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    6 Replies Latest reply on Jul 1, 2009 5:08 AM by RanksIntl

    FranchiseWanna-be: Territory Buy-in, Any Funding Suggestion?

    clarikaye Newbie
      With Southern California adapting the NO TRANS-FAT rule on restaurants, I have only found one possible competition for this business. However, this competitor contracts the supply of cooking oil instead of extending its use through cleaning & filtration. This is sort of a "green" take on cooking oil.

      WHY I CHOSE THIS BUSINESS FRANCHISE?
      For the Western US, it is at the ground floor level of business opportunities. There might be a couple started in California, but there is still a lot of areas to cover. It is a home-based business franchise, so I just need to depend on the originating company for all the business administrative requirements to furnish me with guidance and documentation.

      FUNDING: THE CURRENT ROADBLOCK
      - Unemployment: For the past couple of years, I've been wanting to start up a business, but didn't know what business. I have been an industrial/medical equipment field engineer with Fortune 500 companies the last 15 years. Finally, even though Mr. Buffet publicly announced his confidence on the company, I was among the ten percent that was let go. I guess this was to show the stockholders that they are indeed increasing their revenue.
      - Veteran status: I might be able to leverage my status as a disabled veteran when applying for a loan, or if there is such a loan or grant?
      - Applying for a loan or grants an a corporation: I have already established an LLC and registered my business name at the county office. Would I have a better chance finding the funds to start this business up?

      ADVANTAGES ON THE PRESIDENT'S STIMULUS PLAN
      With the effects of the economy, some say that small biz loan requirements are more stringent and require cash on hand. Has anyone been a recipient of some of the President's incentives for small businesses? Especially on startups?

      THANKS FOR YOUR HELP & SUGGESTIONS
      - Any new programs or sources that you can share is very much appreciated.
      - Critiques or concerns are welcomed and would be seriously considered as to the future problems I might encounter when the business is in operational mode.

      Sincerely,
      John Malahay
        • Re: FranchiseWanna-be: Territory Buy-in, Any Funding Suggestion?
          RanksIntl Adventurer
          Hello!

          It sounds like a great start! I would like to know a little more about the specifics of your business though!

          The first step that you are going to need to take to approach potential investors or lenders is to create a business plan if you have not already. In it you will need to prove that there is a market for your business as well as to provide the financials of your business(how much you have to invest, how much you are looking forn sales forecast, etc).

          There are loans and grants available, however, most places are looking for established businesses as opposed to start ups and start ups may be different in your eyes than in theirs. Financing options are out there but for loans your personal credit will be crucial. There's a number of options across the board though so explore them. Green efforts open your options up more.

          You mentioned cash on hand. Will you have anything to invest or collateral to provide?

          As I said, you have options but first create(or complete) your business plan. If you have any questions feel free to email me at the address in my profile.

          Renee`
          1 of 1 people found this helpful
          • Re: FranchiseWanna-be: Territory Buy-in, Any Funding Suggestion?
            RanksIntl Adventurer
            Hello!

            It sounds like a great start! I would like to know a little more about the specifics of your business though!

            The first step that you are going to need to take to approach potential investors or lenders is to create a business plan if you have not already. In it you will need to prove that there is a market for your business as well as to provide the financials of your business(how much you have to invest, how much you are looking forn sales forecast, etc).

            There are loans and grants available, however, most places are looking for established businesses as opposed to start ups and start ups may be different in your eyes than in theirs. Financing options are out there but for loans your personal credit will be crucial. There's a number of options across the board though so explore them. Green efforts open your options up more.

            You mentioned cash on hand. Will you have anything to invest or collateral to provide?

            As I said, you have options but first create(or complete) your business plan. If you have any questions feel free to email me at the address in my profile.

            Renee`
            1 of 1 people found this helpful
            • Re: FranchiseWanna-be: Territory Buy-in, Any Funding Suggestion?
              LUCKIEST Guide
              FranchiseWanna-be, Welcome John

              Any Funding Suggestions, YES If you want to raise money to finance a new venture you need a business and marketing plan. How soon do you plan on starting this franchise??

              My other suggestion is to contact SCORE. SCORE is FREE both in person and online and SCORE can help.

              Good luck, LUCKIEST
              1 of 1 people found this helpful
                • Re: FranchiseWanna-be: Territory Buy-in, Any Funding Suggest
                  clarikaye Newbie
                  Thanks LUCKIEST. Grand opening time frame: if I can secure funding today, I would have to spend about a week at the franchise's main office/training center near Orlando, FL. The territory buy-in also includes their patented filtration unit and a service van. A good estimate to be "officially" a franchise representative would be about 30 days. Considering uniforms, training & equipment provisions.

                  I have corresponded with a local SCORE rep a couple of years back. I have also tried inquiring at the Anaheim, CA, SCORE office about the services they offer. Perhaps, making an appointment to see them would be beneficial. But as far as approaching any lenders for funding, I'm still stumped on what I need to bring to the table as a presentation portfolio.

                  Thanks for offering your time & expertise.

                  John