You may already have a business banking manager who is very efficient in dealing with your everyday business banking needs but they may not have the specialist training which is required to efficiently determine the specific needs of a new Franchise Business owner.
Franchisors have contacts with franchise business units within high street banks that they can refer you to so your transition to becoming a franchise owner is done efficiently and without unnecessary delays.
Franchise business managers within the franchise units in banks have the knowledge and expertise to guide you through the initial stages acquiring the right banking resources and support you may need to become a franchise business owner. They will go through your business plan which will differ greatly to a business plan submitted for a sole trader and assess your requirements with you. They can also help to navigate through any problems and issues that may arise through the new journey in your career as quickly and efficiently as is required.
Before setting up an appointment with any franchise business unit within a bank you will need to prepare a business plan to be submitted to the unit prior to any appointment booked. This is so it can be assessed and any queries noted prior to your meeting, saving time so that when you are face to face with the franchise nusiness banking manager the time you have is allocated correctly, concentrating on the set up of your new franchise.
At present banks are willing to loan new franchise business owners up to 70% working capital who are looking to join an established franchise. For new franchise businesses they usually loan up to 50% of the business required funds.