If you are a business owner of a liquor store that has managed to survive this pandemic, you must be excited at the prospect of getting back to business as usual, albeit with a difference. You may be looking to make an investment to bring about a change in how you conduct your business while ensuring the health and safety of your employees and community. You can look at the following different options to finance your business ideas:
Funding That's Just Right for You
At
Crest Hill Capital, if you have an
idea, we have the fund for it. Merchant cash advances and unsecured cash
advances are great when you think business is a bit unpredictable. You can
simply agree to a percentage of your everyday credit card sales toward your
repayment. You don't have to worry if you go through some days where
transactions are low because the payment is relative to your incoming cash
flow. However, if your business is doing well enough for you to commit to a
fixed daily payment, then an unsecured business cash advance will be a better
option. The advantage here would be that you will be able to close your payment
in a shorter time period.
If
you are unsure of how business is going to be, you can choose to secure asset-based
lending against collateral. You can use the equipment, automobile, property,
etc., as collateral to secure your funds.
For
wholesalers looking for a cash advance, you can use the factoring cash advance
where advances are based on your invoiced sales. Your repayment period can be
between 30 to 60 days.
Invest
in Inventory
Use
the newly secured funding from Crest Hill Capital Limited to take advantage of
the overstocked items at your distributors by stocking up on your inventory at
a reduced rate. According to a recent report in the journal JAMA Network Open,
American adults say their drinking has gone up by 14%. As they now have the
opportunity to experiment with different types of liquor, it would make sense
to stock up on more of the premium brands and fetch higher profit margins. As
liquor items are by and large shelf-stable, you can safely go ahead and stock
up on large quantities of popular brands during the holidays and festivals.
With Christmas and New Year around the corner, it will be a great way to
welcome your shoppers back into your store.
Invest in Technology
Choose
to invest in an efficient point of sale (POS) software that has detailed
reporting features which will help you to get valuable insights into your
inventory. It will keep you informed when certain products are moving more
slowly than others so you can offer discounts to help boost their sales. The
information provided will help you to make a decision on when to order the product
again and whether to order at all. Several other features, such as supporting
gift and loyalty programs, smart wallets, and wearable techs, will help you
keep up-to-date with your customers' expectations.
Invest
in a New Location
Even
though liquor stores are back to business after months of lockdown, they have
all been forced to make some adjustments or the other. As business picks up,
more and more people will start crowding your store again. Since the fear of
contracting the Covid-19 virus still lurks around the corner, curbside pickup
works great for your business. If your store does not have one already, you
could use your cash advance from Crest Hill Capital Limited to invest in a better location that has one. It is a great
hit with shoppers as it cuts their exposure with other shoppers and speeds up
their shopping as well.
