Starting a business from scratch is no easy task. As a matter of fact, many entrepreneurs say that it is the most difficult task that they’ve ever had to do. However, many people seem to ignore the fact that there are other options for having their own business. Everyone wants financial freedom and the ability to say that they’ve created something that they’re now running themselves. But they underestimate the cost of obtaining this kind of happiness in their life. However, an easier route to take to get here is by opening your own franchise. Not only will this be a business you can call your own, but you will also have all of the resources available to you from the organization, making it easier to get off the ground. Even though it’s also cheaper to open a franchise, you will still need some startup money. Here are the three best ways to get it.
1. Get a Loan
Of course, you can always apply for a loan, such as the flagship SBA 7(a) loan. You don’t have to worry so much about taking out a loan and paying it back, because, with a franchise, you’re sure to create some income fast. There are even businesses out there who walk you through every step of the way in getting your franchise, and that includes loan guidance.
2. Start a Side Hustle
Also, you can consider starting a side hustle to get the funds needed to start your franchise. A side hustle is a product or service you provide on the side of your primary job for extra income. For a smaller franchise, the average amount needed is about $50,000. If you can create a side hustle that makes you an extra $1000 a month, you could be in your new franchise in about four years.
3. Raise the Funds Online
There are also many ways you can create the fund you need online. Everyone lives online these days, which means that there are people who share the same passion you have for your business. If you start early and raise awareness about what you’re doing, you can create a following of people willing to give you a little donation to fund your venture. If you get many people to give you small amounts, it will quickly add up.
Owning a franchise is now easier than ever with all of the help you have right in front of you. Take advantage today!