How To Get A Franchise Business Loan From Your Filthy-Rich Uncle
It’s not exactly easy to get a franchise loan nowadays. It’s not impossible; it’s just not as easy as it used to be thanks to the 2008 market collapse.
But, still…
- You want to be you’re own boss
- You have the talent needed to do it
- You’ve started to learn about franchising and small business
- You have the right personality going for you
- You have money
- You have your family’s support-well mostly
- You’re looking at good franchise opportunities
- You’re young enough to be your own boss
But, it’s that last bullet point that’s the problem. You probably won’t qualify for a traditional small business loan-you just don’t have the net worth needed yet. Or, the business experience.
So, what can you do?
Get A Franchise Business Loan From Your Uncle
You have a rich uncle. (Your Uncle is filthy rich.) He’s a small business owner, himself. (Which is why he has the money to loan you in the first place.)
You’ve had some interesting discussions with him in the past. You’re actually pretty tight. Tight enough for him to tell you that he’d be open to lending you some money if you ever found the right business. That’s pretty cool. So, you decide to take Uncle Mort up on his offer. This could get interesting.
You pay Uncle Mort a visit one warm summer day, and share your ideas on buying a franchise. Now, you haven’t actually chosen a franchise yet, but you have a few in mind.
And, as an added bonus, you’re very skilled in sales. So, you sell him on your idea…your plan to buy a franchise.
Uncle Mort says yes. He’ll loan you the money you need. Rich uncles are great!
The Stipulations
Uncle Mort didn’t get to be rich by rolling over and saying yes all the time. He’s made careful, calculated decisions over the years, and this is just another one of them.
In order for you to get the money, he wants you to do the following:
- Come up with at least 3 franchise choices
- Learn how to do the proper franchise research
- Bring him a thorough business plan
- Put some of your own money in
A Question
I have an important question for you:
Are you willing to do whatever it takes to become your own boss?
If so, it looks to me like Uncle Mort wants you to prove it to him. If not, you need to go out and get a job instead.
Blech!
I Can Help
If you’re ready to do what your Uncle wants you to do-in order to get some of his money, I can help-in several different ways.
- Signup for my free introductory online course on franchising, so you can learn about the franchise business model, and how to leverage it to make money.
- Keep your eye on the latest franchise news-and start watching the trends taking place in business.
- Buy this software, so you can present a powerful business plan to your Uncle. I guarantee he’ll be impressed!
- Read this article twice, and bookmark it, so you can refer back to it again and again. It includes a lot of franchise research tips you’ll want to have in front of you as you search for a great franchise to own.
- Consider scheduling a one-hour call with me-or purchase one of my guaranteed franchise ownership consultation packages before you approach your Uncle with the franchise information you’ve gathered. Just to make sure you have all your ducks in a row. You’ll be better prepared when you sit down with Uncle Mort. Just because he has the money doesn’t mean you’ll get it.
You Can Do This!
You can get a franchise loan from your Uncle, as long as you do what’s suggested, and you want it bad enough.
This post originally appeared on The Franchise King Blog
(The Franchise King®, Joel Libava. is a top franchise expert. He can show you exactly how to find, research, and buy a profitable franchise. He’s also the author of Become A Franchise Owner! (Wiley Publishing), and owns and operates Franchise Business University which features online courses on franchising.)
