Starting any small business, whether as an independent owner or as part of a franchise system, requires a financial investment, and owning an OutFit Training mobile gym van is no different. The good news is ours is one of the most affordable industry investments available and can be financed in a number of ways, including through our own third-party resource. Keep reading to find out more about how you can become the owner of an OutFit Training franchise.
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Small Business Association, or SBA, loans are one of the most popular ways that entrepreneurs finance their dreams of business ownership and for good reasons. They are backed by the government, which means it’s easier for applicants to qualify. Additionally, they come with low-interest rates and can be combined with other sources of financing. Depending on the kind of SBA loan you’re applying for, they may require minimal documentation and can also be closed quickly.
That said, in order to qualify, one must demonstrate certain financial qualifications, including:
· A 690+ credit score
· 10% equity input
· A credit history with no bankruptcies
Over the years, SBA loans have helped millions of people achieve their dreams of small business ownership and can do the same for you.
Portfolio loans are another smart way to finance the purchase of your OutFit Training mobile gym van. These loans use your assets as collateral, resources like investment or retirement funds in stocks, bonds, or cash. They’re especially beneficial because they allow you to leverage these resources without having to liquidate them. Small business owners can usually borrow up to 80% of their portfolio amount and gain access to a revolving line of credit. Additionally, these loans have the potential of closing in just 10 days and feature low-interest rates.
However, as with SBA loans, applicants of portfolio loans must exhibit certain qualifications, including a minimum of $85K in brokerage accounts and securities publicly trading at $10 a share or higher.
Home Equity Loans
If you’re a homeowner who has significant equity in your property, a home equity loan or line of credit may be a smart way to finance the purchase of your OutFit Training mobile gym van. In the case of the former, these loans typically offer a lump sum payout and tend to come with fixed interest rates; lines of credit, on the other hand, are tapped into on an as-needed basis and can be used to finance a downpayment on a more typical business loan.
The Steps to OutFit Ownership
We want to make becoming part of the OutFit Training family as simple and accessible as possible, which is why we’ve partnered with Enterprise to provide an outsourced turnkey solution for van procurement and financing, custom upfitting, delivery, and ongoing maintenance. We’ve also kept the steps to franchise ownership simple and transparent because we know there’s often a lot to think about as you get closer to realizing your dream of business ownership.
With that said, your OutFit franchise journey will likely start here on our website. We’ve worked hard to ensure it includes important information that will answer many, if not most, of your questions about our opportunity. For a deeper dive, you can reach out to one of our franchise experts for a conversation that will allow us to get to know each other better and to find out more about your goals and background. If we feel like there’s a good fit, we’ll move forward.
You’ll have the chance to review our Franchise Disclosure Document, which goes over everything you need to know about our investment, including its cost, what it gets you, and what is expected of you as our franchisee. From there, you’ll enjoy a Discovery Day, during which time you’ll have the chance to speak with members of our development team to learn more about our brand, its position in the industry, and our unique value propositions. Every step on your journey is meant to answer all your questions about an OutFit opportunity and help you appreciate just what a special partnership yours will be with us.
Becoming a small business owner is an important and exciting journey, and we’re ready to become part of yours! To find out more about an OutFit Training franchise opportunity, reach out today!