Growing your business in unexpected ways requires flexibility and willingness to think outside the box. Small business owners looking to expand their businesses need innovative ideas for securing the financial support they need to run their operations. Fortunately, there’s good news, and this summer, you’ll likely see a few trends that may be here to stay.
Take a look at these top trends for small businesses this summer:
Managing Finances Through Technology
Technology that enables small business owners to launch e-commerce sites, implement self-service ordering, and accept online no-contact payments will continue to lead in small businesses throughout 2022. Programs with artificial intelligence that are designed with intuitive technology such as knowing when to pay invoices to systems that can track and re-order depleted inventory will be valuable tools that add to small business profitability by keeping operations streamlined and productive at all times.
Flexible Financing Solutions
One of the biggest trends in small business financing is business loans with little to no collateral required and that are designed for entrepreneurs just getting started. Indeed, new start-ups may need flexible financing terms. Loans for businesses with no credit are available with options designed to fit your small business needs.
While some small business loans offer fixed payment schedules, other options include variable deposits based on your sales. Furthermore, working with a financial specialist can help you determine whether you need a cash advance or small business financing that covers a broader range of needs.
Take a look at these advantages of flexible financing:
- Flexible, hassle-free payments: Payments are calculated and withdrawn as a percentage of your sales.
- Peace of mind: Your credit is based on your business sales, not on your personal credit.
- Fixed payments: You’ll have ease of budgeting and planning ahead with fixed payment schedules.
- Flexible terms: You won’t be charged a prepayment penalty for early payoff and you’ll have payback options that range from 3 to 12 months.
Small Business Grants
Now is the best time for small business owners to push forward toward their dreams. Monetary woes need not be a burden when help is available from both the government and the private sector. You’ll find plenty of options through small business grants and low-interest loans that can help launch your business from the garage to the warehouse. Some industry-specific or diversity grants offer from $500 up to $25,000+ to help with small business financing.
Credit Card Extensions
Credit card companies are steadily increasing lines of credit among small business owners who need ready cash to maintain daily operations. Getting a cash advance on a credit card seems to be easier as companies are more willing to extend credit limits. And while the cash advance may not be a sum as large as the typical small business loan amount, credit cards usually have extended terms making the payments smaller and more manageable. An open line of credit also allows the small business owner to make withdrawals as often as needed and in varying amounts.
Boost Your Business
Consider the advantages of the aforementioned business trends for your small business financing needs and watch your establishment grow! Through diligent and focused efforts, your new start-up or historic family business will thrive and prove to be a valuable commodity whether you’re doing business online or in your local community. Search the various financing options and get started early because success might only be a click away!