Sola Salons

If there’s one thing that often holds back entrepreneurs from pursuing the business of their dreams, it’s the challenge of securing the necessary funds to move forward with a franchise purchase. Franchise opportunities require capital, but that requirement doesn’t have to stop you from pursuing your dreams. There are plenty of avenues through which franchisees can pursue funding and ensure their business is supported.Through the multiple options available,&nbsp;<a href="https://www.solasalonstudios.com/franchising?utm_source=1851franchise.com&utm_medium=article&utm_campaign=fund-your-sola-salons-franchise-financing-options-2728387" target="_blank" rel="nofollow">Sola Salons</a> franchisees are able to secure the necessary funding to move forward with their first salon suites franchise or continue growing additional units.&nbsp;<a href="https://1851franchise.com/sola-salons/info">Sola’s</a> established partners understand the business model and are able to provide the necessary guidance and support as you work toward securing funding.“The first thing I like to do is get to know the franchisee,” said&nbsp;<a href="https://www.linkedin.com/in/r-c-heaton-7897516/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=fund-your-sola-salons-franchise-financing-options-2728387" target="_blank" rel="nofollow">R.C. Heaton</a>, commercial relationship manager at&nbsp;<a href="https://www.applepiecapital.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=fund-your-sola-salons-franchise-financing-options-2728387" target="_blank" rel="nofollow">ApplePie Capital</a>. “What are they looking to do? What are their goals? What’s important to them? With that, we can tailor the financing to what they’re looking to get out of the relationship.”There are multiple ways to secure the funds you need to start a successful Sola Salons franchise. Here are a few options:<h2>Commercial Bank Loans</h2>Provided your credit is in good standing, you may want to begin your funding search with your personal bank by securing a typical development loan. For new locations, this will include a short-term line of credit to cover construction, opening and other costs, which will be converted to a term loan when the location opens and repaid with interest over a set amount of time.&nbsp;To go this route, you need to come prepared with a clear and concise business plan which will include educating the lender on the brand, a budget, and any collateral you’re willing to put up to guarantee repayment. It should be noted that although traditional lenders will do development loans at reasonable rates, approvals can take a long time as they typically lack familiarization with specific franchise concepts.<h2>Specialized Lenders</h2>There are some funding institutions that specialize in franchise funding and know the Sola brand. It can be an advisable option to work with lenders who understand the ins and outs of the industry. Funding partners like Osgood Bank or Apple Pie Capital can help with this.“With Sola, typically, the franchisor will give the franchisee our contact information, and they’ll reach out to schedule a call with us,” said&nbsp;<a href="https://www.linkedin.com/in/kateywibbenmeyer/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=fund-your-sola-salons-franchise-financing-options-2728387" target="_blank" rel="nofollow">Katey Wibbenmeyer</a>, director of specialty lending and portfolio administration at&nbsp;<a href="https://www.osgoodbank.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=fund-your-sola-salons-franchise-financing-options-2728387" target="_blank" rel="nofollow">Osgood Bank</a>. “What’s really important, I think, is finding a lender that understands and is familiar with the system. At Osgood, we’re very familiar with the Sola franchise. A franchisee isn’t going to have to explain the concept to me because I already understand what makes up their margin and what their biggest controllable costs are. The conversation is more about getting to know them and understand their goals.”Some specialized lenders are also able to offer key benefits to franchisees that can be especially important in the context of starting and growing a business.“We don’t have prepayment penalties, so if a franchisee wants to refinance a loan or pay it off early, there are no additional costs,” Heaton said. “We also don’t require personal collateral to be pledged. Some lenders will take a lien on your primary residence. The only collateral we take are the assets of the Sola business. We also offer five different term options. In all this, I consider myself a partner. This is a relationship, and my goal is to work with someone throughout the process.<h2>401(k)/ROBS Funding</h2>This option can be both a high risk and a high reward for entrepreneurs looking to fund their franchise purchase. If you happen to have a well-developed retirement account, the Rollovers for Business Startups (ROBS) allows you to self-fund a franchise purchase.&nbsp;“This is using your retirement as an investment vehicle for your salon suites franchise, " Wibbenmeyer said. “We don’t see a lot of people fund the business 100% through a ROBS, but they’ll use it to fund a down payment on their project, for example.”You’ll be tapping into your retirement funds, but the money you withdraw isn’t considered a loan and comes with no income tax penalties. To pursue this option, it’s highly advisable to consult your accountant or financial planner to assess the risk involved.<h2>Friends and Family</h2>Another option to explore is funding your franchise through a partnership with a friend, family member or investor group you put together. This partnership can help pull capital from several resources to fund and open your franchise.“Family and friends funding is pretty common, and it comes in all different forms,” Wibbenmeyer said. “It could be a loan or an equity ownership interest from folks you know who invest in your business. This option has pros and cons as it typically carries a higher rate than bank financing but may be more flexible.”<h2>Expanding to Second Units and Beyond</h2>Even after your first Sola Salons is established, there are pathways to secure additional support to fuel growth.ApplePie Capital offers a unique program called “Recap and Grow” which helps Sola franchisees expand to second units and beyond. By leveraging the equity they have built in their existing business, owners can unlock capital to support new units.“It’s a pretty unique lending product because we’re getting franchisees money based on the performance of their other unit or units,” Heaton said.With various funding options available, securing the necessary capital to open a Sola Salons franchise is well within reach. From traditional bank loans to specialized lenders and even leveraging your 401(k), the right path for you will depend on your individual circumstances and goals.&nbsp; Remember to carefully consider each option, consult with financial advisors and explore the resources available through Sola Salons and its partners. By taking the time to understand the funding landscape and create a solid business plan, you can confidently pursue your dream of owning a thriving salon suites business.To find out more information on costs to buy this franchise, please visit<a href="https://1851franchise.com/sola-salons">&nbsp;https://1851franchise.com/sola-salons</a>.

Fund Your Sola Salons: Franchise Financing Options

Sola Salons Franchise Financing | How to Fund Your Salon Business

1851 Franchise

Franchisees with the salon suites brand have access to multiple funding avenues, ranging from bank loans to specialized lenders, to secure the capital they need to succeed.

This brand page has been paid for by SOLA SALONS. Content within this page that is paid will showcase a Sponsored icon. This means the brand has engaged 1851 FRANCHISE to write the content. Content without the Sponsored Icon is aggregated media placements the brand earned. Questions can be sent to editorial@1851franchise.com

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