It's certainly been an interesting time for folks looking for business start-up loans. It's even been challenging for those looking to get franchise financing for their franchise business start-ups.
Getting a loan for a small business involves more than just the "start-up" portion, though.
For instance, you've probably set up your entire franchise investment budget. Right?
For today's little franchise discussion, let's assume that you do know how much of your own money you'll be comfortable putting into your potential new franchise business. (Up-front.)
As more and more people that have questions about all facets of franchising start becoming aware of my Free Franchise Q & A Website, I'm hoping that more great questions like this one, start coming in;
"How much money should I set aside for my new franchise?"
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That's a really important question that lots of prospective franchise owners just don't ask. Here was my answer;
I recommend setting aside at least 6 months of expenses-household expenses, as you launch your new franchise business. (A full year's expenses would be better!)
In this tough economy, having a cushion to help carry you through the first year is really, really important. (I said at least 6 months of expenses should be set aside. I was probably being too nice. Stash a year's worth.)
If you'd like to know exactly where you should stash the living expenses that you're going to need while you're focused on launching and building your new franchise business, read this franchise article.
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