At Accurate Franchising, we focus on relationships for strengthening your brand and starting a franchise business. Our team of expert franchise consultants is at your service to help guide you through the franchising process, whether you’re a newcomer or have opened 100 franchises. We have over 30 years of experience to support brands at all stages, from the very beginning to breaking into international franchising.
Our parent company, United Franchise Group (UFG), broke into the franchise scene thanks to the success of their company, Signarama. We’ve utilized the expertise gained from our humble beginnings to serve as a guide for our business model and beyond.
How Much Does it Cost to Franchise?
Funding shouldn’t be a barrier to starting your franchise business. Today, there are plenty of financing options available, and the experts at Accurate Financing can help you navigate your options.
While it’s not cheap to start a franchise, it’s considerably less than opening a new corporate-owned location. Plus, between franchisees and investors, who are motivated to see their investment yield success, you can have most of the cost fronted.
The first step is to develop a business plan if you haven’t already. This piece helps show prospective franchisees and investors where their money will go and what your growth plans are. A business plan is two-fold; not only is it useful in looking for funding, but it also helps act as a road map to guide your business’ growth.
Ways to Identify Your Target Investors
There are a number of places to consider when it comes to financing options for starting or growing your franchise business. We can provide financing partners for clients who qualify. Another option is going to existing investors and/or board members to find out if they can help further invest in your company. Further, still, other financing options can include traditional bank loans or SBA loans, friends and family, crowdfunding, savings, investments, and more.
- Narrow down your target list. By doing so, it saves you time by making the process efficient. Identify individuals who have funds and a track record in the industry you’re looking to break into. Having a business plan will help make this even easier.
- Avoid competition. Make sure none of the investors you intend on approaching have funds or investments in companies that can be viewed as competition to your franchise.
- Don’t cold call. Resist the urge to cold call or email; here, a common relationship with your target investors can provide a warm referral that can build upon your trust, the likelihood of getting a response, and improve initiating dialog. Research your investors and do your homework to make sure it’s a good fit with regards to the way they conduct business and themselves.
- Watch the relationship evolution. If things go well after the initial connection, you’ll meet again, and again, and again, as multiple meetings will be likely, depending on the check size. Take the time to get to know your investor, and they’ll want to do the same.
At Accurate Franchising, we can help you start a franchise business with all of the resources you need to stay ahead of the game.
Contact us today to learn more about how Accurate Franchising can help you start a franchise business.