.

Why franchising?

Franchising allowed us to become business owners without jumping into the business world alone. With franchising, there is enough structure to give us the necessary support we need to get on our feet while allowing us enough freedom to develop and grow our own business. The ongoing support from other franchisees and home office also allows us to share best practices. Many of the strategies we plan on implementing came from fellow Two Men and a Truck franchisees. We never would have had this assistance if we had not chosen to purchase a franchise.

What were you doing before you became a franchise owner?

  • Kevin: Before becoming a franchise owner, I studied at the University of Iowa and obtained a BBA in Finance. After college I worked for Aviva Investors on their data management team and Wells Fargo in their Home Mortgage department.
  • Curtis: I received an accounting degree from Coe College where I also played on their tennis team. I then spent some time as a tennis pro and a finance manager at a car dealership before pursuing entrepreneurship options.
  • Steve: Prior to Two Men and a Truck, I practiced law and invested in real estate.

Why did you choose this particular franchise?

We decided to partner up with Two Men and a Truck because every franchisee we spoke with said they would invest with Two Men and a Truck again. Also, Two Men and a Truck fit the criteria we were looking for in a business. For us to invest, the business must be scalable, be a manager driven model, and cannot be replaced by technological advances.

We decided to invest in the San Antonio area because of its population growth and potential. When we discovered we had a chance to own two franchises in San Antonio, we leaped at the opportunity. Of course, the weather in Texas also doesn’t hurt!

How much would you estimate you spent before you were officially open for business?

That is a tough question to answer, as a lot of our costs relate to the purchase of two businesses rather than opening up a new franchise. One should expect to spend between $2,000 to $5,000 on legal and due diligence and another $5,000 on qualifying for an SBA loan. Additional costs such as rent, security deposits, uniforms, supplies, equipment, and inventory also need to be addressed. Another cost most people do not think about is paying yourself for your time as you hire employees, finding a location for your business, and getting the business ready to be opened.

Where did you get most of your advice/do most of your research?

Our primary mediums for advice at this point are other franchisees and our contacts at home office. Their advice and insight has been an enormous amount of help to us. We also lean on advice from our family and friends. We know that without their support this would not be possible nor as enjoyable.

What were the most unexpected challenges of opening your franchise?

All of the little things. No matter how prepared we think we are there always appears to be something left to surprise us.

What advice do you have for individuals who want to own their own franchise?

Remember why you wanted to become a franchisee. It can be easy to lose track of why you are in this line of work when problems pile up but it’s important to take time to remind yourself it’s worth it.

What’s next for you and your business?

The next step is actually starting to run the business. We’re all excited to expand the Two Men and a Truck brand and see what the future brings.

26
Nov

After Being Diagnosed With Cancer, This Entrepreneur Decided to Go Into Business With His Dad

After Being Diagnosed With Cancer, This Entrepreneur Decided to Go Into Business With His Dad

After Being Diagnosed With Cancer, This Entrepreneur Decided to Go Into Business With His Dad

Image credit: Ritter’s Frozen Custard.

Franchise Players is Entrepreneur’s Q&A interview column that puts the spotlight on franchisees. 

When Logan Moore was diagnosed with cancer soon after graduating college, he and his father, Michael, weren’t sure how much time they had left together. The pair had always wanted to start a business, and now worried they may not get the chance. When Logan beat cancer after several months of treatment, they decided it was the right time to start looking at business opportunities. Ritter’s Frozen Custard was the perfect fit – not only for its business model, but also because of the memories the father and son shared at the chain. Here’s what they’ve learned.

Name: Michael and Logan Moore (a father-son duo)

Franchise owned: Ritter’s Frozen Custard in Frisco, Texas. This location is scheduled to open in June 2015.

How long have you owned a franchise?

We signed for our 10-unit deal in January 2015 and will open our first location in June 2015.

Why franchising?

Franchising provides an opportunity for entrepreneurs to become their own business owner with a more cost effective route. Franchising also comes with a corporate support team that will help set you up for success. It’s like having a team of expert consultants working for you at all times at a fraction of the cost.

What were you doing before you became a franchise owner?

I worked in the banking and financial services industry for 29 years before deciding to open with Ritter’s. My son and co-owner, Logan recently graduated from college and has worked in the restaurant industry for three years.

Why did you choose this particular franchise?

To our family, Ritter’s is not just a frozen custard shop. It has an established place in our memory. We are originally from Indiana, and my wife and I used to take our children to the Ritter’s location on 116th Street at least once a week. It was our go-to ice cream shop after the movies, park or a Saturday stroll. It was at this Ritter’s location that I began to think about owning a Ritter’s of my own.

Several years later, my family moved to Texas where we searched for a place similar to Ritter’s to once again establish as our go-to frozen custard spot, but we never found one.

My son, Logan, was then diagnosed with cancer. After beating all odds, Logan and I decided it was time to go into business for ourselves. After thinking of all of our nostalgic memories shared at Ritter’s we decided we wanted to bring those memories to Dallas/Ft. Worth and signed with the brand.

How much would you estimate you spent before you were officially open for business?

I will spend approximately $500,000 for everything. Costs included a franchisee fee of $25,000; $200,000 in equipment; and lease improvements will be about $150 to $200,000. The rest of the money will be spent towards hiring, training and marketing for the first year.

Where did you get most of your advice/do most of your research?

After spending so much time at Ritter’s in Indiana we knew a lot about the brand already. However, when it came to finding more about the franchising opportunity we decided to speak with other Ritter’s franchisees and visited several other locations and the corporate headquarters before making our decision.

What were the most unexpected challenges of opening your franchise?

Finding the perfect location to fit everything the Ritter’s brand stands for was a difficult challenge. We took into account the amount of traffic, access to entrances, room for a drive-thru, square footage, visibility and finding an area that was a mix between commercial and residential buildings.

What advice do you have for individuals who want to own their own franchise?

Try to fund your business without debt if possible. This will make your break even come quicker and also provides more options for you later if you choose to expand.

What’s next for you and your business?

We want to grow Ritter’s in the Dallas/Ft. Worth area and hope to be the go-to frozen custard spot for families. We want kids to grow up knowing that premium custard is the best treat of all and the Ritter’s hamburger is a must compared to competitors.

26
Nov

Why These Two Boxing Club Franchisees Picked Franchising as a Path to Entrepreneurial Success

Why These Two Boxing Club Franchisees Picked Franchising as a Path to Entrepreneurial Success

Image credit: John Jarvis and Mike Confalone

Franchise Players is Entrepreneur’s Q&A interview column that puts the spotlight on franchisees.

For some businesses, two heads are better than one. That’s the case in TITLE Boxing Club’s location in Chicago’s Lincoln Park neighborhood. Business partners John Jarvis and Mike Confalone both had experience in the franchise industry when they opened up the boxing club together. Here’s what the duo has learned.

Name: John Jarvis and Mike Confalone

Franchise owned (location):  TITLE Boxing Club – Chicago Lincoln Park

How long have you owned a franchise?

Jarvis: I have been involved with franchising for five years. I have been a franchisee within the TITLE Boxing Club system for two years.

Confalone: TITLE Boxing Club of Lincoln Park has been open for eight months, but I have owned other franchises for a total of five years.

Why franchising?

Jarvis: I always had an entrepreneurial spirit and a knack for leadership. I am a strong proponent of following a process and felt franchising was a great route for me to pursue.

Confalone: It gave me an opportunity to branch off into other business ventures utilizing a proven business model. The great part of franchising is you have a built in support system and proven business model where a lot of the learning curve has already been done.

What were you doing before you became a franchise owner?  Jarvis: Before getting involved with the franchising I spent most of my career in sales and sales management within the healthcare industry.

Confalone: I recently sold a marketing company and still own a data management firm.

Why did you choose this particular franchise? 

Jarvis: I think first and foremost I liked the service TITLE Boxing Club offered; it is a fun, dynamic workout. From a business standpoint, I liked the processes they had in place and felt they could be replicated easily.

Confalone: I took a TITLE Boxing Club class and was immediately hooked on the concept and workout. I became a member and was so excited about the workout that my wife ended up joining as well. I then went to discovery day and had a chance to meet the founders and management team of TITLE Boxing Club and was impressed with open and honest nature of the dialogue, the support structure and the overall team attitude focused on making every club a success.

What were the most unexpected challenges of opening your franchise?  

Jarvis: The biggest challenge in franchising is getting the business opened. I have been a part of multiple build outs and each one is unique. There are always unforeseen obstacles and challenges.

Confalone: Finding a suitable location in downtown Chicago and negotiating the lease was by far the hardest part of getting opened.

What advice do you have for individuals who want to own their own franchise?

Jarvis: My advice may not be for everyone, but for me it is imperative to follow the process. Franchises have become what they are through their processes. The strongest, most successful franchisees are the ones who embrace the guidelines of the franchisor and don’t try to reinvent the wheel. My other piece of advice is the old business adage inspect what you expect. You can hire the best people and have countless conference calls but the only way you truly know what is happening in your business is to be in it.

Confalone: Do your due diligence. Talk to as many franchise operators as you can. Make sure you have your financing locked down tight and have surplus funding available. These things will help you sleep at night when unexpected expenses arise.

Also, have fun with it. Things are going to go wrong so learn to adapt and roll with the punches. Hire a great staff and empower them to do a great job. Finally, wake up every day with the goal to deliver the best experience possible to your members.

What’s next for you and your business?   

Jarvis: The next thing for our business is to continue to get better. There are always opportunities to improve on our processes, which ultimately makes for a better experience for our customers.

Confalone: I plan to open additional TITLE Boxing Clubs and will also look to expand my franchise portfolio beyond the fitness industry.

26
Nov

How Getting Fit Inspired Me to Become a Franchisee

How Getting Fit Inspired Me to Become a Franchisee

 

Leigh Hometh

Leigh Hometh
Image credit: Leigh Hometh

Like many franchisees, Leigh Hometh discovered her future franchise as a client. Hometh lost 30 pounds in six months as a Get In Shape For Women client, gaining energy and increasing her self-esteem. Soon, she decided she wanted to help others enjoy a similar experience. Here’s what she’s learned since becoming a fitness franchisee.

Name: Leigh Hometh

Franchise owned: Two Get In Shape For Women locations in Brookline, Mass.

How long have you owned a franchise?

Both opened in 2011, in March (Coolidge Corner) and May (Brookline Village).

Why franchising?

I was a client who had success with the program losing over 30 pounds in a six month period. The experience changed my life and I felt the desire to provide others with the same kind of empowering and successful transformation I had. I then researched the model, spoke to other owners and clients and became an owner.

What were you doing before you became a franchise owner?

I had a home renovation business.

Why did you choose this particular franchise?

I liked the personalized approach Get In Shape For Women takes with each client. Get In Shape For Women has provided an environment for women to receive the guidance, insight, and encouragement they need to attain their individual transformation goals such as increased strength, lowered body fat, and healthier food choices to improve health and weight management.

How much would you estimate you spent before you were officially open for business?

The primary cost was the build out including putting in HVAC systems, custom furnishings, electronics and gym equipment. The total was approximately $150,000.

Where did you get most of your advice/do most of your research?

Most of my advice was speaking to other clients, visiting other exercise facilities, other owners, and my own personal experiences with the brand.

What were the most unexpected challenges of opening your franchise?

Building a team of A+ employees took time and was a learning process, having never hired trainers or managers from this industry before. However, now we have team members with experience in exercise science, personal training, exercise science and nutrition certifications as well as a certified health coach from the Institute of Integrated Nutrition.

What advice do you have for individuals who want to own their own franchise?

I advise people to take their time gathering facts, understand the costs involved, and if possible work at another location to gain personal experience. Also, find something that you are passionate about and go for it.

What’s next for you and your business?

To continue to reach out to the community, develop a steady client base and help as many Brookline women as possible to get in the best shape of their lives.

26
Nov

Finance Your Franchise

Finance Your Franchise

This is it. You’re ready to begin your franchise dream. Only one thing is left: Finding the money you need.
 You’ve read the literature, done your due diligence, considered the statistics on success, and know a franchise is the way you want to get into business.

But before you sign on the dotted line, answer this question first: Where will you get the money to finance the franchise, royalty fees, inventory and working capital?

The first thing you want to do before approaching any lender is determine what your net worth is. To do this, use a personal balance sheet to list both your assets (what you own) and liabilities (what you owe). Under assets, list all your holdings–cash on hand, checking accounts, savings accounts, real estate (current market value), automobiles (whether paid off or not), bonds, securities, insurance cash values and other assets–then total them up.

The second part of the balance sheet is liabilities. Follow the same steps. List your current bills, all your charges, your home mortgage, auto loans, finance company loans and so on. Subtract your liabilities from your assets. Once you’ve worked up this sheet, take a good look at your credit rating. There are three common ingredients that all potential lenders look for in a credit rating: stability, income and track record.

Most lenders are interested in how long you’ve been at a certain job or lived in the same location, and whether you have a record of finishing what you start. If your past record doesn’t show a history of stability, then be prepared with good explanations. Not only is the amount of income you earn important but so is your ability to live within that income. Some people earn $100,000 a year and still can’t pay their debts, while others budget nicely on $20,000 a year.

Most lending institutions look at your income and the way you live within that income for one very good reason. If you can’t manage personal finances, the odds against you being able to manage your business finances are very good.

The third element lenders look for is your track record–how successful you’ve been in paying off past obligations. If you have a record of delinquent payments, repossessions and so on, you should get these squared away before asking for a loan.

Most lenders will contact a credit bureau to look at your credit file. We suggest you do the same thing before you try to borrow. Under the law, credit bureaus are required to give you all the information they have on file about your credit history. Once you have this tool, you should correct any wrong information or at least make sure your side of the story is on record. For instance, a 90-day delinquency would look bad, but if that 90-day delinquency was caused by being laid off or by illness, then that should be taken into consideration.

Business Plan

After you’ve determined your net worth and your credit rating, the final step to take before approaching lenders is putting together your business plan.

A well-thought-out business plan can make the difference between having your loan application accepted or rejected. A complete business plan should always include an intimate, technical study of the business you plan to go into; accurate pro formas, projections and cost analyses; estimates of working capital; an indication of your “people skills”; and a suitable marketing plan. It should also include certified statements of your net worth and several credit references.

If you’re unfamiliar with writing a business plan, seek professional guidance or check out business plan preparation software such as Business Plan Pro, or BizPlan Builder Interactive.

Financing From the Franchisor

Traditionally, the first place franchisees turn for financing is the franchisor. Almost all U.S. franchisors provide debt financing only. Some carry the entire loan or a fraction thereof through their own finance company. We found fractions of 15 percent, 20 percent and 25 percent, all the way up to 75 percent of the total debt burden. The franchisors we talked to emphasized that these figures are simply guidelines and not hard and fast limits.

In addition, the loans made by the franchisor can be structured a number of ways. Some offer loans based on simple interest, no principal, and a balloon payment that’s due five or 10 years down the road. Others offer loans with no payment due until after the first year.

Instead of financing the entire start-up cost, franchisors may offer financing for portions of the entire cost. They may have financing plans for equipment, the franchise fee, operational costs or any combination thereof.

In addition to financing a portion of the start-up cost, the franchisor usually has made arrangements with leasing companies to lease the franchisee the equipment necessary to run the franchise. This can be a significant part of the financing, since equipment often makes up between 25 and 75 percent of a franchise’s total start-up costs.

If the franchise you’re considering doesn’t offer equipment leasing, look into nonfranchise, nonbank companies that specialize in equipment leasing for franchises. These types of financing companies will often provide asset-based lending to finance franchisees’ furniture, equipment, signs and fixtures, and will allow franchisees to purchase the equipment at the end of the lease. Keep in mind that you may lose some tax advantages under the current law if you lease that equipment.

Remember that a business is franchised for two reasons: to expand the business and to raise capital. So if you have a reasonably good credit record and pass all the financial requirements, most franchisors will bend over backwards to get you on the team. The help that franchisors provide to help you get financing usually includes assistance with business plans and introductions to lending sources. In many cases, franchisors serve as guarantors of loans you take out.

Other Sources of Financing

After you’ve determined the extent of financing available from the franchisor, make a working list of all other available sources of capital. Most sharp operators use the following sequence of contacts: friends and relatives, home mortgages, veterans’ loans, bank loans, SBA loans and finance companies.

Often, banks that aren’t willing to work with you based on your financial profile become more amenable if you suggest working with an SBA loan guarantee; these loans are guaranteed up to 90 percent by the SBA. Small businesses simply submit a loan application to the lender for initial review, and if the lender finds the application acceptable, it forwards the application and its credit analysis to the nearest SBA office. After SBA approval, the lender closes the loan and disburses the funds; the borrower makes loan payments to the lender.

Some franchisors report being approached by financial brokers–historically more interested in big deals–to put together large pools of money using SBA and private funds. These funds would be available to franchisees through the franchisors like a trust fund. Groups of smaller banks with funds to invest would contribute to the fund from all over the country.

Other options would be to take out a home-equity line of credit or a second mortgage on your home. Be careful when utilizing this type of financing, however. The home-equity line of credit and a second mortgage are secured by your home. If you can’t repay the amount you finance using this source, you risk losing your home.

You can also use assets such as stocks, bonds, and mutual funds to secure a loan as long as they’re not part of a qualified plan like an IRA profit-sharing plan. Also, if you are over age 59 and have a lot of money tied up in an IRA, you could use it for part of your financing requirements. Although you’ll have to pay taxes on the amount used, not to mention suffer the loss of income from interest, it can be a good financing tool.

If you are under age 59 and your IRA is one of your largest assets, you still may be able to take advantage of this avenue without accruing the 10-percent penalty associated with early withdrawal. By taking Substantial Equal Periodic Payments spread over a minimum of five years, based on your life expectancy, and a set of annuity tables published by the IRS, you can eliminate the 10-percent penalty, although the money is still taxable.

Tips to Consider

There are infinite sources of financing available to help you launch the franchise of your dreams. However, operating a franchise with no reserves and blinding yourself to unexpected business problems can lead to disaster. A good rule to remember: Never invest more than 75 percent of your cash reserves. If you have $10,000, invest $7,500. If you have $25,000, invest $18,750.

More important, remember that the price of a franchise doesn’t always reflect the actual cost of the business itself. Additional costs can include down payments on the land, building, equipment, fixtures and signs, and can cover inventory, leasehold improvements, training, opening promotional costs, administrative costs and even sales commissions.

Be sure you understand the requirements of your cash investment. You will need a “pillow” of working capital to properly guide the business through its ups and downs. If you do your homework thoroughly, and remember that financing a business is the most important sale you’ll ever make, then you’ll be head and shoulders above the competition.

15 Fast Franchise Financing Tips

1. Talk to your franchisor before searching for outside financing; get approved or pre-qualified.

2. The most common source of start-up capital is friends and family. Use them.

3. Seek out lenders that understand not just small business but franchising as well.

4. Be totally honest and upfront with lenders. Hide nothing. Be prepared to explain everything.

5. Neatness counts. Fill out your credit and loan applications clearly. Typed is better.

6. Don’t weigh down your loan application with attached documents.

7. Don’t exhaust your liquidity by paying off outstanding debts before filing a loan application. Lenders want you to have capital available.

8. If you lack liquidity, find a partner with money.

9. Consider equipment leasing to conserve start-up capital and improve the appearance of your balance sheet.

10. Keep debts and expenses to a minimum. Many business owners take on too much debt, forgetting that cash flow must pay that debt.

11. Consider buying used equipment, furniture, vehicles, etc.

12. Let your fingers do the walking on the Internet before wasting time, energy, gas and phone calls. You’ll find useful information. Some sites even allow you to file loan applications online.

13. Don’t overlook angel investors and venture capitalists.

14. Avoid dipping into your retirement money or your kids’ college funds. Any startup-even a franchise-is a risk.

15. Don’t give up.

26
Nov

Why I Sold My Subway Shops to Open a Smoothie Franchise

Why I Sold My Subway Shops to Open a Smoothie Franchise

Why I Sold My Subway Shops to Open a Smoothie Franchise

Linda Morgan is a franchise industry veteran. She began working in the restaurant business at age 16 as an hourly employee at Burger King. In 1990, she and her son-in-law opened their first Subway location. Today, however, they’ve sold their Subway shops and turned to Tropical Smoothie Café. Here’s why they decided to make the switch from sandwiches to smoothies, and what they’ve learned during their decades in the franchising business.

Name: Linda Morgan

Franchise owned: Tropical Smoothie Café, with 14 locations across Alabama, Florida and Georgia

How long have you owned a franchise?

I’ve been in franchising since 1990, when my son-in-law, Russ Rissman, and I opened our first Subway location. After selling all our Subway stores, we became Tropical Smoothie Café franchisees in 2011.

Why franchising? 

While some mom-and-pop shops are successful, many of them fail. It’s difficult to go out on your own. You have to come up with a product and market it — something not everyone is fit to do. We knew we wanted to have multiple locations and it would have been much more challenging to do that if we had not have had the backing of a proven business model like Tropical Smoothie Café.

What were you doing before you became a franchise owner?

I’ve been in the restaurant industry my whole life. I started as an hourly employee at Burger King when I was 16 and fell in love with it. Later, I went to work for a Burger King franchisee and grew from assistant manager, to restaurant manager, division manager and head of training. I knew the next step was to become a franchisee myself, so I joined Subway.

Why did you choose this particular franchise?

One of our Subway locations was actually next door to a Tropical Smoothie Café, so we would occasionally stop by to get smoothies. We eventually learned the café had more than just smoothies — there’s great food too! At that point, the brand only had 300 cafes, so we saw an opportunity to join a young company we could help grow. We knew consumers were increasingly leaning toward healthier options, so we felt like we could do bigger and better things with Tropical Smoothie Café. We talked with the existing franchise owner, made him an offer and purchased the café.

How much would you estimate you spent before you were officially open for business?

With 14 cafes in our portfolio, costs have varied by location. However, on average, our build-out costs have included:

  • Franchise fee: $15,000
  • First and last month’s rent: $7,000
  • Equipment/smallwares cost: $85,000
  • MICROS system: $14,000
  • General contractor: $95,000
  • Startup cash / marketing: $2,000 – $3,000
  • Signage: $4,000

Where did you get most of your advice/do most of your research?

We did most of our research through Tropical Smoothie Café’s corporate office and our own due diligence. We reviewed the location’s financials and worked our own numbers based on the kind of labor and food cost we could run. That research, combined with corporate’s input, really pushed us toward choosing Tropical Smoothie Café.

What were the most unexpected challenges of opening your franchise? 

When I first started franchising, I was not totally prepared that the buck really does stop with me. When you’re a small business owner, all the decisions — from hiring people who really want to work hard to dealing with customer complaints and where you buy your insurance — is up to you. It took me a little bit by surprise. Fortunately for me, I thrive on challenges!

What advice do you have for individuals who want to own their own franchise? 

Do your homework and realize that you’re not going to make money in the beginning. It’s difficult for people to understand there won’t be instant gratification. You have to work really hard and put in a lot of time without reaping the benefits. Be prepared financially to keep yourself afloat to get through those first couple years. It’s a total commitment to your business, so make sure this is really want you want to do. It gets easier and becomes incredibly rewarding, but at first, it can be challenging.

What’s next for you and your business?

To grow with Tropical Smoothie Café! The brand opened its milestone 400th restaurant in 2014 and expects to exceed 500 locations in 2015 by opening cafes around the U.S., especially in cities like Atlanta, Houston, Dallas, Charlotte and Columbus, Ohio. And fast casual continues to gain popularity; Americans spent more than $21 billion at fast casual restaurants last year. It’s a great business to be in and we definitely want to be a part of that growth with Tropical Smoothie Café.

We’re currently building a café in Gulf Breeze, Fla., which should open by May. We’re also looking to grow in Phenix City, Ala., and Columbus, Ga. Ultimately, we’re aiming to have 30-35 cafes open. We won’t stop. We will grow every year.