to own a Great Clip. How do you go about getting into this type of deal. I mean I suppose I would have to get a loan start up cost is 80,000 to a 100,000. My credit is O.K. So how do you get the money. Are you more likly to get a loan from a bank because if it an established business. How do you go about this process I'm also looking into owning a Bar.
2007-11-12 06:41:52 · 6 answers · asked by cuddles 2 in Business & Finance ➔ Small Business
No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.
Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.
SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).
SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
2007-11-12 06:48:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You probably can't get a loan for a startup business, even with good credit let alone "OK" credit. You'd have to save up most of the startup money or borrow it from friends or relatives. And by the way, your startup costs you list for Great Clips is lower than even the minimum that they show on their website http://www.greatclipsfranchise.com/franchise-startup-requirements.php - they state that their franchise candidates will have a net worth of at least $300K and have at least $75K cash available. Net worth doesn't include borrowed money.
Have you sent for their franchise information kit? If not, send for it, it might give you some ideas.
The first thing you need to do is write a business plan, listing all of the things you need to have or do to open your business and to operate it and how and where you'll get those things, including how you'll get customers and how many customers you'll need and how much they'll need to spend on average for you to make a profit.
Good luck.
2007-11-12 07:39:08 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I had to go throught the motions of buying a franchise for a business management class in college. You have to find out what the company expects from their franchisees. For example, Wendy's restaurants will not consider anyone who doe snot have a million dollars in assets to open a franchise. You have to write the company to receive all the applicable information and then go to the bank to see if you can qualify for a large enough loan. You also have to scout locations. Many companies need to know where the franchise will be located before they decide whether or not to sell to you. I attached a link that lists several different hair salon franchises. I hope it helps.
2007-11-12 06:49:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
A bank might be good. I would start with one business at a time. I know some people who own Great Clips locations. They say its good. Its a people business, so staff management and keeping the staff happy is key.
2007-11-12 06:45:32 · answer #4 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
Write a business plan...first!
2007-11-12 06:45:15 · answer #5 · answered by smiling_freds_biz_info 6 · 0⤊ 0⤋
buy the book starting up business for Dummies.Im not joking its a good book to get you started.
2007-11-12 06:47:33 · answer #6 · answered by cmiln01 2 · 0⤊ 0⤋