Do you really think that you’ll be able to waltz into your local bank and get a small business start-up loan approved, quickly and easily?
Let me ask you a question that may seem off-topic with regards to my first question;
Where do you get your news?
The reason I’m asking you that is because of two words that have permeated the news cycle for the past two years now. Those words are, “credit crunch.” You have heard them, right?
In case you hadn’t heard, your local friendly banker hasn’t been so friendly, lately. As a matter of fact, your banker has been really, really, cranky for going on 2 years, now. And his mood may not get better for a while…
If you’re going to have any chance of getting a small business start-up loan approved (like a franchise loan) you’re going to have to court your banker. I’m not talking about you taking your banker to a 5-star restaurant, hoping to win his (or her) affection. I’m talking about going into your local bank with a plan; a franchise business plan.
It’s one thing to choose a franchise opportunity that you feel is The One. If you’ve done some great franchise research, that’s even better.
But, it’s all for naught if you can’t actually open your business up. You need a small business loan. In order to get it approved, you need to go into your bank armed. (Not that kind of armed!) What I mean is that you need to go into your bank, prepared. You’ll need to tell your story. You’ll have to have facts and figures to support your story. You’ll have to do this perfectly. Your goal is to give your banker as many reasons as possible to say yes.