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Happy holidays to you. How soon do you plan on purchasing this franchise?? Do you have an Accountant??
Where are you located?? (Like City and State). You have a business plan which is great.
Can Merle Norman, the franchise you want to buy help with a bank??
Then there is SCORE. SCORE helps business people FREE. They know local bankers.
Maybe the following will help, LUCKIESTh3. 6 Steps to Small Business Success
1. Start Smart
2. Plan Ahead
3. Set up Systems
4. Seek out Sales
5. Aim for Growth
6. Leverage Opportunities
1. Start Smart.
Identify a niche. Don't compete to be the lowest cost provider. Look
for what makes your product or service unique and adds a special value
for the client and charge for that value. Every business has many
facets. Start with what you know and like; start a business that has
meaning to you. Keep in mind that we don't know what the future holds,
many of the jobs and businesses of tomorrow don't exist today. You can
create your own success.
Now is the time to dream. To start smart, you should like the idea of
the business. The way to earn a good income and build wealth is by
serving clients well, making their life better in some way-it's more
than filling a need in the marketplace. To succeed you want to test the
idea to make sure your potential clients like the idea too. Test your
2. Plan Ahead.
People often ask me why bother with a business plan? Look at the
lottery as an example. You may get lucky and get the winning ticket,
but the odds are against you when you rely on random chance. I'm a risk
taker...but not that much, minimize the risk of going into business and
maximize your potential for success. Take the time to write a plan of
how you get from point A to point B. A plan gives you a clear future
focus and increases your chances of success.
The first rule of a start-up is put some of your own money in the
business. As the owner you must be willing to capitalize the business.
The second rule is put as little of your own money as possible in the
business. Prepare your plan and look for funding for your business from
multiple sources, which can include a business loan or business line of
Don't go it alone. Plan ahead now to build your team. Your team may
include a CPA and an attorney that you work with as needed. Add a
mentor from your industry and get a SCORE mentor to help you plan for
success. No one has all the answers. You get more ideas and information
by building a success, support team that can help you plan ahead.
3. Set up Systems.
The most basic system every business should have is a good financial
system. Ask yourself how am I going to generate enough income to
support myself and my family. Begin here. Put together a personal
budget, so you know what it costs you to live. Now, you can move on to
the business budget and sales planning, so you can see how many sales
you need to break even and make a profit. The start-up expense plan,
operating budget and your accounting software are vital to your
The daunting question is how do you go about seeking out your first
sale. Recognize that since you don't have a big ad budget to be seen by
everyone, you need to target a niche and get connected in your market
community, be it local, regional or national. You need other people
selling for you-not employees-goodwill referrals. Get out and talk to
as many people as you can. Join organizations that would have clients
for your product or service. Become a visible part of your market, and
then ask for the sale. You begin the sales process with people that you
know. Yes, it's okay to start with friends and family as your first
customers, and then broaden from there.
The basic tenant of creating a company is that you own the company. You
are not just creating a job for yourself. It's less risk and less
investment to get a job. Building a business is creating a company that
is more than the job itself. Think about the future. How large do you
want the company to be in terms of sales, net profit and employees?
Your answer to each of these questions will influence how you grow.
There are varying costs and profits associated with growth. It's
important to make a deliberate choice early about how you want to grow
6. Leverage Opportunities.
Good luck. Good fortune. Good timing. All play a part in business. As a
business owner, be very clear about your core focus for the business
and how it serves clients. Your core business is what pays the bills.
Then, as an entrepreneur you are about opportunity. When you see a
potential opportunity or stroke of luck measure it against your core
business focus. Good fortune is great, when it matches your vision for
the business. Always consider if a good opportunity is the right fit
for your business. If something looks great, but it's not in sync with
your long-term plan and budget, think carefully before committing your
We want to purchase maybe by June or July of 2008. (Hopefully). I don't have an Accountant yet, but I do know a few that said they we be more than happy to help me. We are located in Adamsville, AL, but we are wanting to open the business in either Fultondale or Lakeview, AL. No, Merle Norman doesn't help with a bank. All they do is give you info on the SBA.
We still have options with or without the help of the franchiser.
Contact me for details. CC08
Received your email and sent a response.
Next June gives you plenty of time. Time to open a new bank account.
Dont forget SCORE. SCORE helps business people FREE. They know local bankers.
Please send your contact information to email@example.com
I wish to obtain funding for a small business loan. Who can I contact to go over my business plan? Sincerely, David Wolff
helo wolf,you never said the kind of business you are into ,and the funds required,i am a private investor,do send to my email informations on your business and detailed plans as to move forward. send mail to firstname.lastname@example.org
Franchise loans are considered acquisition loans.
As LUCKIEST said, some franchises actually have finance programs.
If not, our firm would be happy to speak to you about financing.
We work with SME (Small to Medium Sized Enterprises) and Corporations on obtaining financing.
If you would like to speak to me further, you can email me at email@example.com.
Since you're at the investigation stage of the best source of financing I'd start by looking everywhere. Then develop of spreadsheet or key points for decision making. Some sources to investigate:
- Banks: most banks today have a range of start up loans based on your personal credit score.
- Credit card limits: can you increase your limits.
- SBA: they are several loan types, which ones would you qualify for.
- Private companies who may combine several sources
- Home Equity
- Family & Friends
How have other Merle Norman owners financed their start ups? Contact other owners and ask them. Also find out how much they really spent in their first 24 months of start up on franchise fees, training, equipment, marketing and their own living expenses?
I actually own a Merle Norman which I opened in Arizona in May. I'd be happy to share some information with you regarding the costs. (I guarantee you the cost is more than what you think.) You may email me at firstname.lastname@example.org
JDL2003, be careful about your business plan. Many I have seen seem to speak about the need for products and services and the large market they are serving and the passion they bring. Make sure you realize that the lender really only cares if you can make payments on the loan. Show cash flow and then proove it is going to happen. Depending on where you are, there are government backed loans through SBA (small business administration) who may want to help you, especially if you are creating jobs in the area. Good luck.
Hello and good Day
do you have a detailed plan for that and also can you send to me a description about your business and plan as i intend making a private investment.do send me those to email@example.com
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Happy Holidays everyone.. Okay so I am wanting to purchase a franchise (Merle Norman). I have done my homework. I have a business plan. Where I work now is actually a franchise so I know how it works. I have fairly good credit. I just need to some advice on what direction to go in. Everyone says go to your bank, but I bank with a Credit Union that does not do business loans.