Is your business ready for the high season of the summer months? During this busy time, small businesses like yours could really use a fast cash advance to fully take advantage of customer demand and increase profitability.
Even if your business is not traditionally considered seasonal, you can still boost it with convenient business loans. To inspire you and help you be more successful, here is a list of things you can do with a small business loan this summer:
1. Purchase Inventory
Retail businesses can make more profit by stocking up on things that customers might want to buy more of from late May through early September. Items that sell best during these hot summer months tend to be travel accessories, swimwear, solar LED lights, inflatables, portable fans and outdoor furniture. If you cannot include any of these in your offer, analyze your sales from previous years and see where you could benefit from more inventory and get small business financing for that.
2. Purchase or Repair Equipment
To meet higher customer demand, you might need more or improved equipment. Due to high usage, your current machines can break down more often so you will need extra cash for repairs. Alternatively, maybe your location could get too hot and you might need additional fans and AC units. Be ready for any situation by securing a small loan that you can invest in existing or new equipment. That way when the heat or crowds come, you’ll be ready.
3. Hire More Staff
Regardless of the industry you are in, busy seasons require additional staff. You might also need a helping hand covering for staff members who go away on summer vacations. Even if you only need temporary workers, small business loans can cater to this need and ensure that your current employees are not overburdened.
4. Expand Your Location
Your current location might be too small if the summer months are to bring more customers in. If you have room to expand, either indoor or outdoor, take advantage of this opportunity by all means. Another great idea would be to temporarily open a spot in a crowded touristic area.
If you do your research, loans for businesses with no credit can be fast, secure, and flexible, and they can help you achieve your expansion goals. Some lenders only require that a business has been open for more than 6 months and that it has at least $10,000 in monthly sales.
5. Consolidate Debt
Debt consolidation is always a good idea as it helps you streamline finances and reduce monthly payments. By taking care of this pain point, you can better focus on growing your business, especially during summer when you have more opportunities to do so.
The Start to a Successful Summer
With a small business loan, you can get a jump start on everything you’ll need for summer sales. When searching for a lender, choose a company with an A+ rating from the Better Business Bureau and a 5-star score from Trustpilot. And be sure to find the right financial product for your business needs, whether it be a loan with predictable, fixed payments, or one that allows variable deposits based on your sales. Good luck!