Adding a new service to your business can be a great way to help bring in more customers, expand your reach within the industry, and further develop a brand for your business as you demonstrate continual value to your customers.
However, in some instances, finding the spare funds to cover these costs and expand into new market areas can be a little tougher than hoped. In cases like this, an especially helpful option can be to use a cash advance for new business services. Here, we go through some of the varied ways a cash advance can help a business grow.
New machinery or equipment
Often, adding a new service to your business will bring with it costs for new machinery and equipment. As new and industry-leading technology can cost a fair bit, using a cash advance to cover these costs can help ensure that your business can afford this new tech without any impact on your finances or ability to operate at full efficiency.
It also helps if there will be associated costs to the equipment. For example, someone who operates a business from home will likely not have any complicated installation to worry about.
However, a large factory will be using much larger equipment, which means mechanics and other workmen would be needed to ensure the new machinery is installed as quickly and as safely as possible, in order to allow your business to get the new service up and running as soon as possible.
Associated training and development
It might be especially important to have your staff trained up on the best way to provide your new service, or there are some health and safety certifications that your staff need to have in order to provide the service.
Perhaps you’re a manufacturing business, and it’s a case of needing to know how a new piece of equipment has to be operated, which can help protect your staff by reducing the risk of an accident or injury.
Or perhaps you want to have your staff know everything there is to know about a new service so they can better explain and sell it to inquisitive customers, such as an extended warranty and set-up service for technology like laptops and computers, for example.
Cash advances can help you pay for things such as online training courses which lead to industry-recognised certificates, or tickets and travel to a conference led by the manufacturer or developer of certain industry technology. This will help ensure your staff can be as effective as possible whatever it is you’re adding to your business.
Marketing the new service
In order to help a new service be a success, using a cash advance to spread the word to potential customers and highlight the features and benefits of your new service can get you off to a great start.
For example, you might use a cash advance to design, print a post a variety of leaflets of brochures around your local area, which will help make people aware of what you’ve added to your business, as well as more aware of your brand in general.
It might also be that your new service is targeting a different demographic than you have in the past. This would mean that a cash advance could help fund some additional market research so you can be sure you’re approaching your marketing efforts in the right manner.
Getting through the early stage
New business services might take a little while before they start to turn enough of a profit. Maybe you’re waiting for an advertising campaign to take effect, or there are the associated costs of adding your service which you might not have anticipated during the planning and preparation phase.
Cash advances can help provide you with more of a safety net during the weeks immediately after your new service is up and running, which means your business can operate at full capacity as normal until your new service starts to gather some traction with the public.
But because repayment is often taken as a percentage of your future credit and debit card transactions, you also won’t have to worry too much about repaying the cash advance so soon. This means that you get peace of mind both in getting your business past a rough early stage, as well as knowing you won’t be paying more than you can afford to repay the loan.