Nov. 22, 2006 – Using existing financial knowledge and combining this with business know-how could mean that a loan broker business opportunity offers a lucrative franchising career path.
Essentially, a loan broker is an intermediary between a borrower and a lender. In so far as franchising opportunities go in this sector, a grasp of the financial world would be advantageous but not essential as a good franchiser will always provide full training and support.
A firm such as Cash Now, who offer offers a payday loan franchise network across the US, Canada and Australia, offer offers the franchisee all they could need for a pain-free start up process. Manuals, contacts, forms and training are all offered and it is in the best interests of both parties in terms of general franchising that an effective, communicative relationship is built up between franchisee and franchiser.
A loan broker could be expected to work either in an office or from home so the most suitable option should be chosen initially to ensure a seamless transition into this sector. As the office will be the franchisees franchisee’s base of operations, it must reflect the needs of the job and so the work space must be professional and fit for purpose.
It must be remembered that a franchise has the benefit of experience in its field and this should not be neglected. A tried and tested business formula will need to be adhered to in order to reap the financial rewards from a franchise and every effort should be made to utilise the experience on offer.
A reputable franchise to do business with is an absolute must and so researching the various companies offering loan brokering services is advised. Once a company has been chosen, a meeting with a representative would be the next step so that any queries can be dealt with at first hand. After all, there will be financial requirements and nobody wants to throw money away on a bad investment.
Every effort must also be made to take on board all the advice that is given. It cannot fail to help if a franchisee is well aware of the brokering sector and constantly hones the knowledge that they have. Many franchisers will claim to have proven methods for success but it will always be beneficial to build up knowledge of the loan brokering business area from other sources and an easy way to do this would be to contact other franchisees and talk over any questions or problems with them.
Experience is not necessary to run a successful loan broker franchise as long as the franchisee is wiling to put in hard work, is constantly attempting to maximise the productivity of the business and can communicate well with others.
Also, it is not necessarily a large outlay that is needed to get into the loan broker business. InterBay Funding, for instance, requires a sum of $450 in exchange for in-depth training, qualified leads and ongoing support. Due to this position being commission only, the onus is therefore on the individual to strive towards building up a customer base and creating an established reputation.
Copyright Adfero Ltd 2006
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