Most franchises require you to have X-amount in liquid assess and cash, do you meet those requirements? What franchise specifically and why a franchise? I personally think franchises aren't a good business and even the top franchises (the Subways & Dunkin Donuts) report that it's hard to make good money unless you have multiple locations.
If I were you I'd find what you want to do and use your cash to start your own company (your second option above) and create your own unique company/brand. You can do A LOT with 100k and you will have the freedom to do what you want to do and not be limited to the rules and regulations set fourth by the franchise. It will be more work and you will need to spend more time on all of the planning and execution but in the end I think you'll feel better about the entire business because it will be yours. I've read horror stories about major franchises though and how owners have been totally screwed.
Start your own thing and make it yours!
Here is my dilema. I have enough money saved up to roughly invest $100K of my own money into a business, but my eyes are much larger than my wallet.
My strengths are in the service industry, even though I am currently in the IT business. I want to buy into a franchise that eventually be a multi-franchise owner. I like the business I chose, it gets me excited about it and it's something I am fond of and could excel based on my knowledge and excitement for the business. Also have great credit.
Need rougly $500K in funding on top of what I can invest.
So my choices is to take my $100K, buy a smaller business and build it, or start a business and start it from there, or find a way to get $500K for a proven franchise model.
Anyone ever find funding for such a large business with little investment?
Thanks in advance.
You are absolutely correct. I only started looking at franchise because of the connections and how the business is set up.
It's a bar, a specialty bar. Craft beer. Still a very early and growing business. But looking closely, the fees will kill the business eventually.
I am taking my money and trying to raise more with investors and/or loans and hire a consultant to get me thru the process that way I can call it my own and not pay anyone.
Thanks for listening.
There are many money lenders where you can find the same services of loans, which you really need. They provide big loans for businesses. These large business loans are very good, but you need to have very good credit ratings and good reputation as well for getting this kind of loan. You can find these money lenders in the internet.