Posts

Generating Additional Income for Salons with Product Expansions

Once a salon is able to compile a roster of returning clients, the business is off to a good start. However, many salon owners and hairstylists focus solely on providing services, such as cutting, blow-drying and styling hair, without considering other ways of generating additional income.

A salon is limited to the amount of clients you can service daily, depending on the the number of stylists available and their operating hours. Each stylist can accommodate a certain amount of people in a day, generating a profit based on those numbers. When you add a retail element to your existing services, you bring in additional profit that is not limited to the number of stylists or hours in the day.

There are numerous benefits to introducing a retail element to a salon; according to Cosmetologist Life, retail has a higher profit margin than services offered, and selling a product to an existing client base increases the client retention rate by up to 30 percent!

How can you introduce retail products into a salon?

Use the Products During the Service

The best way to introduce new products to your clients is to use them during their appointment. When your customers have had a chance to test the items for themselves, they will be much more likely to buy them. Make sure to market the product when you use it, getting the customer excited about it.

Explain that you just got a new product that will provide a benefit to them, such as shortening the time it takes to blow dry their hair, making their hair look fuller, helping their hair color last longer, etc.

Give Away Samples

Consider offering small samples that your customers can try at home, and follow up with them the next time they come in to see if the item proved to be effective.

“Sampling continues to rank among the most effective tactics in the history of direct marketing, in part because of its ability to do what no other medium can: put a physical product in customers’ hands,” according to An Post. In fact, this source reports that a United States Postal Service-sponsored study conducted by Opinion Research Corp. found that “61 percent of those polled said that sampling a product is the most effective way to get them to try a brand.”

Offer a Deal

Offering a deal on a product is another way to encourage your customers to buy it. When you lower the price of an item, you provide your clients with a sense of urgency to purchase it since they are aware that if they don’t purchase it now, it will likely go up in price. Deals also create a sense of excitement; a 2012 study conducted by Claremont Graduate University found that coupons actually raise individual’s oxytocin levels, creating happiness and lowering stress levels.

There are various deals you can offer, such as:

  • Buy one, get one free (BOGO)
  • A percentage off (20% off)
  • An amount off ($10 off)

Adding a retail element to your salon by selling products will generate more income for your business. However, you will need to have the funds to purchase the products and organize shelf space to display them in your salon, which may be a financial strain for many salon owners. IOU Financial can help you secure a small business loan in under 24 hours! Contact us today to learn more about investing in your business.

iouad-banner

How to Create Customer Loyalty to Your Salon, Not Just the Hairdresser

Salon owners are in unique situations when it comes to operating their business as most of these entrepreneurs rent individual stations to hairdressers, who are self-employed. The owners are dependent on the hairdressers to bring in their own business; if they are successful, the salon is busy and profitable. If the hairdressers fail to attract customers, they will not be able to pay their monthly rent, and the salon will suffer as a result.

Another concern that hair salon owners face is that customers become loyal to their individual hairdressers instead of the salon. If the individual chooses to move to a different space, the customers will follow, decreasing business for the salon.
The answer to these potential problems is for business owners to persuade customers to fall in love with the salon instead of just their hairdresser. This can be done with the following tips:

Suggesting Different Hairdressers

When a client calls the salon to request an appointment with a specific individual, they are often simply told that they are not available if they are booked or don’t work during that specific time. Instead, train your receptionist to offer the services of a different person if the stylist they request is not available. This way, your customers will come to rely on multiple stylists in your salon instead of only being loyal to one.

Discuss this option with your staff before implementing the change, as they may be upset if their loyal customers are given the option to book services with someone else. If this occurs, point out that everyone will benefit from this setup, as all hairdressers will be able to share customers if they are not available.

You can also suggest that hairdressers receive commission if their customers are serviced by someone else in your salon. Instead of potentially losing on the sale if they are busy, they can receive a certain percentage or fee from a colleague.

Expand Services

Another strategy to promote customer loyalty to the salon instead of the individual stylist is to expand the services offered in your establishment. Some professionals specialize in only one service, whether it is hair cutting, blow-drying, up-dos or coloring. Instead of having customers visit multiple salons, hire staffers that will offer different kinds of services, keeping the clients in your salon for all their hair needs.

Consider offering other services, such as nails, waxing and makeup in your salon. By doing this, you will save your customers time by meeting all their beauty needs in one space. Not only will you increase revenue for your business with this move, but you will also likely retain more clients if any person leaves the salon as they will become dependent on your business as a one-stop shop.

Incentivize Repeat Customers

To keep customers loyal to your business, you need to create incentives for customers to keep coming back, even if it is to see different hairdressers. Ask all people who frequent your salon to sign up for your mailing list, which you can use to communicate with them. Send coupons, special deals, offers and announcements by mail and email to entice clients to keep coming back through your doors. Share these deals on social media, and consider offering a discount for every like or share from a customer. By your clients to come back, they will become the salon’s customers instead of just the hairdressers!
Some of the suggestions on retaining customer loyalty suggested in this article can be a financial burden to small business owners. For example, expanding services may require funds to build new stations and purchase supplies. Marketing the salon calls for expenditures on paid advertising or consulting a marketing professional. If you would like to invest in your salon but cannot afford to, consider getting a small business loan from IOU Financial. Contact us to find out how you can get approved for a loan in under 24 hours!

iouad-banner

Turning Window Shoppers into Sales: 4 Simple Ways to Bring Outside Shoppers In

Window shopping for some is a pastime, and for others it’s a way to see what deals and sales are for the taking. Do not let a window shopper just glance in your store and move on! By simply following these four steps, you will ensure that the average window shopper will enter your store and become your customer in no time.

1. Post sale signs in the window

window-shopper-blogWindow shoppers first shop with their eyes, and they shop for deals. They look for signage signaling a sale, new items, and catchy tag lines that speak to their needs. Draw customers in by what you post in the windows. Post a current sale, a discount if you buy a qualified amount, or offer an in-store sale that can’t be beat.

Extra tip: Use bright colors that catch the eye. Certain colors evoke different emotions so find ones that translate to the sale you are holding!

2. Use “Act Now” terminology

Window shoppers see a lot of storefronts. So why would they stop at yours and come inside?…because you told them to! Don’t be shy about directing window shoppers to what you want them to buy. Post signs like: “Spend $$ get $$$ Now”, or “Don’t let this sale go by”, or “You need this look.” Using “act now” terminology will increase the foot traffic to your store. Nobody has read a sign that said “If you want to come inside we’d be OK with it,” and felt compelled to go inside, so don’t be afraid to tell people what to do!

Extra tip: Use some popular fonts and keep it simple to read from afar. Spending time on a fancy font will translate only to wasted signage.

3. Offer a free item

It’s no secret that shoppers like deals. Shoppers also like free stuff. So make it a win-win and offer a free item with any in-store purchase. The item can be simple or small, as long as it adds value to the shopping experience.  Offer the item for in-store purchases on that day only and increase the urgency and desire to obtain the deal before it expires.

Extra tip: Offer a deal “worth up to x amount of money” and steer clear from stating exactly what the free item is on the store signage. This draws in more customers seeing the dollar value being saved rather than an item they may not necessarily want or think they need.

4. Put your best foot forward

The first thing a window shopper sees is your storefront. Place your best items in the window around the signage offering a sale or free item. Selling clothes? Display the best outfit in front, closest to the door. Selling electronics? Feature the latest gadget right up front so customers see you have the latest in the industry. Don’t be shy about the best products and put those in the line sight of your next potential customer.

Extra tip: Put the best items closest to the door.This follows the natural walking patterns of customers and raises the desire to get in your door to get that stunning product they just saw.

Turning a window shopper into a customer can be done, and with some extra guidance and tips, any storefront with a good product can draw in a crowd. Following the four tips outlined above, increase the foot traffic in just a few moments. The art of turning a passerby into a sale happens when you provide a shopping solution only found in your store!

IOU Financial is Expanding Its Fast, Easy Loans to Canada

The demand for business lending in Canada is red hot, according to official statistics from the Canadian government. The Biannual Survey of Suppliers of Business Financing, last updated for the second half of 2014, shows business lenders disbursed 9.6 percent more money compared to the first half of 2014. That reflects the highest growth rate since 2011 and continues several years of consecutive increases.

Figure 1 Value of Credit Outstanding and Disbursed to All Business (CA$ billions).

Figure 1 Value of Credit Outstanding and Disbursed to All Business (CA$ billions).

The figure clearly indicates the need for significantly greater lending resources in Canada, which is why IOU Financial, one of America’s fastest growing commercial lenders, has launched its Canadian business loan product. With this lending program, Canadian small businesses – both English speaking and French – are able to borrow money in as little as one business day.

Canadian small businesses will appreciate the many advantages we offer to small- and medium-sized enterprises:

  • Quick Application: If you are accustomed to the mountain of paperwork banks collect from prospective borrowers, you’ll be astonished at how quickly you can apply to IOU Financial. It takes 10 minutes or less, and you can get a pre-approval right away.
  • Convenient Repayments: Unlike many conventional lenders that hit you with a huge monthly payment, IOU Financial collects daily fixed payments directly from your bank account. This greatly reduces the impact on your working capital.
  • No Upfront Costs: There are no upfront costs or hidden fees when you deal with IOU Financial. The application process is completely free and no-obligation.
  • No Prepayment Penalties: You can repay your balance at any time without penalty. We charge simple interest on our loans, which means you pay interest only on the principal you owe, not on accrued interest.
  • Affordable Rates: Our loan rates start as low as 6 percent. Our rates are half of what you would pay for a cash advance.
  • Loan Renewals: You can renew your IOU Financial loan after you’ve repaid 40 percent of the principal amount.

The Power of “Yes”

The biggest difference between IOU Financial Canada and ordinary banks is that we do everything possible to get you funded quickly, whatever your credit history or score. You see, we look at the whole picture when you apply for loan, including your company’s equity and cash flow. Many of our customers in the U.S. come to us after being turned down by a conventional bank. We are proud of the fact that we approve 85 percent of applications, based on the overall health of their business.

Our clients rave about our services. Voodoo Vapor Inc. told us, “We received our funding from IOU within days and it enables us to put newer product on our shelves more frequently. This gives us more reasons to engage with our target market on social media, attract new customers, and build relationships with loyal customers.” You can read the full case study here.

Our staff is ready to assist you with any questions you have! Canadian merchants and brokers are invited to call 844-750-5468 for more information on how the IOU Financial small business loan product could impact their business.

6 Ways Overstocking Costs Your Small Business

When you are running a small business money is often tight. Companies need to make sure they allocate their cash strategically, because too much spending in one area can cause shortfalls in others.

One costly mistake can be overstocking inventory and materials. In a merchandising company, inventory represents the goods that will be sold. For a manufacturing company, overstocking can result from buying too many raw materials and components. In either case, overstocking can create several unwanted costs that can overwhelm the savings that comes from buying in bulk:

  1. Storage costs: When you have a large amount of inventory or raw goods on hand, you need sufficient space to hold the materials. That translates into leasing, buying or building storage facilities and warehouses, which must be secured, powered, insured and staffed. If you create additional warehouse space, you might see an increase in your transportation costs as well.
  2. Deterioration: Many things can go wrong when you have an overstocked warehouse. Often times, your merchandise and raw materials wait longer before they are removed for use. This is a critical problem for items that can spoil, such as foodstuffs, agricultural goods, pharmaceuticals and anything with an expiration date. In addition, every time an item must be moved, it is subject to damage that can ruin its value. Overstocking items can result in additional movements and staging that can lead to wastage.
  3. Shrinkage: The more materials your small business keeps on hand, the harder it is to guard it all. It’s easier for a worker to steal an item when it’s one of many, since its loss is harder to recognize. To help prevent shrinkage, you will have to spend extra money on security precautions. Any way you slice it, shrinkage is costly.
  4. Obsolescence: You might get a great deal on a huge order of some item, only to find out that it has gone out of style before you can sell off your excess inventory. Fads come and go, and the public can be fickle. Furthermore, you don’t want to get stuck with an item when a new, improved version is announced that makes your current inventory obsolete.
  5. Economic downturn: A recession can happen at any time, and with it a downturn in demand. They last thing you want is to be stuck with too many raw materials just as you cut back on production. That’s exactly what can happen if you buy too much at one time. Overstocking is the enemy of just-in-time manufacturing, which is the best way to keep your production in sync with demand.
  6. Unbalanced spending: Overstocking means over-allocating working capital to inventory and raw goods. You then might find yourself short of funds to finance the purchase of equipment, facilities and other capital goods, as well as to pay other expenses and liabilities. For example, you might order extra raw goods in anticipation of increasing production, and then realize you’ll need more trucks to transport the goods. If you can’t afford to buy the trucks you’ll need, your extra raw goods won’t increase production, but they will boost costs.

Sometimes, it does make sense to buy in unusually large amounts, such as when you are certain that all of the purchases can be used quickly to increase sales. If you find yourself short on working capital but want to take advantage of a great deal from a supplier, contact IOU Financial for a quick and easy commercial loan to tide your business over until you turn your purchases into sales.

Expensive Small Business Credit and How to Avoid It

The longer you’ve been in business, the more likely you are to know that credit is necessary for a small business to operate. It allows for expansion, improves profitability and increases operational efficiencies. It also makes it possible for smaller businesses without big bank accounts to meet their daily expenses when they have a cash crunch. While credit is essential to a small business’s operations; it is equally important for small businesses owners to consider the cost of their credit. (You didn’t think the cost of credit was the same for everyone, did you?)

One of the important factors that affect the cost of credit, is time. Many small businesses need quick credit decisions, and they often don’t have a long credit history or major assets to use as collateral to receive credit. As a result, they end up paying more than they should to access secure funds when needed.

 

The Cost of Expensive Credit

While credit is necessary for small business growth, expensive credit isn’t worth using. Paying excess interest and fees to access credit can counteract the benefits achieved from obtaining credit, and can actually ruin a small business’ financial position rather than improve it.  The common credit options available to small businesses include merchant cash advances, credit cards, lines of credit, and loans. Merchant cash advances, credit cards, and lines of credit may be more accessible to small businesses, but they have major pitfalls: they are prime examples of expensive credit.

 

Types of Credit for Small Businesses

A merchant cash advance is a quick way for a small business to get desperately needed cash, particularly by those with bad credit or lack of a credit history. While merchant cash advances are beneficial in that approval is somewhat easy, the fees on these cash advances can be astronomical, and can even continue to cost you money after your balance is paid. They should only be used when a company is in a major bind.

Another option for obtaining credit is using business credit cards. These are not ideal for making larger purchases, because they commonly have high interest rates, but are instrumental in establishing credit that isn’t tied to your personal accounts. Credit card debt can serve up a double whammy when it comes to costs because if you don’t pay off the balance each month, the interest compounds. For example, if you charge $5,000 on a credit card with a 20% interest rate and make a $100 per month payment, it will take you 100 months to pay off the debt and you will end up paying back $10,900!*

Another, slightly better option than the already discussed options is a line of credit. A business line of credit provides you with capital to draw upon to meet a variety of business needs. However, it is harder to gain approval for a line of credit than a high interest credit card, and definitely more difficult to access than a merchant cash advance. With a business line of credit, you can draw it down as needed to access more capital. Lines of credit are meant for short-term expenses, and are not intended to be used to fund large one-time purchases, because interest and fees need to be paid based on the amount that has been accessed. Paying off these (typically) large monthly sums immediately after receiving your line of credit can put a strain on the business owner who is trying to manage daily cash flows. Usually the term on a line of credit is shorter than a conventional loan and the interest rates are higher.

For small businesses (in terms of cost) a bank loan is one of the best sources of financing. However, two major downfalls of a bank loan is convenience and accessibility. Big banks often take a long time, sometimes many months, to evaluate a business’s loan application. This can include weeks or months of preparation for the business owner to submit the documents required by the application process. For small businesses, even after waiting all of this time their loan request can still be denied due to lack of credit history, not enough revenue, or imperfect credit. If the loan application is eventually approved, the funds often arrive too late to be used for what the business originally intended. Fortunately, there are other options for small businesses.

 

Finding Faster, More Affordable Sources of Funds

For businesses that are seeking a faster application process, affordable payments in smaller increments, and with a more flexible set of requirements, is a small business loan from a company that specializes in lending to small businesses. At IOU Financial, we specialize in small business loans, and offer a no risk application, instant pre-approval, and easy daily payments. We understand how important the speed of credit decisions can be and that you may not have perfect credit or a long history to back up your request. We will look each business’ unique situation, make a full decision in under 24 hours.

 

*interest calculation https://www.creditkarma.com/calculators/debtrepayment

Slow Season Business Plan for Auto Repair and Body Shop Owners

Summer is here, which means soaring gas prices and as a result, the slow season for many auto repair businesses. Although your shop may be empty, it is important to use this time wisely. There are many things to be done during the slow months to help you take advantage of your busier times of year. What you do during the summer can help you plan ahead and make necessary improvements, especially if you’re in an area of the country with harsh winters and are busy making accident-related repairs during the colder months.

Take the time to follow this body shop and auto repair business plan now so you can cash in later. Here are the steps:

 

Know Your Numbers

You will have very profitable months and other times when business is very slow, so you need to learn your numbers and plan accordingly. Calculate your bottom line – how much you need to make to keep your business up and running. This includes your rent, employee salaries, insurance and other fees. If you need assistance in budgeting and notating, there are tons of free resources to use. Check out the Business Budget Smart Sheet to assist you in keeping daily and monthly costs.

After you have started figuring out your numbers, analyze how many cars you are able to fix in one day, as body shops are limited by the amount of staff and available days for repair. Once you know your numbers, you can plan on ways to maximize steady work depending on how many repairs you are able to logistically make.

 

Create a Seasonal Calendar

This task can be hard for new auto repair owners, but should be elementary for anyone who has ran the business for over one year. To plan for slow season, know when the slow times will occur. These can happen for a few days around certain holidays, a week if a local fair comes to town, or a few months during the summer. Once you know when your business is bound to slow down, you can create strategies to bring in more sales and work on your business during that time.

 

Implement Marketing Strategies

Many body shop owners make the mistake of increasing marketing during busy months as the extra cash provides an opportunity to invest in advertising. However, that is the wrong strategy. You are limited by the available bays and employees, and could end up turning clients away or asking for long wait times. Instead of attracting new clients when you are already busy, save the profits from the busy months to invest in auto repair marketing strategies during the slow months.

When advertising, consider what marketing strategies you can offer to encourage clients to visit your shop. You can offer slow season discounts on car repairs and maintenance, such as a free car wash with an oil change or a free $20 gas card with a repair job over $250. Consider what special services you can offer in addition to regular ones; options may include window tinting, car detailing and roof rack installations. Don’t be afraid to get creative with your auto repair marketing.

 

Make Improvements

When times are slow, enlist your staff in making improvements to your business that you would not otherwise have time for. Cleaning and organizing will make the busy months go by more smoothly. Take inventory of your equipment to check if anything is outdated or broken and needs to be replaced. Survey your entire business to see if anything needs improvements that you can make when times are slow. Perhaps your driveway needs to be repaved or your waiting area needs to be redone.

 

Research a Small Business Loan

If you take the steps listed above and discover that equipment needs to be replaced, you need to launch a marketing campaign, or you need more cash flow, use this slow time to research your small business loan options. Alternative lenders like IOU Financial offer loans for these types of situations and offer fast turnaround times. You can have your cash in hand and implement your auto repair business plan before summer is over, positioning yourself well to get ahead of the competition and make the most of your next busy season.

 

Contact us to learn more about using a loan to get ahead this summer.

5 Reasons to Choose a Small Business Loan Over Crowdfunding

On May 16, equity crowdfunding became a reality in the U.S. as a result of Title III of the 2012 Jumpstart Our Business Startups (JOBS) Act. The new rules allow a small private business to raise up to $1 million a year by selling shares to the general public without first registering the stock offering with the Securities and Exchange Commission. On the surface, this might seem like a boon to owners of small businesses, but closer analysis reveals that this well-meaning rule has a number of flaws. On the plus side, it does infuse up to $1 million into your business, but the price you pay for that money might make you think twice:

  1. New partners: If you are the sole owner of your small business, you might not like taking on a bunch of junior equity partners, each with a separate opinion, potentially offering advice on what they think you are doing wrong. Dealing with feedback and input from small or large investors can be a huge distraction, might influence decisions on how to run your business.
  2. Due diligence: The rules for equity crowdfunding subject you to a higher degree of time-consuming due diligence than what you’d experience through, say, a business loan. The reason is that your share sales must be mediated either by a broker dealer or an online funding portal, both of which are registered with the SEC and subject to its reporting standards. Basically, this means you have to allocate precious time and significant effort preparing disclosure documents about your small business, and then wait for the dealer or portal to its part.
  3. High costs: Did you know that you could spend anywhere from $30,000 to more than $100,000 simply to prepare the documents required for equity crowdfunding? Yikes! You’ll need to fork over paperwork for an SEC filing statement, legal disclosures, financial information and more. You must spend this money before you even know whether you’ll be successful in your capital raising efforts. And that’s not all – you’ll also have to pay the broker dealer or fundraising portal a share, usually 7 percent, of the money you raise. That’s $70,000 on a $1 million sale of shares, plus all the documentation costs.
  4. Ongoing reporting: Your paperwork nightmare doesn’t end when you sell your crowdfunded shares. The SEC requires that you produce reports periodically, because the agency is charged under Title III with monitoring the private market. This may likely require you to hire a lawyer and/or accountant to prepare this reporting properly.
  5. Limiting your options: Accepting funds from equity crowdfunding now can make it much harder to get any attention from venture capitalists or angel investors later on. Typically, these investors dislike petty shareholders even more than owners do.

Now, we are not saying that raising capital isn’t a good way to pump money into your business. But we think that it’s a lot easier and cheaper to start with a business loan. In today’s lending market, a small business owner can receive a loan with no upfront fees, no ongoing reporting, and no time wasted on petty shareholders.

If you’re looking for up to $150,000, IOU Financial can get you funds with instant pre-approval and funding in as little as 24 hours. When you compare the cost of a loan with what is required by equity crowdfunding, it’s clear that you can save a bundle by finding the right lender and avoiding the hassles of dealing with shareholders.

 

Ready on Your Timing

Shooters Service LTD is one of Metro Detroit’s finest and largest specialty firearms stores in the area. For 35 of its 41 years, it has been located on the same corner; a true landmark in Livonia, Michigan. 

Originally started by his father in 1975, Roger Little now owns and operates the business.

“In the beginning, we both worked other jobs to allow this business to grow,” said Roger. “We have always worked hard and long hours; I know of no other way to do it. We grew steadily over the years, with peaks and valleys of course.”

With increased competition and internet shopping making a bigger dent in the industry, Roger made a few adjustments to maintain the growth momentum of his business. He recently attained additional working capital from IOU Financial. “Financing from traditional lenders has been difficult to obtain in the past,” explained Roger. “However, there’s no shortage of options for alternative lending. I turn down multiple calls weekly from similar companies, but I hit it off with my contact from IOU and decided move forward. He was patient and knowledgeable.”

“We took more than six months from first contact to signing. He never fought me, and I pulled the trigger when the time was right. I would recommend IOU to anyone in need of this type of funding,” said Roger.

3 Factors that Can Make or Break a Business Expansion Plan

Business expansion is an exciting endeavor for any small business owner. Taking this step means that you have successfully sold your product or service, and it has been well received by the public. You now know that scaling your small business up could bring in some real profits. However, many small businesses fail after their first or second year because of their lack of planning.

Before you try to secure financing, take some time to reflect honestly on whether you will be able to maintain sufficient funding, execute the right marketing campaign, and hire the right employees. Without planning for these three factors, you could find that your attempt at business expansion creates a drain on your limited resources.

 

Sufficient Funds

It takes money to make money, and your expansion project will need funds to ensure your business continues to grow while maintaining normal operations. Calculate how much capital you would need to ensure your added revenue from expansion will make up for the costs associated with the project. Crunching the numbers will help you avoid either taking on too much debt or finding yourself short on funds. For information about the right questions to ask about your business’s cash flow and how to start securing financing, check out “3 Steps to Plan for Successfully Expanding Your Business.

 

The Right Marketing Campaign

While you may have had success with word-of-mouth referrals or small online campaigns to generate initial profit for your company, you will need to inform customers of the changes you are making to drive more traffic for your business. A targeted marketing campaign can help grow demand for your products or services, and even a small budget can make a big impact. Don’t know where to start? Check out our recommendations for getting the most out of your small marketing budget. If you don’t have the time or expertise to coordinate a campaign yourself, consider hiring a marketing professional or a PR firm to create and spearhead this marketing campaign for you. If you opt for this route, make sure to budget for these costs when you lay out your business expansion plan.

 

Experienced Employees

While you may have started your small business out of your garage with one great idea, make sure you plan ahead for hiring. Spend some time reflecting on your own strengths and weaknesses so you know when to ask for help. Depending on your area of expertise, there may come a time when you will need to hire managers to run certain aspects of your business so you can focus on new product development or customer acquisition.

Skilled and hard-working employees can often mean the difference between success or failure because you have to delegate tasks as you grow. Take interviews seriously and hire individuals who show high levels of drive to help your business succeed. Don’t overlook the dollars and cents of hiring as well. Taking time to estimate and plan for the costs for hiring staff can be just as important as getting the right employees in the door.

 

Taking on a business expansion project needs to produce a significant revenue boost to ensure the time, money, and energy are all well worth it. With some planning ahead and estimating the costs of things like hiring and marketing, you can set yourself up for success.

For more tips about how to jump start your expansion, contact one of our Small Business Loan Consultants. We are here to sort through your ideas and see how you can get financing to make your goals a reality.

1200x100-budgetsmartsheetad