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Tips on Securing Funding to Start Your Business

Congratulations, you have identified a franchise that fits your skill set, your experience, and your passion. That is an excellent and critical step, but there is still a bit of work to do when starting a franchise. One important step is to secure adequate funding for your new company. This can only be done by doing some research and putting together a strong business plan to show investors and lenders you are serious and know what you are doing. At Best in Class Education Center, we help you identify sources of funding and provide other areas of support.  Here are a few vital steps to take.

Develop a Sound Business Plan

A business plan is an essential document when looking to make a franchise investment. This not only helps you know where you stand but also provides vital information for investors, as well as the franchisor company you are hoping to buy into. A business plan is often a key to raising capital.  Each plan is different, but it usually contains these elements:

  • A market analysis
  • An executive summary
  • A managerial blueprint
  • A demographic study of potential clients
  • A marketing plan
  • Financial projections

If your plan shows there is a need for your services, and there are paying clients available, you may find it easier to get funding. If not, it may be difficult to raise funds.

Know Your Costs

You should also pinpoint the costs of the franchise such as the franchise fee, startup costs, and royalties you will be charged. This is the cost of your investment. You may also have to meet minimum requirements for liquid capital as well as total net worth. 

Look for Lending Sources

Once you have a viable plan in place and are dealing with a successful franchise company, you will need to look for appropriate funding. You have several options. You can go to your local bank and ask for a traditional business loan. This is the most common avenue available to small and midsized companies. Another opportunity for lending is going through the Small Business Administration. This route is often easier to qualify for but may require more work on your part. 

A third route is to work with your franchisor, as it may have a relationship with lenders. This can be a promising pathway to funds that will cover startup costs, fees, and other expenses. Finally, venture capitalists, crowdfunding, and other sources may also be available.
Starting a franchise with Best in Class Education Center begins with a vision and then moves on to finances. Contact us today to learn about how we can support your application.

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Meet Our Franchisees

Best in Class Education Center has developed a flexible system that allows you to create your own work schedule and caters to your personal needs in establishing a new business. Veronica Reyna, a multi-unit franchisee from Cypress, Texas, has some great advice on what it’s like to get started with our program and some tips for those of you that are thinking of starting a franchise with us.

 

-Veronica Reyna

Best in Class Education Center believes in providing you with all the tools you’ll need to succeed. In this video, Ira Giri, a multi-unit franchisee out of Katy, Texas, shares her Franchisee Training experience with you and how it prepared her to be a successful franchise owner.

 

-Ira Giri

Best in Class franchisees come from many different backgrounds and nationalities, but what they all have in common is a deep passion for helping their community and an immense drive to be successful entrepreneurs. In this video, four franchisees from different parts of the country will share with you why they chose Best in Class Education Center to be their ultimate franchising opportunity.

 

-A group of franchisees

Carole Said, a franchisee out of Houston, Texas, has a few words to share with you about her onboarding experience and why she chose Best in Class Education Center.

 

-Carole Said