How Do I Finance a Cinch IT Franchise?
Maybe it’s an idea for a new business that you’ve been nursing for years, and you’re finally ready to make it a reality. Or maybe you’ve found an existing business for sale that you are convinced you can make even more successful as its owner. Or, there’s a franchise operation that you’ve been watching and admiring, and now you’ve decided that you want a piece of the action. No matter which of these scenarios applies to your situation, there is one crucial common denominator: the need for funding. And just as businesses come in all shapes and sizes, so do the options for funding them. Based on your timeline, risk tolerance, credit history, and other factors, the best option for you might be a single solution or a combination of several options.
Understanding the Options for Funding Your Business
With so many options available for funding a new business, it’s more important than ever to ensure your funding strategy is appropriate for your individual needs. One mistake entrepreneurs often make is underestimating their capital requirements. As a result, under-capitalization remains one of the most common reasons businesses fail today. Many entrepreneurs believe they only need sufficient capital to cover their startup costs and open the doors, then after that their customers will keep them open and profitable. Unfortunately, that is not often the case. Every new business has a “breakeven” point – that moment when the cash they receive as revenue is finally sufficient to cover all of the operating expenses. Until that moment, the business has to operate at a “loss”. There must be adequate working capital available to get the business to “breakeven” and beyond. Often that “breakeven point” is much further down the road than the owner anticipates and his or her resources are not sufficient to get him there.
Fortunately, today there are a variety of funding programs available to suit every entrepreneur’s unique funding needs. Understanding all of your options and the pros and cons of each is the first step in determining the best way to fund your business venture.
Funding Options
We have partnered with Benetrends to jumpstart your entrepreneurial journey. Funding is one of the most important components in buying a franchise. Benetrends has been funding America’s entrepreneurs for over 35 years, offering a comprehensive suite of funding options covering nearly every type of business situation. The most popular programs are the Rainmaker Plan® (IRA/Rollover) and SBA small business loan programs. And, they continue to provide innovative solutions, with their newest funding option, The Rainmaker Advantage Plan®. This corporate capitalization strategy is designed to mitigate or eliminate the taxes due on the sale of a business. Benetrends also offers Securities-Backed Line of Credit and Equipment Leasing.
*Exclusions apply. Please consult with our funding experts for full details.
**SBA Loan Money-Back Fee Guarantee: If Benetrends accepts your application for processing, we guarantee your application will be approved or we refund 100% of our fee.
***Once approved, a financial package will be needed for verification.
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