How Different Industries Can Use Working Capital
Once your business receives working capital, whether it be from a friend or through a business loan lender, you’ll have financing that you can put towards exciting ventures. In this post, we’ll provide you with specific ideas on how to use business financing for a myriad of different industries.
Using Additional Financing for Your Business’s Industry
1. Restaurants – As a restaurant owner, your primary goal is to serve hungry customers. With additional financing, you can pay for undertakings such as updating interior, hiring more staff members, and opening another location. You could also offer new services, such as catering events, delivery services, or running a food truck. The possibilities are endless!
2. Retail Stores – Want to earn more sales at your retail store? Use your retail financing strategically! Invest in updated technology, like a new CRM system, open another store, or purchase a new line of inventory. Whether you own an antique store, a trendy clothing boutique, or a children’s toy store, there are many ways that you can use financing to improve your retail operations.
3. Construction Companies – Are you a construction business owner? We suggest building a strong future with construction business financing! Many construction business owners utilize additional financing in order to bridge the gap between payments, since most construction companies are paid at the beginning and end of a job. With additional construction financing, you can meet payroll, update equipment, and afford emergency expenses.
As a business owner in this industry, you likely are accustomed to the setbacks that come during slow seasons. If you apply for financing, you can save these funds for the winter months when projects are fleeting, or for when you need money to bid on jobs.
4. Manufacturers – If you want to get ahead of your competitors, consider strategic ways to use manufacturing business financing. For instance, you could expand your space, or hire an experienced manager to over see day-to-day operations, so that you can focus on other aspects of your business. Ultimately, you should focus on areas of your business that need improvement, so that you can put your financing towards them.
5. Wholesalers – As a wholesale supplier, you’re always aiming to provide the best inventory to your customers. So, how can you take your business to the next level, securing consistent sales? Use your wholesale business financing to create new opportunities! Purchase a new type of inventory, invest in marketing projects that will connect you with a new audience, or buy equipment that will help speed up your process. Once you do this, you’ll be surprised at how your business grows!
6. Florists – If you own a flower shop, you know that holidays like Valentine’s Day generate big sales. So, after you receive additional working capital, you can use this money to prepare your business for your busy season. Even if it isn’t your busiest sales season, there are still other ways to utilize your financing. Purchase new types of floral inventory, provide delivery services, or boost your marketing efforts. By investing in these areas, you can grow your customer base and stand out against neighboring florists.
7. Barber Shops – Average barber shop services won’t cut it! That’s why many barbers turn to business financing. With additional capital you can hire skilled assistants who can help you serve more customers, update your interior so that your establishment is comfortable, and pay for new tools to make your job easier. It might be tempting to stick to the status quo, but we assure you that your customers will appreciate these upgrades.
8. Transportation Businesses – Hit the road with transportation business financing! To maintain productivity, you can repair existing vehicles, or buy equipment needed for upkeep. In comparison, if you’re ready to take on new opportunities, we suggest buying additional vehicles, hiring new drivers, and investing in marketing materials. Every business is different, so do whatever is best for your transportation company!
9. Hotels – Do you own a hotel or other type of hospitality business? If so, you could use hotel financing for updating room or main areas’ decor and design, hiring more staff members, and investing in new amenities. The success of your hotel or hospitality business greatly depends on the quality of your services and facilities, so make sure that you are investing in these initiatives.
10. Medical Service Providers – Whether you own a general care doctor’s office, physical therapy clinic, or home health care service, you likely have the same priority – to keep your patients healthy. So, to give them the best possible experience, use your medical business financing to improve your practice. Our suggestions include investing in the latest technologies, hiring more medical staff members, and updating your waiting room. But, ultimately, you should keep your patients’ needs at the top of your list. If they have any suggestions, consider them when budgeting your additional capital.
11. Gyms and Recreation Services – Do you want to be the go-to spot for athletes and fitness enthusiasts? Then you need to use your fitness business financing to stand out from other local workout establishments! Sell branded items, like t-shirts and water bottles, purchase state-of-the-art equipment, and expand your hours. By investing in these areas, you’ll likely see a spike in memberships!
12. Cleaning Services – Whether you clean homes or corporate offices, you can utilize business financing for growth. For instance, you could grow your cleaning service by paying for more vehicles to transport you from job to job, or you could hire additional service staff to help you out. If you need more clients, you could invest in branding opportunities, such as updating your website, paying for online advertisements, or purchasing ad space in a local newspaper. Before you know it, your cleaning service will be in high demand!
13. Auto Shops – As an auto business owner, you are likely always trying to find new ways to generate sales. Even if you have a loyal customer base, you should consider how you can continue growing your operations. So, why not invest in a larger space, so that you can work on more vehicles? Or, consider paying for digital marketing efforts to recruit new customers. With some auto business financing, you can take your business from good to great!
14. HVAC Businesses – Running a HVAC business that’s in need of a change? With HVAC business financing, you can make your ideas a reality. For instance, if you’d like to provide more services, use your funding to pay for certifications and necessary courses. Or, if you want to take on more jobs, but don’t have the manpower to do it, use your financing to hire more employees.
15. Daycares – Ensuring the safety and happiness of the children you care for is pivotal. To make your daycare a place that parents feel comfortable leaving their children, utilize business financing! By investing in classroom technologies, hiring trained educators, and expanding into a fresh, new space, you can make your daycare a great place to be!
16. Grocery Stores – Unsure of how to use grocery store financing? Ask your customers for feedback! Perhaps you receive frequent complaints about customer service, a lack of inventory, or a cramped space. Consider these pain points, and use your funding to make necessary improvements.
17. Salons – Pampering your customers is your primary goal. To make this easier, have you considered how you can benefit from salon financing? With extra cash on-hand, you could pay for beautified marketing materials, state-of-the-art equipment, and improved inventory. Without additional financing, affording these costs could be challenging, or completely impossible!
Having extra business financing can help your business pursue growth. We hope that you were able to find ideas for your business’s industry, and are ready to take your business to the next level! Share your plans with us in the comment section below.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.