You have some ideas for taking your company to the next level, but an infusion of cash is needed. You could look into options for small business loans or you could make use of a strategy that does not involve keeping up with one more payment each month. That strategy is known as a merchant cash advance. Here are five ways you could put the money from the advance to good use.
Invest in New Equipment
Staying competitive means determining if replacing some older pieces of equipment would make your operation more efficient. If so, you can use the money from the cash advance to buy and install whatever is needed. The increased efficiency allows you to accomplish more while consuming fewer resources. As a result, your operational costs are lowered. Over time, that will improve the net profit generated by the business.
Fund the Development of a New Product
Thanks to consumer feedback, you have an idea for a new product that is sure to appeal to your clientele. The only thing is that you need an infusion of cash to turn the idea into reality. You could check private small business loans and determine if they would work, but you can also utilize a merchant advance. The latter allows you to repay the debt with easier terms. You also don’t have to keep up with making payments, since the merchant keeps an agreed upon percentage of every card transaction that your business processes.
Launch a New Advertising Campaign
Expanding your client base typically means tapping into sections of the consumer market where you have less than a stellar audience. A new ad campaign would help you continue to build in the sectors where your business already has a reputation and help attract attention from new ones. Finance the effort with a merchant advance and the campaign is paid for up front. You’ll barely notice the minimal amounts the merchant keeps and be surprised at how your increased business volume allows you to repay the merchant faster than expected.
Make Improvements at Your Place of Business
If your business is open to the public, it may be time to improve the looks of the place. An advance will make it possible to invest in new furnishings and other elements to make those public areas more appealing. A welcoming setting will go a long way toward motivating customers to keep coming back.
Consolidate Other Debts
The bookkeeping would be simpler if you had fewer debts. Depending on the repayment terms associated with the advance, you could use the money to consolidate debts with higher rates of interest. Along with retiring the debts faster, you also improve the business credit score and save money over the long term.
If you have an idea for making a good thing better, look into the idea of a Thinking Capital merchant cash advance today. It could be the solution you’ve been seeking for a long time.