How to Make It Work: Funding Your Growth
In our last article, Multi-Unit Franchise Ownership: Part 1, we explored the pros and cons of multi-unit franchise ownership. In Part 2, we will explain how to fund your growth as a multi-unit franchisee.
While you might be mentally ready to own a franchise, you should consider whether or not you are financially ready. Purchasing a business in general is a big investment, and franchising is no different! So it’s important that you know how you are going to fund your entrepreneurial endeavours. Luckily, Weed Man Lawn Care has got you covered!
Step 1: Determine Your Net Worth
The first step is to determine your net worth. This will allow you to gain a better understanding of where you stand financially and what you can realistically invest in. Make a list of your assets, estimate how much each is worth, and come up with a grand total. Assets include things such as cash and money saved in your bank account, the market value of your home, your vehicle, and personal property.
Next, you should determine your liabilities. Liabilities include costs such as recurring bills and outstanding loans. Subtract your liabilities from your assets and from there, determine how much money you will set aside to invest in your franchise.
Step 2: Draft a Business Plan
Before approaching lenders, you should draft up a business plan to prove that you have a well-thought-out idea of how you will go about running your new franchise. Not only will this plan appease lenders, but it will be extremely helpful for you when your franchise finally opens! Did you know? When you sign on as a Weed Man franchisee, we dedicate a number of days to the creation of your (very detailed and succint) business plan, at the tail-end of our New Franchisee Training at corporate office. Existing Weed Man franchisee, Brandon Burns (owner of Weed Man Arlington Heights, IL; Weed Man Cleveland, OH and Weed Man Racine Kenosha, WI) attests to that in the below clip (until 2:15).
Step 3: Pursue Options with Weed Man
Weed Man offers various financing packages for prospective franchisees. For more information, you can request a consultation here.
If you have any questions about becoming a Weed Man Franchisee, please request a consultation today or give us a call at 1-888-321-9333. You can also download our e-brochure here. We look forward to hearing from you!