Obtaining start up capital for your business

Becoming a Shed Boss franchisee and selling premium-quality, custom designed sheds can be a lucrative endeavour.

However, as with any small business, it will likely take money to make money, especially in the early stages.

For this reason, the most difficult challenge faced by small business owners when they first attempt to get their enterprise off the ground is obtaining start up capital.

Options available to you

Unless you have sufficient savings put away, chances are you'll need to borrow money in order to start your business.

Borrowing money from family and friends is often the easiest – not to mention cheapest – way to gain start up capital. However, keep in mind that mixing money with personal relationships can lead to complications.

Your best bet will probably be taking out a loan from a local financial institution.

Credit unions and community banks can often be a superior choice to major banking institutions, especially if you've done business with them in the past. It's easier to develop close relationships with smaller banks, and this can work in your favour when it comes time to borrow. 

Whereas a large bank may be strictly focused on your finances, a smaller financial institution you have history with might be more willing to make allowances.

Making your business desirable

At the same time, no matter where you choose to borrow from, it's essential to make yourself an attractive candidate.

A strong credit history can go a long way to help, but even more important is having a detailed business plan in place.

Fortunately, becoming a Shed Boss franchisee comes with a built-in business plan and the support of a large company to back you up. This can make obtaining the funds you need easier than going it alone.

Posted in Commercial Builds.

Leave a Reply

Your email address will not be published. Required fields are marked *