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How much personal capital should I use to start up a franchise?
I am about to embark on a new business. I want to know how much personal capital I should spend before borrowing from a bank or personal investors. Is there a secret rule like 60-40 to starting up a new company? Is it just based on how much an individual can pay before reaching out to a bank?
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I am about to embark on the same journey yet, because of it is service oriented I am not anticipating a huge capital investment.I do think that your personal circumstances play a major role in your decision. I for instance am a 58 year old married man with four kids,one still in College. Yet I have the luxury of a successful working spouse. My wife has been on board and is my partner in major decisions.
If I were a single 20 something I would have a completely different approach. Also I have found the folks at the SBA and more specifically SCORE to be a great resource on any number of levels and if they can't help they will direct you to someone who can. What I find to be a bit of a hurdle is finding a business plan that is oriented towards the service/training industry.
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