Opening a new franchise location comes with far more expenses than you might think. It’s arguably much more expensive than, say, opening an independently-owned restaurant or adding a second location to a retail store. Owners of new franchise locations must deal with a number of absurdly high fees that owners of more common business models will never see. These fees are mandatory, regardless of how the owner of the new location wants to run his or her business.
It’s nearly impossible to increase revenue without strengthening your connection with your current customers. They are the key to learning what you are doing right, what you could be doing better, and how your industry is changing. A loyal customer should be viewed as a remote salesman for your company as well as a pathway to waves of new customers, the majority of whom were obtained through a single, customer-related source.
Forget every article you’ve read about what you need to know or do in order to be approved for small business loans. Those articles only apply to certain borrowers or lenders, meaning they contain advice that is basically useless for many business owners in need of funding. The truth is, every step you take before applying for a small business loan depends on the lender you consult. If you choose the right lender for you (and we’ll get to that in just a bit), the preparation process is much less tedious than it would have been had you taken another route.
Do you have bad credit? That should be a wake-up call. In many ways, bad credit is a life lesson: things don’t always go your way. And credit problems are certainly a fact of life for many small businesses. Bad credit will not help you get small business loans. But analyzing why you have financial problems will help you in the future.
Owning a medical spa is a highly rewarding experience. Each day is another new opportunity to help make others look and feel great. But, it costs a great deal of money to keep a high quality medical spa open to the public. Between government and health regulations, medical malpractice and liability insurance, and the demands from customers to keep adding new services – a medical spa requires a constant source of income to keep things running smoothly. Making good financial decisions is a huge part of staying in business. Is your medical spa in need of a business cash flow makeover? Might a business loan for medical practices help?
Whether you are a second-generation restaurateur or just in the start-up phase of building a restaurant empire, getting restaurant business loans can be a challenge. Unfortunately, banks are notorious for turning restaurants down for the working capital they need, and there are predators out there that will take advantage of an unsuspecting restaurant owner who finds himself in a financial bind. The Latin Times describes the challenges of getting a loan as a small business in general – it can be even more difficult for women and minorities.