When is a good time to apply for a loan to buy a franchise?
By George Yammouni, CEO of the Bathroom Werx Group
Start looking at finance options the minute you decide you want to buy a franchise business.
If you are currently employed, I would look at establishing lines of credit with my bank on property/assets that you own before resigning your position. Get advice from a financial advisor or an accountant on much money you can borrow on your current assets.
Once you know how much money you can access then you can decide on which franchise system you can afford to buy.
It can be just heartbreaking after spending a lot of time researching the market to find the business that is right for you only to find out from the Bank that it is way out of your price range and you can fund the acquisition.
About the author
George Yammouni is CEO of the Bathroom Werx Group - a national Franchise System specialising in quick and affordable bathroom makeovers and renovations.
He is a 30year CPA veteran by profession and started his business as a Franchisee in 1986 after a career in merchant banking. He acquired the Franchisor in 1988 and began franchising in 1990.
Bathroom Werx renovates over 200 bathrooms every month around Australia for Customers, including the world’s leading Hotel groups and Government Housing Departments.
George is one of Australia's leading exponents of service franchising and is a Past Chairman of the Franchise Council of Australia.
To contact the author email george.yammouni@bathroomWERX.com