Franchises; Getting Small Business Loans Approved from The US Small Business Administration (SBA)

 

APPROVED

What does it mean if a franchise concept has been approved by the SBA?

If you’re looking to buy a franchise, it’s really important to find out what a lot of my industry’s jargon actually means.

For example, I wrote a really popular post about two words that don’t exist in franchising, that’s worth a read if you’re in the market for a franchise. It’s important to not get sucked in by what I call, “happy franchise words,” as you look around for a suitable franchise opportunity.

Back to the SBA approved franchise list; hundreds of franchises are on this list. I feel that they’re worth a look, if you’re buying a franchise. But, the reason they’re “approved” may surprise you.

Watch this video that I made for Franchise Direct (client) that explains what being an SBA approved franchise really means. Franchise Direct Video

And, this is really important; please share this information with anyone you know that’s considering franchise ownership. You’ll be helping them…One more thing; They’re going to need a franchise business plan.

 

 

8 Stupid Reasons For Buying a Franchise Business

Stupid

I want you to buy a franchise business. I’d like nothing more. Buying a franchise would give you a shot at being in more control of your life..your circumstances. You wouldn’t be chained to your corporate desk anymore. You can finally call the shots. You would certainly help the economy, too. (Small businesses actually do that, you know.) I just want you to do it for the the right reasons.

If you’ve been subscribed to my blog for awhile, you know that I can get a bit critical of the franchise industry as a whole. Heck, I even come down rather hard on the International Franchise Assocation, which is my industry’s most powerful voice.

My motives are good; my delivery is average. I just want to make sure that only the most qualified people (not just financially qualified), buy franchises that are really right for them, from high-quality franchisors.

[Read more...]

Popular Reasons For Buying a Franchise (Part 4)

In Part 3 of this franchise series, I said that "control" was a really popular reason for people to want to consider buying a franchise. I stated that "you certainly don't have much control when you're working for someone else." How true. Investing in a franchise business opportunity changes that.

If you missed Part 3, please read it now, and stop back.

Now, I'd like to discuss yet another popular reason for buying a franchise. This time, we're going to talk about money. Lots of money

[Read more...]

"Honey, I'm Thinking About Buying a Franchise"

Man about to say I'm buying a franchise

And so it begins………

*************************************************************************************************************************

The scenario;

A fairly successful 49-year old, (and recently downsized) executive, decides to start gathering some basic information on franchise businesses. (After enduring 6 months of absolute dead-ends in his job search.)

He’s starting to get tired of competing with approximately 500,00 other out of work executives, for the few good jobs that are actually being offered. He says to himself; “I think I’d better look at all of my options.”

This brings him to the place that we’re at now, folks; the kitchen table conversation he’s about to have with his loving wife of 22 years…

[Read more...]

In Franchising, Great First Impressions Count

Do you remember when you applied for your first job? Do you remember how important it was? Did your parents make sure that you were presentable, so that you'd make a great first impression?

Do you remember when you got that job?

Mc employee

Yes!

Was making a great first impression worth it?

********************************************************************************************************

If you're going to explore some franchises to buy, please remember that it's not that different than it is when you're applying for a job.

From Small Business Trends;

"It is really important that you make a great first impression with the
franchisor. Get to know the franchise director, and allow him (or her)
to get to know you. Talk about your family, and your life, and let him
talk about his. Establish some rapport. If the opportunity turns out to
be “the one,” then your first impression will go a long way towards
being asked to become a franchisee
."

You may be thinking that, " it's my money they'll be getting. They need to make a great impression on me!"

Yes. It's your money. But, it's their concept. Read my post at Small Business Trends, and you'll see why it's so darn important to make a great first impression…


Do You Hate Your Job? Maybe You Should Just Buy a Franchise…

Hate my job

It is one option to consider. Sometimes…

Lots of people hate their jobs. Some people just go out and get a new job. Some people even buy franchises. It’s about choices.

Now, if you’re not in a position to go out and buy a franchise business, (which usually means you just don’t have the money) it’s ok. Keep saving. But if you are in a comfortable enough position, financially, to at least consider becoming your own boss…

[Read more...]

If You Can't Change The US Economy, Maybe You Can Change Your Own Economy

Open1

I don't know about you, but all this talk about our lousy US economy is getting old. (Two years old!)

Having said that, I certainly know several friends, neighbors, and even some family members of mine that are struggling. It really sucks.

Warning; I'm not some brilliant financial planner who can suggest some great places to invest, right now, so you can make some fairly quick money.

What I am is a franchise consultant/broker. I do have the power to change your "personal economy," if you'll allow me into your world. In times like these, there are opportunities that are out there for the taking.

[Read more...]

Now Hiring; Future Franchise Owners (Part 1)

Grads

One question that I seem to get asked a lot lately, is this one;

"Should a recent college graduate buy a franchise business?"

9 times out of 10, my answer is no. My reason for saying no has nothing to do with their intelligence or talents. It has to do with real-life business experience.

When I was a 22-year old non-college graduate, I knew a lot about the food and beverage business….

[Read more...]

Here's A Franchise Research Tip; Don't Be A Time-Wasting-People-Pleaser

It's really ok to say no. As a matter of fact, I think that it's perfectly ok to say that you're just not interested in the franchise business concept that you thought you were interested in.

Hey, it happens; you start checking out different franchise websites, find one or two franchises that "look" interesting, and you send in a request for some general information. The information packet is nice, and you've already started dreaming of islands, unlimited fresh crab dip, and moonlight swims.

IStock_000005857117XSmall

Hello. Hello!…HELLO!!!!

[Read more...]

Do Busy Dual-Income Families Need Services From Service Franchises?

Back in the day, Dad went to work, Monday Through Friday, while Mom stayed home, cooking and cleaning. Dual-income families were very rare……

 


The Beaver Cleaver family set-up is a rarity, these days. Since the late 1960s, more and more families have become dual-income households out of necessity. Now, the kids came home from school, and there may not be anybody home. (Unless Grandma Bea is over helping out.)

In lots of cases, Mom holds down a full-time job. (Heck, Mom has a full-blown career going on.) Life can get a little overwhelming for these modern families.

Having a pretty nice income coming in these days is a good thing. But, there’s one thing that’s missing. Do you know what it is?

[Read more...]