Starting a new retail business usually requires some amount of startup funding, which is needed to fund things like purchasing inventory and equipment, covering labor costs, and paying rental fees for the storefront. Funding sources for a brand new business can be scarce, since startups have a high failure rate due to inexperience, poor planning and other factors.
Getting Your New Business Off the Ground
When starting a business, it's always wise to get advice from established business owners with similar businesses and to have a well thought out business plan. As Benjamin Franklin famously said so many years ago, "If you fail to plan, you plan to fail." Having a solid plan that incorporates advice from experienced business owners will show supporters that you are taking the steps necessary to get your business started off right. It also increases your chances of success.
Most brand-new businesses will not qualify for loans or even cash from alternative funding sources like those offered by Quikstone Capital Solutions. Without a proven track record of sales, it is impossible to know the level of risk that would be involved with such transactions. It may be necessary to use personal savings or investor capital to get the resources needed to get the business up and running.
The Jumpstart Program
One program that new businesses may qualify for, however, is the Jumpstart Program offered by Quikstone Capital Solutions. This program provides point of sale (POS) equipment to businesses and allows them to pay up to 75% of the cost of these systems with a portion of their daily receipts.
POS equipment can be a costly investment for a new business. Today's POS systems involve a computer with software that not only functions as a cash register, but also keeps track of inventory, sales, and other relevant data. Some POS systems are simply a computer, cash drawer and receipt printer, while others have a card-swiping apparatus and bar code scanner. The ability to accept credit cards increases the sales of a business by $7,000 a year on average, according to Business News Daily.
With the right software, owners can not only track inventory and set alerts when items get low, but can also integrate CRM into the system to get access to customer histories instantly. When you can tailor suggestions to specific customers' needs, your bottom line will soon see the positive effects of your informed approach.
POS systems can cost up to $10,000, putting them out of reach for many businesses, but Quikstone Capital Solutions will advance up to 75% of the system's cost as a way to help new business owners get started. According to Entrepreneur magazine http://www.entrepreneur.com/article/77960, having a good POS system can save retailers as much as 10% in labor and management costs, so it won't take long for the system to pay for itself.
The Jumpstart option provided by Quikstone Capital Solutions can make it easier for new businesses to get up and running by allowing them to access the equipment they need to start making (and tracking) sales without putting the money out up front. For more information about Quikstone Capital Solutions's Jumpstart Program for new businesses, click here.
