3 Ways to Fund Your PIRTEK Franchise
If you want to open a hydraulic hose repair franchise but aren’t sure how you should fund it, you’re not alone. For the vast majority of our PIRTEK dealers, buying their franchisewas one of the biggest financial decisions they had ever had to make. It’s important to us that our franchisees fund their businesses in a sound waythat won’t put their financial health and wellbeing at risk. That’s why we ask our potential dealers to consult with a qualified financial or legal professional before investing with us. And while there’s no guaranteed road to success, people have found success in opening a hydraulic hose repair franchise with PIRTEK in different and creative ways.
Here are three of them:
Small Business Administration(SBA)Loans
Many of our dealers decide to fund their business with the help of a Small Business Administration SBA loan. If you want to open a hydraulic hose repair franchise by securing a loan, you should find one with a competitive interest rate. SBA loans are backed by the federal government, allowing them to offer very competitive rates. And because most of the small businesses they fund are franchises, they’re more likely than other lenders to have a better understanding of our business model.
401(k) Business Financing
Another possible way to fund your franchise is with 401(k)business financing. Also known as Rollovers for Business Start-ups (ROBS), this funding method isn’t a loan. Instead, when properly structured, a ROBS allows you to use your existing retirement fund to invest in your business without having to pay any fees or penalties. Because ROBS is a complex investment method, you should take extra care to work with a qualified professional that can help you review and understand how it would work.
Home Equity Loans
Many homeowners who want to open a hydraulic hose repair franchise do so by getting a home equity loan. This option is done by either pledging their home as collateral or borrowing against it. It’s one of the most preferred methods because it’s often easier to obtain and comes with a lower interest rate. In fact, many banks require some sort of collateral in exchange for their loan. And since, for most people, their home is their largest commodity, home equity loans are a very common investment tool.
Why PIRTEK Might be a Worthwhile Investment for You
If you’re thinking you may want to open a hydraulic hose repair franchise, PIRTEK could be an excellent investment option for you. Our services are in such strong demand across almost every sector of the economy and critical to so many different types of businesses that it makes our franchise more resistant to economic downturns.
Why not see for yourself? Contact us today to see if PIRTEK might be the right investment for you.