How to Use Financing for Your Antique Business
In this post, we’ll offer a few suggestions on how you can utilize financing, so that you can grow your antique business.
5 Ways to Use an Antique Business Loan
1. Open a New Location
Are you running out of room to store and display your inventory? Or perhaps you have dreams of serving customers in a new geographic area? Then it might be time to open a new location for your antique business!
Opening a new antique business location will give you an opportunity to make more sales and serve new customers. Before doing this, revise your antique store business plan so that you can account for the additional costs that it takes to run another location. That way, you’ll have an idea of how much financing you’ll need to apply for.
2. Purchase More Antiques
Replenishing antiques is a pivotal part of running a successful store. If you receive financing, you could use it to purchase items from estate sales and other antique dealers to add to your store. This will help you remain competitive, and ensure that you keep customers frequenting your establishment!
3. Hire More Employees
If customers visit your store and they don’t receive prompt assistance, they may give up and look for antiques elsewhere. That’s why you should use your financing to hire more staff members.
Try to hire individuals with knowledge about antiques that can provide top-notch customer service. Investing in your antique business’s staff will benefit your overall business, so consider using your financing on this area.
4. Provide Additional Services
Having great inventory is important, but there are other ways that you can set your business apart. For example, you could spend your financing on implementing a delivery service. That way, when a customer purchases an item from your store, you can also deliver their purchases. Although you’ll need to invest in a moving truck and upkeep costs, you’ll be able to make additional sales.
5. Open an Online Store
Don’t limit your business to just in-store sales – you could make take your business online! Uploading photos and information about your pieces to your website will allow you to reach customers that don’t live in your area.
Of course, an online store can require a decent amount of maintenance, as it will need to be updated if patrons purchase an item in-stores that is being listed online. Luckily, if you have financing, you’ll be able to dedicate these funds to the upkeep and technology needed to run an online antique business.
If you have exciting antique business ideas that you’d like to bring to fruition, apply for business financing! You’ll be surprised at how successful your business can be with a little help from additional working capital.
Want to pursue antique business financing? Tell us how you’d use it 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.