Are there any government grants that would help me with the startup costs for a franchise?
I wanted to open up a Goldend Krust Bakery franchise. The start up costs are not very high but I have to have 300,000 in liquid assets. I am 26 years old and do not have those kind of resources. Can you help me find assistance (preferably some I will not have to pay for) to help me on this franchise endeavor that I am interested in taking?
It is always a challenge to find a franchise you want to pursue and then realize that you don't have the financial resources necessary to fund the operation, but that's often the reality of life. I don't know of any government grants or other sources of funding that might be available and that don't require the money to be paid back. I'm pretty sure that if there was such a sweet deal available I'd have heard of it sometime in the last 25 years. My best advice is to work hard, save up all you can to build up your net worth and liquidity, and look at opportunities that match with the resources you do have available. Good luck.
Jeff Elgin has almost 20 years of experience franchising, both as a franchisee and a senior franchise company executive. He's currently the CEO of FranChoice Inc., a company that provides free consulting to consumers looking for a franchise that best meets their needs.