Just like a good scout is trained to always “be prepared,” business owners should also maintain a constant state of preparedness. We know it’s not easy – especially when you’re dealing with day-to-day issues. That’s why we’re introducing our “It’s Never too Early to…” series to help you plan for the future and be prepared – like a good scout. We’re kicking things off with a timely topic – preparing your expansion plan for 2020.
How to know when you’re ready
- Do you have enough customers who come to you with repeat business? Are your ‘regulars’ expanding?
- Are your customers asking for goods and/ or services that you currently don’t offer?
- When it comes to your profit margins, are you maintaining a steady upward trajectory?
- How are other businesses in your industry doing?
What to Consider When You’re Planning for Expansion
- If you’re a “brick and mortar” business, look for a location experiencing growth.
- Add new services, expand your product line, upgrade equipment/ surroundings to modernize and stay fresh.
- Purchase a rival or complementary company to “own” your market/drive growth
- Enhance your digital footprint to attract new customers/ gain efficiencies.
How to get the $ to execute the plan
- Bridge financing – when you have longer-term capital waiting, but need short-term money to get you to the longer-term solution.
- Working capital – perfect for seasonal and project-based businesses.
- Term loans – a great fit for businesses with a track record of two years or more.
- Merchant Cash Advances – if you need cash within days. No collateral is required.
- Equipment Financing – when you need new equipment.
- Factoring – If you’re invoicing faster than you’re receiving payments
- Real Estate Loans – When you’re thinking about a new location
At Pioneer Capital Group, we’re ready to help business owners with their expansion plans by connecting them with the right financing option. Together, we can map out a game plan for moving forward depending on your specific situation.
