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    3 Replies Latest reply on Oct 12, 2008 5:15 PM by intechspecial

    Can't Get Funding?  Change Your Mindset!

    NoBullFunding Scout

      I see quite a few people post on here who are looking for a loan or an investor for their concept. Unfortunately, the vast majority of people will not get financing for one main reason: startups are extremely risky! I won't throw out the stats because everyone knows them, but the overwhelming majority of us who throw their hat (and more to the point - their money) in the entreprenurial ring end up failing. Yet others won't ever get their chance because nobody will loan them the money they want.

      So what is the solution? Franchising. When I advocate a franchise, I am speaking about it with 2 facts in mind:

      1) Franchises are statistically more successful than independant startups
      2) If you choose an already successful franchise with a good track record, you will have a MUCH greater chance of being approved for financing. You'll still need some experience, good credit, and some cash to put in, but there are lenders that LOVE to finance startup franchisees. This does not apply to all franchises, as they are a dime a dozen (kind of like the the peddlers of unsecured loans on this forum), but to those with proven records of success.

      Bottom Line: If you have an idea for a business, consider looking into a franchise that already does what want to do. It will increase your chance of being financed, and will increase your chance of success.