Financing 101 for Your TapSnap Business
You may be interested in starting or expanding your TapSnap business, and want to know what your financial options are.
Guidant Financial has helped aspiring TapSnap franchisees find the funding they need to launch their business, and can do the same for you.
“We work with our clients one on one, discussing their goals and exploring each of their options,” says Beegees Hebert, Guidant Financial’s Client Coordinator.
TapSnap has a relatively low start-up cost compared to other franchises, so there are usually a few options that can work.
Typical recommendations for TapSnap franchise owners:
1) Unsecured lending
If you have a good credit history, you may want to consider unsecured lending.
“There’s a science behind how we help entrepreneurs find the right line of credit for their new franchise. Plus, it’s an easy method of funding to obtain in a short amount of time,” says Beegees.
- A good credit score of 690 or higher
- A credit line utilization rate below 50 percent – which is the outstanding balances on all of your credit cards divided by the sum of each card’s limit, and expressed as a percentage
- Minimal credit inquiries about you – two or less per bureau in the last six months.
“You’ll know the rate and the expected monthly payment going in,” says Beegees.
2) Guidant Financial’s iFinance Program
The 401(k) Rollover for Business Start-up (ROBS)
You may be able to access your 401(k) or IRA funds from your previous employer and use that to fund your new TapSnap business.
The beauty of this is that you incur no distributions, interest or penalties, and you won’t be going into debt to start your business.
Essentially what happens is you rollover your retirement funds into a new 401(k) that belongs to your business, which you’ll be able to access.
It sounds simple, but it is necessary to enlist the help of a financial service provider like Guidant Financial to help you with the process. Guidant Financial is the single largest provider of this type of funding in the U.S., so you’ll be in good hands.
“We’re here to educate, and try to point people in the right direction. With our full suite of funding services, we can create a custom financing package for you,” says Beegees.
Aspiring TapSnap franchisees can take advantage of a free consultation available from Guidant Financial.