Novel, unique ideas for a business, coupled with strong business planning skills, often combine to create a successful venture. Especially in a recovering economy characterized by tough marketplaces in most sectors, young entrepreneurs need to be creative and financially savvy to succeed.
CNBC reports that one franchise, which began right around the outset of the recession, has managed to see some success. Painting with a Twist is a company that began in the then-healing New Orleans, Louisiana, in the wake of Hurricane Katrina. The founders of the company had an idea to create a setting that combined community, wine and art.
The source explains that the idea was a hit, and the company now offers art classes, along with a little wine during the sessions, at nearly 70 franchise locations. Notably, the company was successful in finding the necessary financing, despite beginning with only the money remaining in the two entrepreneurs’ savings accounts.
The time is right to begin searching for franchise financing, as the most recent International Franchise Association (IFA)/BoeFly Franchise Lending Index revealed a 5.73 percent increase in financing between May and June. Additionally, the index showed year-over-year lending figures heightened 4.5 percent in June.
However, officials from the firms explained that there is still a lot of work to be done and progress to be made in the franchise finance market.
“It’s good to see this modest improvement, but we are not out of the woods yet on credit access for our members,” IFA president and CEO Steve Caldeira explained.
If you are in need of franchise financing to get your small business started, consider using a service like BoeFly that will expedite the loan application process and yield strong results. The firm’s algorithms ensure that you are matched with the most well suited lenders, out of the thousands that use the service.