I traveled across the U.S. and around the world, and kept meeting unconventional entrepreneurs -- people who had started a business almost unexpectedly, usually without a lot of planning and almost always without a lot of money. Most of them did so for $1,000 or less, and half of them did so for $100 or less. My goal was to tell their stories in a way that readers could use in their own quest for freedom.
We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines, and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet's official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.
If the franchise you're considering doesn't offer equipment leasing, look into nonfranchise, nonbank companies that specialize in equipment leasing for franchises. These types of financing companies will often provide asset-based lending to finance franchisees' furniture, equipment, signs and fixtures, and will allow franchisees to purchase the equipment at the end of the lease. Keep in mind that you may lose some tax advantages under the current law if you lease that equipment.
If you prefer that we do not share this information, and would not like to receive targeted advertising as described above, please see our Opt Out page. Note that if you opt out, you will still receive advertising. Also, if you opt out and later delete your cookies, use a different browser, or buy a new computer, you will need to renew your opt out choice. If you would like to stop receiving Credit Based Offers as part of your enrollment in certain CIC products and services, please call Customer Care at 1-866-617-1894
“Every person looking to invest into a franchiseneeds to do a comparison shop. You shop for a car, a tv, a house, and a phone. Why wouldn’t you shop for your business? It’s a larger investment and it is paramount that you need to do this. A lot of franchises don’t make it past 2-3 years, and a lot of that has to do with their comparison process, or lack of it, when they’re deciding which franchise to start.”
An SBA loan has two major disadvantages for franchises. First, it takes a significant amount of time (30-90 days) to fund. Second, you can’t use the funds from an SBA loan to cover many startup costs, including franchise fees. Those will have to be paid as an out of pocket cost. However, if you can live with these two disadvantages, then SBA loan rates are typically the lowest you’ll find. You can use our SBA loan calculator to determine what your monthly payments might be.
If you do decide you’re going to need space, consider the number of employees you’re going to need and the equipment that will fill the space—chairs, photocopying machines, a fridge, a coffee machine, a reception area, a meeting room, and so on. Furthermore, how quickly do you expect to grow? If rapid growth is in the books, rent a space where there is room for growth and so that you don’t have to change your business address.
None of the information displayed on www.applepiecapital.com (the “Website”) constitutes an offer to provide investment advice. The offering of securities is being conducted pursuant to an exemption from registration under the Securities Act of 1933, as amended. There shall be no offer or sale of any securities without the delivery of confidential offering materials and related documents. ApplePie Capital does not (1) advise on the merits or advisability of a particular investment or transaction, or (2) assist in the determination of fair value of any security or investment, or (3) provide legal, tax or transactional advisory services.