Options for Financing Your Firehouse Subs Franchise
A Firehouse Subs franchise is the perfect opportunity for any entrepreneur. Franchising offers the flexibility and freedom of being a small business owner, with the structure and support of being a part of a large company. For many individuals and families, opening a franchise is the perfect fit!
If you love Firehouse Subs sandwiches and our commitment to giving back to our communities, you may want to explore our franchising opportunities. Some of the most common questions we are asked is, How much does it cost to open a Firehouse Subs franchise? and, What are my options for financing a franchise?
Of course, the financial aspects of opening a franchise are important to consider, and it’s good to know that you have enough capital to launch your enterprise. The costs of opening your own Firehouse Subs are generally lower than most franchise brands across the nation, but still require some planning for most people.
Thankfully, there are lots of great options for financing your Firehouse Subs franchise! Here are some avenues we recommend exploring:
Talk to your franchise support team: We pride ourselves on the excellent support we offer each of our franchisees, and that includes resources on financial options. Our franchise support staff may know about opportunities that are specific to your area, or could point you in a direction to learn more about how to secure the investment capital. Don’t hesitate to reach out to us directly at Firehouse Subs if you need help with financing!
Bank loans: A traditional bank loan can be a great choice for many people, especially if you have a good financial history and credit score. With a strong business plan for a Firehouse Subs franchise, a bank lender may be more open to lending a large sum of cash upfront, with an agreement for monthly installments.
SBA loans: A desirable option for prospective franchisees is the SBA loan, or Small Business Administration loan. These are partially backed by this governmental organization, giving these loans lower interest rates and generally better terms than traditional loans. However, the SBA loan process may take a while, and these loans have high qualification standards.
Retirement Savings: Retirement savings can be used to fully fund or provide the cash needed to get a bank loan for the remainder. Many people are not aware that this money can actually be used for business startups without any negative tax ramifications!
Personal loans or grants: For those who would rather avoid traditional loans, there is always the option of asking family and friends to pitch in. This is a more intimate arrangement than crowdfunding, as the money typically comes from just a few individuals. If you have parents, siblings, or generous friends, consider asking around for help. Or consider going into business with one of them as a partner to split the costs.
There are many ways to make your dream of owning your own Firehouse Subs come true. With several financing options available, you can gather enough capital to get the ball rolling.
Reach out to us at Firehouse Subs today to learn more about our current franchising costs and opportunities!
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