Utilizing Working Capital for Your Ice Cream Business in Honor of National Ice Cream Day
Your customers want ice cream on a warm summer day, but they likely have other options to choose from. Make the choice easy, and apply for additional working capital! In honor of National Ice Cream Day, we’re listing five ways that you can use financing to grow your ice cream business.
Business Ideas in Honor of National Ice Cream Day
1. Refresh your marketing approach: Don’t underestimate the importance of marketing! If your ice cream shop has already been established for a few years, you may think that you can tone down your marketing efforts. This is not true, as you should ensure that existing customers don’t forget about your business. You should also be trying to acquire new customers. Use additional working capital to pay for your marketing ideas. This could be sponsored social media posts that target nearby patrons, mail pieces with promotions and coupons or flyers posted around your community. Investing in these marketing tactics can help you get people excited about visiting your establishment!
2. Purchase inventory: There are various types of inventory needed when running an ice cream business. Besides the ice cream and toppings, you always need to have napkins, spoons, bowls and other inventory items on-hand. These costs can add up fast, but they also provide an opportunity to get creative. You can make your ice cream shop stand out by adding special menu items, like special sundaes. This might require extra items to be ordered, but it could be an exciting promotion for your customers. You can also update your paper goods to reflect your business’s logo, or a summer promotion you’re having. Plus, remember that summer is far from over. During the warm weather months, your business is likely experiencing its busy season. Due to this, make sure to stock up! You don’t want to disappoint hungry customers looking to enjoy ice cream.
3. Purchase freezers and other equipment: Paying for a walk-in freezer or an additional freezer could be huge for your ice cream business. You’ll be able to store more inventory, and won’t have to worry about being limited by unreliable outdated equipment. Although this can be an expensive investment, it is something that your business will benefit from in the long-term.
4. Expand space – if your patrons can’t sit down and enjoy their ice cream, they may choose a different shop. This is why you should consider expanding your ice cream shop. If there isn’t room to expand, you may want to consider moving locations. This can be a difficult decision, as you won’t want to lose local business. If you move to a location that is inconvenient or not easily seen, you may risk the future of your ice cream shop. Weigh your options, and see what makes the most sense for your business. Having additional working capital available will allow you to make a decision that protects your business’s future.
5. Invest in an ice cream truck: Take your ice cream business on the road and purchase an ice cream truck. Patrons will flock to this when the weather is warm, and it will allow you to make even more sales. Before you make this investment, make sure it is worth the costs, though. If you aren’t in an area that experiences a lot of warm weather, this may not be a worthwhile investment. On National Ice Cream Day, consider ways that you can use additional working capital to advance your ice cream shop. If you review your ice cream business plan and find that you have aspects of your business that can be improved, then consider applying for business financing.
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.