Franchisees face different challenges than other small business owners. More challenges, really. You have to deal with all the usual small business operations details. But you also have to work within the structure dictated by your franchisor. These differences can affect your options when it comes to small business loans.
There comes a time in every business when it can choose to either expand operations or try to maintain things with existing employees. There are key advantages of each choice, but in order to move forward, it’s necessary to add new skills and people to get the job done. Many a small business owner will hurt their chances of growing the business because of their bad credit. That's because the only option they know is crawling to the bank for small business loans, expecting to get shot down. So they, and their businesses, suffer.
No one starts a business to become a "business person." We build our business around something we love. Cooking. Or construction. Or health care. Or hair care. Even if you're a franchisee, you have to be passionate about the products or services you sell. Whatever the details of your enterprise, small business loans can help you achieve your dreams.
Running a small business is no easy task. It has been estimated that more than half of all small businesses fail within the first couple of years. One of the leading factors that cause small businesses to go under is cash flow problems. A business must be able to manage both incoming and outgoing cash flow early on to create a stable platform for growing the business. Taking out small business loans is only part of the equation; having a solid plan to analyze and track all cash is the other part.
Who hasn’t read Steven Covey’s book, The 7 Habits of Highly Effective People? Anyone? Published in 1989, it revolutionized the business world with its approach to productivity and effectiveness in business leaders. Twenty-seven years later, it’s still a go-to for many business owners looking develop productive business skills and be highly effective people.