Have you been thinking about starting your own business or opening your favorite franchise? Most of us have at least dreamed about it at some point, and those who take it seriously have planned beyond that point and devised a business plan.
But even if you've gotten that far, the next steps can be overwhelming — especially at the beginning. Knowing when to move forward and begin your journey into business ownership is always difficult.
The good news? This year is shaping up to be one of the best years to start a business.
Keep reading to learn why.
Starting a Business in 2021
Starting a business at any time requires you to think strategically and carefully consider your approach. Knowing this, on top of the difficulties of the COVID-19 pandemic, you might feel like it would be better to put your plans on hold. Surprisingly, however, 2021 is actually one of the best times to start your own business or open a franchise.
The U.S. economy is expected to continue growing significantly throughout the year as the nation recovers from these unprecedented times. This means more people are employed and manufacturing production is on the rise, a promising combination that translates to more opportunities for franchises and small businesses to thrive.
Funding for Small Businesses and Franchises
Finding the right type of funding for your specific needs is essential to launching a small business or franchise. But navigating your financing options is complex and even knowing where to begin can be confusing. Knowing how to devise a viable business plan in your area of expertise doesn't necessarily mean you understand exactly how to get the start-up capital you need.
Fortunately, there are a range of knowledgeable pros in this area, and funding consultants can help you figure out the best path forward. The franchise funding experts at FranFund will help you sort through all of your funding options to get your business off the ground. You’ll even get to work with a dedicated funding consultant who will be there at every step of the process and help you make the right choice for you.
Leveraging Your Investments
The economy is recovering, the stock market has been on the rise, and interest rates are generally low. Altogether, this makes 2021 a smart time to execute your business plan because you'll likely have more options for funding your venture.
You can begin by considering any current equities and assets, for example. Both the stock market and housing market have been performing strongly so far this year. You may be able to leverage your existing investments to provide the funds you need to start your franchise. On the other hand, interest rates are currently low, which means that borrowing money to start a business could be a reasonable path as well.
Prime Locations — and Talent — Are Available
To confront the COVID-19 pandemic, many companies have had to adjust their operations. Other businesses, including franchises, have unfortunately had to shut down. Many communities have been confronting a new reality with a large number of closed businesses, vacant commercial real estate, and talented employees in search of new opportunities.
What does this mean for your fledgling business? For one, you now have a unique opportunity to add a locally owned business to your community. You'll also likely have access to prime business locations that wouldn't normally be on the market due to long-term rental contracts, and in some cases, these spaces may be available below the normal market rate.
Most importantly, your franchise could bring valuable employment opportunities back to the community. Many workers are actively looking for a fresh start, and a new franchise could be the perfect fit.
Take the First Step
Starting a franchise can be daunting, but help is available. With the right support and expert guidance, you really can transform your business plan into the next successful company in your community. And today may be the perfect time.
The first step to launching your own franchise is to carefully consider your options — from funding and location to everything in between. Working with an experienced franchise funding consultant can help you make a smart, strategic plan to get started on the right foot, and tools like FranFund’s funding calculator can help you decide how much funding you might need to get started.
FranFund designs flexible funding plans that help new and experienced business owners fund their franchises. We have a powerful and accurate pre-approval process with a 99% success rate in obtaining loans for borrowers who received FranFund pre-approval! Beyond this, we offer ongoing support and make sure our clients know all of their options for funding single units through multi-unit expansions, including SBA loans, conventional lending, and retirement plan funding.