19 Mar How to Grow Your Franchise Business in 2013
Just about every business industry has been going through difficult times because of the uncertain economy. However, business owners are feeling more optimistic about the future, and several key economic figures are on the rebound, most notably housing and manufacturing. The franchise industry is one of the largest in the United States, and it will continue growing in 2013. The International Franchise Association estimates that more than 10,200 new franchise establishments will open this year. Plus, the franchise industry is projected to add over 162,000 new jobs, a 2% increase over 2012. With this growth comes the need to stay competitive by investing in your franchise, which is the focus of this Balboa Capital equipment leasing blog post.
Take Your Franchise to the Next Level
Have you ever thought about how much competition your franchise business has? No matter what category your franchise falls under, it is competing with similar franchises and non-franchised businesses in your marketplace. Because of this, you need to make sure that your business stands out and creates a preference among your target audience. One way to do this is by keeping your franchise up-to-date with the very latest equipment, furniture and technology, to name a few. Obviously, you will have to follow the branding and franchise remodeling protocols set forth by your franchisor, but that doesn’t mean you can’t make periodic refreshments to your establishment. Having a clean and well-appointed franchise business helps provide a positive customer experience, and this translates into more sales, not to mention an increase in customer referrals.
Franchise Financing Options
Access to capital remains a huge concern for franchisees. Banks and credit unions just aren’t lending as much as they used to, and they require high credit scores and extensive collateral for all of their loan products. This isn’t the case at Balboa Capital. We can help you secure the financing you need quickly and without any hassles. We offer franchise equipment leasing programs and franchise business loans to franchise business owners nationwide. Both of these options have a much higher approval rate than a typical business loan because a near-perfect credit score isn’t a requirement. Balboa Capital specializes in franchise financing, and we recently added new staff members to our growing team. We welcome the opportunity to be your preferred financing resource.