Many Michigan franchisees say they are turning to creative or untraditional techniques to boost small-business growth. While some bank financing is available, other methods such as crowdfunding via Sprigster, online matchmaking services such as BoeFly and old-school methods like borrowing from friends and family are helping to launch brands.
Many franchises have startup requirements that cost from $5,000 to $500,000 and higher, especially for big name companies. Adding in the costs of real estate and equipment prices can keep many unemployed, retirees or military veterans from the franchise industry.
“Financing is the No. 1 problem,” said John Bornoty, president of The Big Salad, a Grosse Pointe-based salad, soup and sandwich restaurant chain
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