If anything good came out the pandemic, it’s the realization that life is fleeting and we have to make the most of our opportunities when we have them. Being an “opportunity-grabber” is definitely a common trait among entrepreneurs. By Symara Rog
If anything good came out the pandemic, it’s the realization that life is fleeting and we have to make the most of our opportunities when we have them. Being an “opportunity-grabber” is definitely a common trait among entrepreneurs.
By and large, prospective franchise business owners are wanting to invest in themselves and their goals to build their dream future. Deciding factors like work/life balance, no travel, more control over income, and creating a legacy for their families rank at the top of many “pros” lists.
Common questions include:
- Am I ready to go “all in” and open my own business, leaving behind the “perks” of being an employee?
- What am I passionate about?
- Am I good at following proven processes?
- Do I have the support of family and friends? A mentor? A franchise consultant?
- What funding options are available to me?
As a former franchise owner of a food concept, I can attest to the fun, relationship-focused atmosphere offered in the food-and-drink industry. Being able to help my customers separate themselves from the busyness of life and enjoy time together was priceless. After all, who doesn’t love to eat?
This industry was really hard hit by COVID and, while recovery will take some time, we’re seeing positive momentum and supporting our clients in every way we can. The SBA is currently offering some incentives, while funds last, to pay three months of principal and interest fees and covering the guarantee fee for loans that close prior to September 30, 2021. Other alternative funding options are also becoming increasingly popular.
401(k) Rollover/ROBS Funding
A Rollover offers many benefits, the most important of which is the fact that it’s non-debt funding (not a loan). Using pre-tax retirement funds from a previous employer provides fast funding and access to capital for startups, expansions, and even recapitalizing an existing business.
Unsecured Term Loans
An Unsecured Term Loan does not require cash injection or cash reserves and is typically fast funding with per borrower amounts ranging from $25,000 to $250,000. With no pre-payment penalty, this option is gaining ground.
For more small business tips, visit the Tenet Financial Group blog at tenetfinancialgroup.com/blog.
– Symara Rog
Symara Rog has been a Senior Consultant with Tenet Financial Group since 2020 and has nearly two decades of franchising experience as both a single- and multi-unit franchisee and as a franchise development team member. Having recently earned her CFE designation, she is committed to helping dreamers become successful franchise owners through full-service funding consultation and support. Symara can be reached at firstname.lastname@example.org and 214-614-8236.