What is the typical investment
required to open a fun and exciting Great Harvest
Bread Co. bakery?
Q: Why is there a wide range of investment cost?
A: Individual needs and desires may vary. For
instance, square footage of space, rent per square foot and
level of mechanization desired.
Q: Is financing available?
A: It’s not a secret that the banking industry
has seen significant changes. The mortgage crisis definitely
changed the financial sector. But, that doesn’t mean all
lending has come to a screeching halt. In fact, many banks
are willing to lend money to a viable business venture.
When looking at how you will finance a business there are
different options for you to consider. Our franchisees are
using the following ideas, or a combination of them, in
order to obtain adequate financing.
Your local bank or a SBA approved lender:
Banks still want to lend money and franchising is a
favorable option. They know there is a proven track record,
training systems in place, and continued support from the
franchisor. Great Harvest franchisees are eligible for an
expedited and streamlined SBA loan processing through the
SBA's Franchise Registry Program. Go to
www.franchiseregistry.com
for more information.
Retirement fund roll-overs:
Invest in yourself by using your 401K or retirement funds.
There are companies, such as Guidant Financial and
BeneTrends, which specialize in administering these
accounts. There is no early withdrawal penalty with this
type of roll-over.
Self-financing:
Have you received a severance package? Instead of looking
for your next career move, invest in yourself and open your
own small business.
Family members: We
have seen a number of occasions when family members were
willing to invest or gift the start-up monies needed to make
your dream come true. We encourage you to clearly define
your payment plan so there are no misunderstandings in the
future. (You don’t want to make future Christmas dinners
worse than they need to be!)
Start
Up Facts
