I bought a franchise a few years back and it turned into a nightmare and a 200,000 debt. I finally got out of the contract and set up a new business but I don’t seem to be able to borrow money to help it grow. There is little equity in our home and what to ask what options we might have to get finance?
sorry to hear you had a bad experience with yout franchise. It is unfortunately all too common I fear.
In terms of obtaining finance, you are probably going to find yourself up against it here. Banks dont like risky investments, and most new businesses fail in the first couple of years. Hence, banks dont like lending to new businesses.
There are second and third tier lenders who have a greater appetite for "riskier" projects......but they generally charge a premium for the additional risk....
Best thing I can advise you is to find a good broker who deals in commercial finance. They should be able to advise you on who what and how much. But dont get ahead of yourself. You need to find out what you can borrow, and how much its going to cost you first.