If you don’t have finance to start a business, it doesn’t mean it’s the end of your dream. You may be eligible for finance through major banks, franchise finance providers or even the UK Government start up loan scheme.

So how do you increase the likelihood of them borrowing money to you?

Know exactly what you need to borrow 

You’ll need to gather all of you personal expenditure and funds to know exactly what you need to borrow and what you can afford to pay back. It’s important to also consider the future and any impacts your financial situation might face. I.e. are you thinking about moving house, starting or expanding a family? Any other large costs that could hinder you packing back your loan. It’s not a good idea to get in to financial difficulty as most franchises won’t accept individuals with a poor financial history.

Tidy up your finances 

As part of the application process borrowers will ask for bank statements and for a credit check. It’s a good idea ahead of this time and throughout it to avoid any unnecessary or habitually spending. Any patterns or anomalies could raise a red flag to lenders and stop, or delay the process.

Business Plan 

All finance providers will ask for a business plan. This is effectively proof that your business model and plans will achieve a turnover that can pay towards your debts at the rate at which you are asking to borrow. That said, the business plan is also a great tool for when you are in business to follow and to work with throughout the challenges that business brings. It should include operational, competitor, staffing, sales, marketing and general information around your new business plans.

Did you know that we can help you to create your business plan?

Finally, as a conciencous franchisor, we do help you with the finance process if you wish to borrow funds. We can discuss with you the wide range of options so that you can make an informed decision of who you’d like to approach for your borrowing requirements. Any help along the process, we are there.

If you’d like to discuss financing a ServiceMaster Restore franchise, contact us on 0116 275 9005 / franchisesales@servicemaster.co.uk 

So you are thinking about joining a franchise, but how do ensure that your investment in to the franchise pays off?

This is important, particularly as it is estimated that as many as 90% new start ups fail.

First and foremost, the benefit to joining a franchise is that you’re using an established brand, a proven business model and have not had to make the mistakes that many start ups have faced before you have developed. But how else can you ensure success?

  • Business Planning – An essential part of the application to join, a business plan will also form the fundamentals of running your business. Here you’ll outline everything from budgets to staffing and business objectives
  • Marketing Planning – This comes hand in hand with business planning and supports your business objectives with smaller marketing objectives to be achieved and a plan of how you will achieve them
  • Utilise support – Being a part of a franchise gives you access to support of not only a team of franchise professionals, but a network of experienced business owners too. Use the support on offer, it really does help!
  • Be proactive – Find your customers! – Being a B2B business, they generally won’t come to you unless you’ve attracted them someway. Generally in this type of work you would utilise sales and marketing skills to reach out and sell to your customers direct. Direct marketing, networking and prospecting are our most favoured ways of generating new clients
  • Keep track – Don’t let time, money or work (or lack of it) run away with you. Remember to measure against your original business and marketing objectives to ensure that you’re progressing and if not, that you can put something in place to get you back on the right track!

The above five simple tips can put you on to the path to success. Ultimately it is down to your attitude and motivation to succeed.

If you believe that you have what it takes to be a great business owner in our ServiceMaster Restore network, we’d love to hear from you at 0116 275 9005 / franchisesales@servicemaster.co.uk