4 Frequently Asked Questions About Financing Your Franchise
If you’ve been researching fun franchise opportunities, chances are you’re wondering about financing. Many Starlite franchisees rely on franchising to help ease the pressure an investment can have on their personal finances. Financing is easier and more common than you might think, and there are a number of options that might work for you. Let’s review a few of the questions we’re frequently asked about financing.
Does Starlite Offer Financing for Fun Franchising Opportunities?
Starlite Family Fun Centers does not offer financing to our investors directly. However, we have strong relationships with a number of third-party lenders who we can refer you to! We’ve helped many franchisees to find the right financing options and can help point you in the right direction.
What Are Some Common Financing Options?
There are many financing options for prospective franchisees to take advantage of. Some franchisees choose to explore mortgaging their home or cashing in early on a 401k. Still, other franchisees may qualify for special offers, such as loans for veterans. One consistently popular option that remains the SBA (Small Business Administration) Loan. SBA Loans are backed by the federal government and are intended to help new and established business owners get the financing support they need.
What Are the Details of an SBA Loan?
SBA Loans are given by private lenders but are guaranteed by the federal government. It’s up to each lender to approve or deny an application. Credit history and current income are factors that lenders look at to determine eligibility. Lenders will also want to see a strong business plan in place. Starlite stands out from other fun franchise opportunities because we’ve already developed a business plan and can give you information on our company’s growth and history that will be an asset to you during the application process!
How Will Starlite Help Me Make the Most of My Investment?
Whether or not you choose to seek out financing, Starlite wants to help you maximize your investment. We’re there to support our franchisees from the time they sign their franchise agreement, to the time they open their doors, and beyond! An important part of your total investment is the franchise fee, a one-time payment you’ll make when you sign on. We stand above other fun franchise opportunities because your franchise fee entitles you to many valuable training and support resources. We’ll show you the ropes, helping you to make the most of your franchise investment from the very beginning. Our real estate experts will help you to find just the right location and outfit it with the arcade games, roller rink, and party areas your customers will love. It’s our goal that you’ll see a return on your investment as soon as possible so that you can repay any loans quickly and enjoy the freedom and flexibility that goes along with owning your own family fun center!
We hope that this has been a useful introduction to some of the financing options you’ll be able to explore. To learn more about how Starlite beats out other fun franchise opportunities, contact us today!