First, talk to your franchisor before seeking finance. You will require franchisor approval and be pre-qualified before a bank will consider your application. Seek out lenders that understand small businesses and franchises so they can assist you with problems, challenges and business solutions.
Be totally honest with your lenders, if they uncover something that you have been hiding you can say goodbye to their financial assistance. Neatness counts, fill in your application neatly and all required fields and don’t attach any unnecessary documents.
Make sure you have paid off all existing debt and you have a clear credit record. Have a well thought out business plan to show your banker which includes means to save money – such as leasing or buying used equipment. Finally, don’t give up. Try several financers and learn from each attempt to improve the next one.