Small business credit cards. While some business owners may be wary of using them, small business credit cards can also act as short-term small business financing. Interest rates will vary depending on the credit card issuer, the amount available on the card, and the creditworthiness of the holder of the card. Many small business credit card issuers require the principal owner to be co-liable with the company. Issuers of small business credit cards include American Express, CapitalOne, Bank of America, and many others. Many credit cards offer promotional introductory rates of 0% for a short period of time (6-9 months). Cashback and rewards programs allow you to earn rewards from purchases on the credit card.
Hashtag – The right hashtags can provide a boost to the visuals on Instagram. Be creative when it comes to hashtags. Try to come up with something that your followers would want to share. It’s best to avoid using just the name of your business as a hashtag. Instead, consider using a word or a phrase that captures your brand. Sprout Social lists some examples of how some big brands have successfully used hashtags.
United Capital Source offers franchise business loans, or franchise financing, to help franchise owners invest in growth, open new locations, and stabilize revenue amid upcoming bills or deductions. We understand that franchises deal with an above average amount of weekly and monthly expenses. This is why our franchise business loans tend to carry repayment systems that are different from those assigned to an independently-owned business. Terms will be structured to ensure your deductions do not prevent you from paying your rent and employees at the end of the month.
Repairs, improvements, and replacements. Be aware of a clause that says that at the end of the lease you must restore the premises to their original condition. Try to negotiate a clause that states the following: “The premises will be returned to the Landlord at the end of the tenancy in the same condition as at the beginning of the tenancy, excluding (1) ordinary wear and tear, (2) damage by fire and unavoidable casualty not the fault of the Tenant, and (3) alterations previously approved by the Landlord.”
If you identify areas of weakness, you’ll need to make a plan for dealing with them. If you don’t have a head for figures, perhaps you could partner with someone who does. Or you could hire an accountant, or improve your own skills by checking out some of our super-simple accounting tutorials or doing other training. If you’re no good at designing websites, hire someone to do it for you.
Small business credit cards. While some business owners may be wary of using them, small business credit cards can also act as short-term small business financing. Interest rates will vary depending on the credit card issuer, the amount available on the card, and the creditworthiness of the holder of the card. Many small business credit card issuers require the principal owner to be co-liable with the company. Issuers of small business credit cards include American Express, CapitalOne, Bank of America, and many others. Many credit cards offer promotional introductory rates of 0% for a short period of time (6-9 months). Cashback and rewards programs allow you to earn rewards from purchases on the credit card.
Some franchising companies run their own franchise financing programs that help franchisees get in the door. Program offerings and requirements vary by franchisor, with such options as limited-term loans, reduced license fees or reduced royalties, and minority stake ownership by franchisors. Some companies, like Ace Hardware, offer financing to existing franchisees to open a new store or buy out a competitor.
A number of costs go into the launching a franchise. Initial costs include paying for professional advisers such as a lawyer to look over contracts and an accountant to advise or manage your finances. You’ll also need to invest money up-front for anything your business will need: real estate or lease payments, inventory, equipment, supplies insurance, licenses, recruitment, employee preparation, and signage. A grand opening event and initial marketing expenses will also add to your startup costs. You’ll also want to account for ongoing expenses such as professional services, supplies, employee pay and benefits, rent or property taxes, utilities and maintenance.
2. Get a website. In today’s technology-based world, the first thing a potential customer or employee does is Google your business. You need a website to show you’re real and to offer information about your business to potential customers. Make sure your website is mobile-friendly and be sure to ask for search engine optimization. Use Google Analytics to track the traffic to your website, but be leery of people who promise you top positions on search engines. While there are lots of things that can be done to increase your ranking on various search engines, unless the developer works for Google, I would be leery of a promise to get you to the top. Remember that you get what you pay for. There are a ton of do it yourself website services, but depending on the features you need on your site, some things are better left to the experts.
Reviewing the brands franchise disclosure document (FDD), speaking with existing franchisees and financial professionals, in conjunction with support from the franchisor, will help you formulate your business plan and build financial projections. Outlining your management and marketing skills, past successes and future goals by including resumes for yourself, planned partners and other employees will allow all parties involved, from the franchisor to lenders, to understand the strengths of the ownership and management team. Personal credit history and financial strength will also play an important role in opening a franchise business.

Broadly, there are two types of loans: secured and unsecured. There are dozens of types of loans depending on their nature, purpose, applicability, loan amount, interest and terms but they can all be classified as either secured or unsecured. Secured loans require collateral. It is a tangible asset that acts as the security. Unsecured loans don’t need such collateral or any security.
Rent and rent escalations. Some landlords will give free rent for the first month or two of a lease. Fixed rent over longer-term leases is relatively rare. Sometimes landlords insist on annual increases based on the percentage increases in the Consumer Price Index (CPI). If your landlord insists on rent escalations, try to arrange for a CPI rent increase that does not kick in for at least the first two years of the term. Then, try to get a cap on the amount of each year’s increase. If you have to live with a rent escalation clause, try to negotiate a predetermined fixed increase; for example, a rent of $5,000 a month the first year that would only increase to $5,200 a month the second year and $5,400 a month the third year.

Lenders prefer financial statements that have been audited by a certified public accountant (CPA). But many small businesses don’t want to incur the costs of an audit, so one alternative is to have the financial statements “reviewed” by a CPA (which is cheaper and faster). However, some lenders may not require either audited or reviewed statements.
LendingTree, LLC is a Marketing Lead Generator and is a Duly Licensed Mortgage Broker, as required by law, with its main office located at 11115 Rushmore Dr., Charlotte, NC 28277, Telephone Number 866-501-2397 (TDD/TTY). NMLS Unique Identifier #1136. LendingTree, LLC is known as LT Technologies in lieu of true name LendingTree, LLC in NY. LendingTree technology and processes are patented under U.S. Patent Nos. 6,385,594 and 6,611,816 and licensed under U.S. Patent Nos. 5,995,947 and 5,758,328. © 2016 LendingTree, LLC. All Rights Reserved. This site is directed at, and made available to, persons in the continental U.S., Alaska and Hawaii only.
Request a Regional Franchise Disclosure Document: According to Ronald Feldman at Apple Pie Capital, “In addition to the standard Financial Disclosure Document (FDD), I suggest new franchisees request a supplemental Item 19, which is required by law to be provided if available.” This can help you understand how the franchise performs in your own geographic location, which may be worse than the average performance nationwide.
Spend the next week working on your pitch, your business plan, and on researching your financing options. Remember that your business plan isn’t set in stone. It should remain a “live” document as you progress and as you grow. Don’t stress about it, just use this week to focus your thoughts and bring everything you thought about and learned in week one together.

1. Strategic Plan. All of us have heard of a “back-of-the-napkin” story about how a small idea turned into a successful business—and these stories do happen. However, it is typically the basic concept that happens on the back of a napkin, not the actual plan to bring that concept to the market. The first step is to develop a well-thought-out business plan that addresses key success factors such as:

Microlenders: If your company is especially small, you may need to opt for a microlender. These are non-profits that typically lend short-term loans of less than $35,000. They also have a much higher APR than bank loans but may be useful by helping you bridge a temporary cash-flow gap. Microlenders require detailed business plans and financial statements, so be prepared for some serious paperwork.
At the early stages of your startup, you will likely want to have a small employee team to minimize expenses. A good way to fill in for specialized expertise is to use freelancers or consultants. That way, you avoid taking on employee costs and benefits payments. And there are a variety of sites that can help you access freelancers, such as Freelancer.com, Guru.com, and Upwork.com.

Ideally, your business will operate long enough and become successful enough that the company will get its own credit score and be able to qualify for a loan on its own. Building a business credit score requires your company to establish its own identity, including having its own tax ID number or employer ID number, obtained from the IRS. You'll typically also need a business credit card in the organization's name that's always paid on time.  
“ApplePie Capital can accelerate the growth of franchisees because we start by spending time with the franchisee up front to assess their situation, and then identify the best financing options to reach their short and long term goals. Sometimes that will be SBA, and sometimes it will be other options that the local bank doesn’t offer. And unlike the local bank, ApplePie knows the brand metrics. We can underwrite the loan ourselves for our core product, or can educate our lender network on the brand so the franchisee doesn’t have to.”
Business financing options other than traditional loans or lines of credit include personal loans for business or business credit cards. A personal loan for business is a good option if your business is still young and you don’t qualify for traditional financing. Personal-loan providers look at your personal credit score and income instead of your business history.
The franchisor: Some franchisors help finance new franchises by waiving fees or partnering with lenders to help franchisees get loans. If a company offers funding, it’s usually listed on its website and in Section 10 of the Franchise Disclosure Document. Compare the terms of the franchisor’s financing with other options to find the best source of funding.
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If you identify areas of weakness, you’ll need to make a plan for dealing with them. If you don’t have a head for figures, perhaps you could partner with someone who does. Or you could hire an accountant, or improve your own skills by checking out some of our super-simple accounting tutorials or doing other training. If you’re no good at designing websites, hire someone to do it for you.
Founder and Chairman of Palo Alto Software and bplans.com, on twitter as Timberry, blogging at timberry.bplans.com. His collected posts are at blog.timberry.com. Stanford MBA. Married 46 years, father of 5. Author of business plan software Business Plan Pro and www.liveplan.com and books including his latest, 'Lean Business Planning,' 2015, Motivational Press. Contents of that book are available for web browsing free at leanplan.com .
Online personal loans are an option when nobody will approve you for a business loan. Ideally, you’ll borrow in the name of your business – it’s cleaner and more professional that way. But some small business owners can only get personal loans. Try marketplace lenders and peer to peer lenders, which tend to offer competitive rates and quick turnaround on applications.
Our course starts at the very beginning with setting up QuickBooks for your business. We cover how to record your income and expenses, how to manage bank and credit card transactions and how to run financial statements. There are a total of 39 tutorials in our QuickBooks course spanning seven lessons. Each lesson has been broken down into bite-sized tutorials. Each QuickBooks tutorial includes a video where we demonstrate the concepts presented in each lesson.
Opening up a franchise is a huge undertaking that takes no shortage of time and effort. Once you’ve done your homework to find a franchisor you want to work with, you’ll want to review the funding options available to get the ball rolling. When you’re taking out financing, be sure to work with a reputable lender, getting only the amount what you need.
Glad to see your comment! For ideas on which franchise you should work with you can check out our articles on the best coffee shop franchises or the best restaurant franchises. Additionally, to make sure you’re finding a strong franchise, you can read our article on the 50 best and worst franchises by SBA default rate. I hope that helps, and good luck with your future business!
There are probably understandable reasons for your bad credit. Most of us are still bouncing back from the recession, and some businesses were hit harder than others. Whether or not you decide to get a “bad-credit loan,” building up your credit is planning for the future of your company. Once you raise your credit score, it will be much easier to secure funding as your company grows.
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