Capital is the fuel behind your business and it plays a big part in influencing the decisions you make as you think about how to maintain and grow your business.
When you’re starting out, there are many costs associated with getting operations off the ground: an office or shopfront, equipment, vehicles and materials. There are also bills that need to be paid to ensure the business runs smoothly, including salaries, utility bills, rent and insurance.
As your business grows, you may need to upsize to a new location, hire new employees, or purchase more equipment to meet the demand. On top of this, you have to have funds set aside for emergencies should they arise.
Essentially, access to capital will make or break your business and a lack of it is a common problem small business owners face, especially in the early days.
Some owners feel that they have to rely on credit cards or borrow from family members to gain the funding they need to operate a business. This is where a broker can play a valuable role in making sure you can access the right funding options to build a profitable business.
There are business loans that small business owners can take out to fund growth and cover expenses such as the purchase of equipment, paying for training, or renovating facilities.
Brokers have access to a wide panel of lenders offering a range of products and they will be able to explore various options to find a solution that best suits your unique financial situation, and not just offer the product that your current bank has on its shelf.
Perhaps you need to purchase a vehicle or machinery in order to run your business. A broker can help you do that without eroding your working capital.
Equipment finance is a type of financing that removes the need for you to spend large amount of money on these items. Instead, you can essentially rent or lease them over a set period of time.
A broker can guide you in selecting the right equipment finance packages for your needs.
If you’re starting out as a small business owner or you’ve been operating for some time and are worried about accessing the right finance solution for your needs, we can help you.
Your local Mortgage Choice broker will review your current situation and arrangements and ensure you’ve got access to the right funding to ensure your business can perform at its full potential.