If you’re afraid of quitting your day job to invest more time in your franchise or are fearful of it growing, you might want to think about getting an investor on board to push you in the right direction. But, how do you find an investor for your business? Although it’s not exactly the easiest thing to do in the world, it isn’t impossible. If you are planning on buying a franchise, here are a few creative ways you can get an investor on board.
Consult the Small Business Administration
Usually, the Small Business Administration have grants and loans that can help grow your business. Plus, nearly 90 percent of startups are small businesses, so you’ll qualify for their help. Also, the Small Business Administration can offer you free market research, business planning, and help you identify current issues in your industry, as well as potential sales opportunities to help with the expanse of your franchise.
Consider Using Incubators
Incubators can help your business grow thanks to serious private investors. They will offer you both professional help and physical help so you can set up your business and focus on the groundwork ahead of you. You should start with the National Business Incubation Association to see what local incubators you can work with. From here, you can really focus on buying a franchise and laying out your business plan.
Research Online Lending Clubs
Banks and government lending services usually have a lot of restrictions and can dampen the success of your business. Instead of using them, you should consider asking for a bank loan for your startup from an online lending club. Consider using services like Lending Lead, TrustLead, and Prosper for peer-to-peer lending options.
Use Social Media
Though you may only use four or five different social media platforms, there are hundreds online nowadays. You may not have much luck locating an investor on popular sites like LinkedIn and Facebook because there are so many people like you using them. You have a better chance of finding an investor on a social media platform that they use regularly. Visit websites like Confundr, StartupNation, Xing, and Efactor.
Sign Up for a Crowdfunding Website
Another creative way to raise money for your franchise is to join a crowdfunding website. These websites help future business owners and entrepreneurs to get the funding they need to get started. The money comes from the general public who want to contribute money to help you achieve your dreams. If you’re lucky, a private investor may find your posting and choose to invest in your franchise. Check out websites like Kickstarter, IndieGoGo, OurClub, and RocketHub, which are the most popular crowdfunding sites.
For your franchise to grow and expand, it’s important to have investors onboard that can give you the necessary funding you need. Hopefully, with the help of this guide, you could take away a few creative methods for finding an investor for your franchise.