Finance Your Franchise

After you've determined your net worth and your credit rating, the final step to take before approaching lenders is putting together your business plan.

A well-thought-out business plan can make the difference between having your loan application accepted or rejected. A complete business plan should always include an intimate, technical study of the business you plan to go into; accurate pro formas, projections and cost analyses; estimates of working capital; an indication of your "people skills"; and a suitable marketing plan. It should also include certified statements of your net worth and several credit references.

If you're unfamiliar with writing a business plan, seek professional guidance or check out business plan preparation software such as Business Plan Pro, or BizPlan Builder Interactive.