One effective way for businesses to grow is to increase their share of the market for their products and services. There are different techniques for increasing market share, but the basic idea is to sell to more customers or to expand into different areas.

Advantages of Increasing Market Share

Businesses with higher market share have advantages over other companies. They may get better prices from suppliers because of their higher volume of sales. And often, they can produce more while paying less per unit because of the economy of scale. Companies with higher market share are also better known, which helps them not only sell more, but attracts top talent that's interested in the prestige of working for a prominent employer.

Ways to Increase Market Share

• Expand into new territories. Selling over a larger area increases sales and may squeeze out competitors. There may even be opportunities to buy out competitors and take over their existing market share.
• Come up with new products and services. Innovation gives a business more opportunities to capture market share, since customers naturally gravitate toward the best products and services available.
• Give top-notch customer service. Making sure your customers are satisfied will keep them coming back. Instituting a loyalty and referral reward program will help to grow your market share even more.
• Work on building your brand. Having a consistent message increases name recognition and helps potential customers understand what you represent in the marketplace. You can build brand equity with consistent marketing and by training your staff to represent you in the same way with each interaction.

Basically, the best way to increase your market share is to work as hard as you can to make your business the best it can be. For some initiatives, it will take more sweat equity than capital, but for others, you may need access to cash -- and you may need it fast.

Funding Increased Market Share

When a competitor offers a buyout, it may be difficult to come up with enough cash to take advantage of the offer before the competitor finds another buyer. Similarly, opening a new location can take more working capital than a small business typically has access to. Even expanding inventory or buying in bulk can bring with it a need for more cash initially to pay off invoices while in the process of selling the goods.

There are a plethora of sources for business funding, but few that can get you money within days or weeks. Banks may take a month or two, if you can meet their credit and collateral requirements, and crowdfunding can take months if the money ever comes through. Investors have many expectations, and peer-to-peer lenders are just a slightly less vigorous version of the banks that still exclude many worthy businesses.

Merchant Cash Advances Provide Needed Funding

Merchant cash advances have the unique combination of speed and availability that businesses need when they seek to grow market share but can't take advantage of it without adequate working capital. MCAs aren't loans, but are a purchase of future credit card sales. Criteria for qualification include being in business for at least two years and having a sufficient volume of sales over recent months.

If you've tried to get funding in the past, you may be pleasantly surprised at the cash your business qualifies for in a merchant cash advance. An MCA could be just what your business needs to gain you the market share you want and need.

In many cases small business owners lack the credit or collateral to access the money needed to remain flexible. Quikstone Capital Solutions provides cash for businesses. A merchant cash advance from Quikstone Capital Solutions is a business loan alternative that can help your business thrive and prosper, whether you need cash to buy equipment, cash to renovate or expand, cash to purchase inventory, cash to advertise or cash for emergencies. Quikstone Capital Solutions can help. Contact us for a consultation today.