That’s the question Franchise World magazine asked business owners in their December issue.
Ken Higgins, president of HaHa Brands LLC and owner of three HoneyBaked Ham stores in the Baltimore Area, admitted that the credit market is still challenging. However, he recommended staying local, being resourceful and creative, and looking to BoeFly.
“In my experience, the credit market is still challenging. It’s not easy to get money through conventional sources, but it isn’t impossible. I believe that the banks want to loan money, but because of the current economic climate, they are stricter requirements. Combining a bank loan with owner financing, seeking guidance from the Small Business Administration, and getting help from other programs to make ownership a reality can be a challenge, so be creative
My advice for someone trying to secure funding would be this: know your options and be resourceful. Focus on smaller, local community banks. Check out the Franchise Registry for SBA-approved franchisors, and BoeFly, a resource with access to more than 2,000 business lenders.”
It will take effort. Create a solid business plan, conduct thorough research and have a reasonably good personal credit; it took all of these things for me to get financing, but that’s appropriate. Anyone who wants to have a successful business should already have all of that in place. It’s not going to be easy, but it’s going to be worth it. I’ve been with these stores for 25 years, and I look forward to continued growth and improvement.”
Read the full article, as well as the entire December issue of Franchise World, here.