One of the first steps you need to take when setting up a BooXkeeping franchise is to establish your franchise financing strategy. The way that you fund your bookkeeping franchise could have a dramatic effect on the way that you run it.
To start a BooXkeeping franchise, you’ll need to pay your franchise fee and have additional funds. But where do you turn when it comes to finding the money?
Here are six tips to finance your BooXkeeping franchise
1. Get the Right Advice
There are lots of great blogs and websites that offer startup advice for financing your bookkeeping franchise, however, to get the best advice you should speak to a financial advisor.
There are places you can turn to get free financial advice though. SCORE is a nonprofit that provides business mentoring and education for entrepreneurs.
Another place you can get advice would be from Open Education Global who offer free courses from several top universities.
2. Take Advantage Of the SBA
The Small Business Administration has offices everywhere. Make an appointment with your local office to get support in starting a bookkeeping business.
The SBA can help you write your business plan, as well as work out your startup costs, and buy a franchise.
3. Explore Your Sources of Income
There are a lot of ways that you could fund your BooXkeeping franchise. Here are several options:
- Take out an SBA loan
- Utilize any cash savings you already have
- Raise money through a crowdfunding campaign
- Take out a bank loan
- Gain investment capital from the SBIC
- Use peer-to-peer lending
You could also use a combination of these options.
4. Don’t Forget Business Insurance
You’ll not just be putting time and money into setting up your BooXkeeping franchise, you’ll also be putting in your heart and soul. The last thing you’ll want is to see your franchise fail because of some kind of unforeseen disaster.
Taking out business insurance is a must. Take out full insurance that covers you for every eventuality.
5. How to Improve Your Chances Of Being Accepted for BooXkeeping Franchise Financing
There are several things you can do to ensure you’re accepted for franchise funding. These include:
- Craft a strong business plan
- Apply to multiple lenders
- Look into alternative lenders
You may also want to consider going into a partnership or borrowing the money from friends and family.
6. Do Your Research
Before you jump headfirst into your franchise, learn all about the way that BooXkeeping operates. The more you know before you sign up, the better equipped you’ll when it comes to running your franchise.
Fortunately, there is plenty of opportunities for you to learn about the business as you make your way through the process of becoming a franchisee.
Creating a Franchise Financing Strategy
Finding the startup capital you need to get you in business may seem like a daunting prospect, but there are ways of finding the money quite easily.
Once you’ve found funding and created a financing strategy, you’ll be ready to buy your franchise.
To learn more about buying a BooXkeeping franchise, read our FAQ.