When you franchise your business, it is vitally important that you seek the right partnerships with individuals and companies, along with obtaining the right support and guidance to help you ensure it is a successful journey for all involved. A key area which can often cause major headaches is when applying for funding. Franchisors will always need to carefully consider their financial choices, but it can be time consuming and exhausting trying to find the right options that match the specific needs of the business.
This is where the services of a finance broker can be so important. The role of a finance broker should not be overlooked. They can remove all the hassle of securing business finance, leaving the franchisor to be able to focus on the other areas of the business.
Let’s explore more why the role of a finance broker is so important.
Money saving – the finance broker will take a whole of market approach and will recognise the importance of completing an accurate fact find. By establishing the full facts upfront and matching the right deals, a broker can ensure they find the best possible deals which ultimately will save the franchisor money.
Time saving – with an accurate fact find and immediate access to the right funding companies a broker can save the franchisor a large proportion of time. In fact, it will take a broker 75% less time to find a finance deal compared with the franchisor trying to do this themselves.
Efficiency – applying directly for funding can be a very slow process, a broker will know exactly what is needed for the application and can ensure a speedy process resulting in funds being made available in a very short period of time.
Creativity – this might seem like a strange benefit, but a broker can be very creative with finding funding options. It is not about finding the quickest or cheapest deal; it is about finding the best deal and often this will need some creative thinking and strategies.
When the time is right and a franchisor is ready to find a finance broker, it is important to find a company experienced in the franchising sector that can relate to the specific needs of the business. If in doubt, ask for a recommendation.
Here at NGI Franchising Funding, our team are vastly experienced in working with franchisors to fulfil all their business funding needs. If you would like to find out more, please call us on 01993 706403 or e-mail hello@ngifranchisefunding.co.uk.