Merchant Cash Advance Blog

By now, almost every small business owner has heard the phrase "location, location, location”.  The right location can transform your small business into a thriving company.  The wrong location can put you out of business.  Having a business that is profitable enough to justify opening a new location is exciting, and taking time to research the perfect site will help ensure that the second site is as successful as your first. Opening a new location for your small business is both exciting and stressful.  Proper research and capital will ensure you're ready to meet and overcome challenges as you take advantage of new opportunities.  Just as with the first location, there are many expenses involved in opening a second location.  More staff needs to be hired, including hard-working and trustworthy management to run things when you are not at one of the locations.  More inventory must be ordered.  Renting or purchasing a second building or storefront is another necessity. Equipment, display racks, and everything you needed at your first store will need to be duplicated for the second location.  Here's what you should look for when opening a new location for your business.

Rebranding your small business can be a difficult and time consuming task but offers many long lasting benefits.  The ability to keep your company from becoming stale will significantly impact your revenue and longevity.  When embarking on a rebranding project you will want to ask yourself several questions.  You’ll need to take into account any changes that your company has undertaken recently, why you believe you need to rebrand and how extensive your changes should be.  Once you’ve decided on exactly what you’re going to change, you’ll need to launch a campaign to bring awareness to your new image.  When changing logos and colors you’ll want to ensure your current prospects and customers still recognize you.  A rebrand of course is much more than a logo change.  In order to be successful you will need to identify all aspects of your business that need to be updated and highlighted.  With that in mind, we’ve outlined some of the key benefits of rebranding your small business.

Brand loyalty is the driving force behind any successful small business.  In order to establish this, companies need to constantly focus on engaging their target audience.  The importance of repeat business and brand evangelists cannot be understated.  Acquiring new customers is perhaps the most difficult task a company will undertake which makes retaining current customers essential for a healthy bottom line.  Establishing a human connection with your customers will help to build a relationship with them which will make your brand more memorable.  Recent studies show that 48% of Americans determine their loyalty through their first purchase or service they receive from a company.  While the first touch is the most important brand loyalty can be affected by all aspects of the customer experience.  Here we’ve outlined some of the key aspects that impact your company’s ability to establish long term customers.

One of the biggest advantages of owning a small business is the ability to make changes and pivot quickly.  Innovative products that meet a specific demand are necessary to remain competitive.  Creating and maintaining a unique brand takes a continue effort and your ability to adapt and change with the times will determine your staying power.  While it’s important not to jump on every passing trend, you always want to be thinking towards the future.  Most owners realize the need for change but it can be difficult to determine where to dedicate your resources.  Fortunately, there are some simple steps you can take to ensure your company stays on the cutting edge of your industry.

Reminding your employees that they are doing a good job is important and an essential piece of becoming a great leader leader and can increase small business revenue.. This can be done in a few different ways. You can have some friendly competition within the office for gift cards or other items. It can be something like who gets the best sales or who has the best customer service, you just adjust the goal to suit the kind of business you have. You could also implement a bonus program that is seasonal or maybe even a surprise to your employees. Things like a little extra cash in their check can make an employee feel like they are going in the right direction.