If you need bank funding for your franchise investment it helps to know that the major high street banks look favourably on long-established and successful companies, such as etyres.
Securing funding for your new franchise business might seem a daunting task, but if you are joining an established company with a proven track record the process is straight-forward.
etyres guides its new Franchise Owners through the process off applying for finance, from creating a comprehensive business plan to present to the bank through to help with creating realistic financial projections and targets.
The major high street banks have a history of looking favourably on proposals from new etyres Franchise Owners because its business model has a proven track record for success.
Many etyres Franchise Owners have secured substantial funding from the leading banks, including HSBC, Natwest, Lloyds and RBS, because its business model is widely respected and regarded as a sound investment.
The etyres Franchise Recruitment Team offer help and advice on everything from preparing and submitting your application, calculating exactly how much money you need to borrow and what security you have, through to securing the finance and launching your etyres business.
When it comes to a finance application, one-size definitely does not fit all, every new Franchise Owner is different and needs a package tailored to their circumstances.
There are several means of securing finance. Loan accounts are the most common option for the purchase of assets and vehicles, and you must consider whether a fixed rate interest or variable rate suits you best. Invoice finance is another route, which allows you to raise finance using your debtor book, linking cash flow directly to your business expansion. Another method of funding your new venture is to consider asset finance, often a short term borrowing option to cover the cost of equipment for the business.
Lenders will want to know that you have or are going to receive the necessary training to carry out the work, in the case of etyres, everything from fitting tyres to marketing the branch and financial awareness, plus the fact that you have a broad understanding of accounting concepts and responsibilities. The etyres Franchise Recruitment Team will help you prepare a comprehensive finance application which contains cash flow forecasts and repayment plans.
The banks will also want to know that other Franchise Owners who have joined the business are operating successfully and that the company itself is established and has a proven track record.
The simple fact is, banks are more willing to lend to customers who are looking to invest in a franchise rather than start their own business from scratch, because they can see hard evidence that it is often a more viable and less risky proposition.