Help With Getting Finance

At Football Business we are often asked by prospective Franchisees what is the best way to approach banks for finance – especially in these times of economic troubles when banks aren’t lending to small businesses in the same way they used to.

So we thought you might like our handy guide as to what you can do to maximise your chances of getting finance.

Getting finance can be the biggest hurdle for a business so here are a few things to remember when applying to your bank.

Perhaps the most important thing to remember is:

Banks like franchising. Generally they will lend 70% to established Franchises. They like it because you are buying a brand they is proven. However they are more likely to reject your finance request if:

There is a lack of evidence
There is a lack of information on your Business Plan
You do not declare other sources of income (your wages, partner’s wages, etc)
You do not clearly understand the figures

So, with that in mind here are some tips to remember:

You need to give your bank a full list of your income and expenditure and prepare a Business Plan. Think of a Business Plan as a sales document for your business.

At Football Business our experiences staff can help you with preparing a business plan but as a general rule it should include the following:

An introduction to what the business does
The concept of the business
The legal status of the business (is it a Limited Company, Sole Trader, Partnership?)
The product or service you are offering – what is its selling point?
Market Research – you need to demonstrate knowledge of the competition in your area
A comprehensive marketing plan for business
The costs for the business (this is where a Football Business franchise can really score. The start up costs are low and the running costs are streamlined because you only pay for hiring the facility when you are using it.)

In short - do your homework and you will have a much better chance.

We have links with HSBC and Nat West, who have a file on the opportunity we provide and are comfortable with 5 and 6 a side football franchising.

We will also happily provide assistance to all prospective franchisees with regards to a Business Plan.

Contact us today info@football-business.co.uk   to see how we can help you.