Many entrepreneurs are looking to bolster their professional growth this year, and a number of them are doing this by becoming franchisees. Unlike small businesses, where entrepreneurs have to start from scratch to build their companies, franchises offer a bit more security in terms of brand recognition.
Franchises offer proven business models and therefore offer entrepreneurs a bit more security, which has been pivotal given the uncertain economy the past few years. Moreover, most franchises have education and assistance programs in place that will help first-time entrepreneurs get their feet wet as they begin managing their companies.
Additionally, it's becoming easier for franchisees to secure the funding they need to launch their business.
"[Franchise loans are] trending in the right direction," Steve Smits, associate administrator for the Office of Capital Access at the Small Business Administration, told Entrepreneur magazine. "It continues to be a challenging environment for securing financing. A business owner needs to put the same level of attention into securing the necessary financing for their business as they put into creating their business plan."
With that in mind, entrepreneurs may want to consider tapping the franchise loan marketplace if they need additional funding to start their businesses.