Business cash advances offer a safe, fast and easy way to get the capital you need to maintain and grow your small business. The uses of a business cash advance are nearly limitless and provide far more flexibility than a traditional bank loan. Here we take a look at the best uses of a business cash advance in 2021.
Launch An Ecommerce Store
Ecommerce has become an essential component of small businesses, even those who do not typically reside in the retail space. An ecommerce store expands your reach to a global scale and allows you to draw in customers from an unlimited geographical footprint. They also allow for drop shipping, which can greatly diversify your product offerings without the need for additional storage or inventory purchases.
Upgrade Outdated Or Faulty Equipment
Ensuring the equipment you use in your daily operations is safe and functional is essential to the long-term success of your business. Downtime can spell disaster for a small business and it is important to be proactive. Continual inspections and proper upkeep can safeguard against equipment failure, but the time will eventually come when you need a replacement. Additionally, new equipment can often come with a host of new features, potentially allowing you to expand your product offerings.
Renovate Your Physical Establishment
Full-scale or even partial renovations can be extremely costly but are at times necessary in order to maintain or improve the image of your business. This could mean giving your storefront a facelift, renovating your interior or simply upgrading your HVAC system. Whether it is for immediate need or to simply give your business a fresh look, renovations can breathe new life into your small business.
Open A Second Location
If you’ve outgrown your current location or have identified a viable market in another part of town, it may be time to open a second location. “Depending on what kind of business you operate, opening a new location will give you an opportunity to reach more people previously outside the physical range of your business. In the case of service businesses, a new location can expand your coverage map or make working with you more convenient for customers.”
Catch Up On Your Bills
Catching up on bills is not typically the best use of business funding, but can sometimes be a necessity. There are situations when certain debts simply can’t stay on the books. Whether it’s to pay distributors or to handle payroll, a business cash advance can help you keep your head above water until you get back on your feet.
Launch A Marketing Campaign
Marketing tends to take a backseat in the list of priorities of small business owners, but the current pandemic has accentuated its vitality. You have to spend money to make money, and marketing is one of the best investments you can make as a small business owner. Digital marketing is an effective way to bring exposure to your company. Tactics like blogging, social media marketing and paid advertising can grow the reach of your business, increase brand awareness, and ultimately bring customers in the door.
Improve Your Signage
Believe it or not, signs are still one of the most effective marketing tools and provide a great return on investment. High quality exterior signs will help draw foot traffic into your store. Smaller, handmade signs can be used inside to promote certain products and sales you may be running. Signs should be attention grabbing, well-lit, and fit the theme of your store.
Seize Inventory Opportunities
Making sure your shelves stay stocked is essential to the sustainability of your business. Additionally, having the capital necessary to take advantage of discounted or bulk purchases can help increase your profit margins. In business, you make your money when you purchase your inventory, so having the flexibility to seize a great deal can make all the difference to your bottom line.
Let Quikstone Capital Be Your Funding Partner For 2021 And Beyond!