Does your equipment need an upgrade? If you have a repair service on speed dial or have customers asking you questions about adding different products or services, it might be time to buy new equipment.
To make these upgrades, you’ll likely need access to working capital, especially if you don’t have the cash on hand. Otherwise, it could be difficult to move forward with your plans.
That’s where Swift Capital can help. Our customers often use business funding to purchase equipment that helps them meet their business goals.
Not sure if you’re ready to make an investment? If one of these sounds familiar, it might be time.
1. You’re expanding your offering.
John Carl Smith is the owner of a Golden Krust Caribbean Bakery and Grill franchise in Brooklyn, NY, where they serve authentic Caribbean cuisine. It became clear that to serve customers the variety of menu options that they wanted, they would need to upgrade their kitchen equipment.
“As our menu expanded, we needed a refrigerator and kitchen materials. We started the funding process so we could buy a new walk-in refrigerator and modernize the restaurant area.”
2. You’re adapting to a changing environment.
When Daniel Sallade, the owner of two Planet Beach locations, started to see changes in the tanning industry, he knew he would have to evolve services offered to stay relevant with customers. By adding hot yoga, he’s kept his customers engaged. He started by purchasing equipment to heat the classes.
“At one point, we had die-hard tanners, but that’s not the way it is today. We only have four tanning beds, compared to the 13 we had a few years ago. Offering hot yoga has resonated with our base of customers and has had the strongest return on investment; about 30-35% of customers take advantage of the classes.”
3. You need to maintain your reputation as an industry leader.
For Matt Feige, the owner of Drone Dudes, his business depends on taking things to the next level. As a team of aerial cinematography specialists and technicians, Drone Dudes captures aerial video for clients that include major brands as well as world-class musicians. Being a pioneer means having the latest and greatest equipment – and insurance coverage.
“We have a reputation in the industry as pioneers that we’re very proud of. We needed to upgrade our insurance policies, and purchase some gear. We had upcoming gigs on the line that depended on it.”
4. You need to outfit a new location.
For small business owners like Tina C. Holtzclaw, having a prime location is critical. Tina’s Place, located in Pinole, CA, serves casual, classic, American meals for breakfast, lunch, and dinner. When her growing business needed more space, Tina found the perfect spot, but it required some work to get it up and running.
“We signed a lease and began the build out, which included removing an un-reinforced brick wall. We needed furnishings, new equipment, awnings and more. The money allowed me to finish my expansion of the dining area, the catering kitchen, and client area.”
5. You’re putting your brand out into the world.
Alex Sherman, owner of Eco-Friendly Maids, provides organic and green cleaning services in the Atlanta, GA, area. By investing in equipment and uniforms with their company name and logo on them, they’ve increased their brand awareness in the community.
“We chose to get more funds than we needed, so we could make the advance work for us. We used a hefty amount for taxes, but we also started our company fleet. We bought a small used car, and got a good deal. We bought new team t-shirts which are expensive. People don’t realize how costly those are!”
These five small business owners found that by making smart investments in equipment, they can better meet their business goals. We hope you are inspired to think about how working capital and new equipment could help your business grow.
Our mission at Swift Capital is to unleash the potential of every small business by providing them with fair and convenient access to working capital. We harness data and technology alongside personalized human expertise to see the true potential in every business. Did you like this post? Tell us what you’d like to see on our blog. Email us at [email protected]