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
