How Do I Finance a College Hunks Hauling Junk Franchise?
Moving franchise cost: Here are some common ways to finance a College Hunks franchise
There are many ways to fund a franchise, and College Hunks Hauling Junk franchisees have tapped a variety of sources to get their businesses started. Generally, if you have $30,000 in liquid assets and a net worth of $100,000, there’s a good chance you will be able to finance a College Hunks Hauling Junk and College Hunks Moving franchise.
Keep in mind: Even if you have more than enough cash to get started, it may make sense to conserve some of your cash for the startup phase of your business. In other words, rather than plunk down 100% of your cash to start the business, it’s better to finance a portion of it and reserve some money for working capital.
Another thing to keep in mind: You may have more liquid assets than you realize. In addition to what you have in your checking and savings accounts, you may have an extra car in your driveway or a boat in your garage that can be sold to help get your business started. We’re happy to help you explore your options — just fill out the form to download our free franchise report, and we’ll set up a call.
Here are some of the common ways people finance their businesses:
Home equity loans
If you have owned your home or other real estate property for several years, you may have a lot of built-up equity that can be easily tapped to start a College Hunks franchise. Home equity loans are generally the least expensive way to finance a small business, and the loans can be advantageous at tax time thanks to the ability to deduct interest payments from your tax bill.
SBA loans are one of the most common tools for financing a new business. The U.S. Small Business Administration will ask for extensive documentation about your proposed business, as well as your financial information. The SBA will also ask you to provide some collateral for the loan. College Hunks Hauling Junk offers a big advantage for people who are seeking an SBA loan — we are part of the SBA Franchise Registry. The SBA created the registry in 1998 to streamline the process banks use to determine franchisees’ eligibility for SBA loans. Inclusion in the registry allows banks to skip several steps in the approval process, which makes the lending process faster.
Tap retirement funds without penalty
If you have a 401(k) or an IRA, you may not need a loan at all. You can roll your savings over into a self-directed IRA that can then be used to start a business. The process can be tricky, but a skilled financial advisor should be able to help you tap into your retirement funds without incurring any early withdrawal penalties.