How Do I Finance a TeamLogic IT Technology Franchise?
401(k), home equity and SBA loans are common sources for financing a TeamLogic IT franchise
TeamLogic IT franchises enjoy relatively low startup costs and low overhead, which makes them much easier to finance than many other franchise concepts. Here’s a look at some of the financing options that are available.
Retirement account rollovers
You can tap retirement funds penalty-free to start a business, as long as you do it the right way. The process can be tricky — it involves forming a corporation and a special type of retirement account, then rolling over your old 401(k) or IRA — but it’s no problem for an expert. Several TeamLogic IT owners have worked with financing company Benetrends to tap their retirement accounts to start the business.
TeamLogic IT is an approved franchise on the SBA National Registry. The registry offers a list of franchises that have had their Financial Disclosure Documents vetted by the Small Business Administration, and inclusion on the list saves several steps in the SBA lending process, which allows franchisees to access funds more quickly.
Home equity loans
Thanks to the housing recovery, which has pushed up the value of homes, many homeowners can once again tap into the value of their homes to finance a business. A home equity line of credit may be the least expensive way for you to finance your business.
Minimum requirements for a TeamLogic IT technology franchise
To start a TeamLogic IT franchise, you should have at least $50,000 in liquid capital and $300,000 in net assets. That will provide you the financial base to get the business started and support yourself through the ramp-up period. If you have any questions or would like to discuss your options, please fill out the form below to start a conversation.