There’s great news for new, small businesses these days that just opened or have been struggling amidst the pandemic. As more and more people become vaccinated and with indoor shopping restrictions lifted, foot traffic has increased and people that one-year ago were doing all of their shopping online are leaving their homes again to support neighborhood shops.
But even with the expectation that sales will rise over the next several months and the remainder of the year, new businesses are still struggling to stay afloat. According to the U.S. Bureau of Labor Statistics, even in non-pandemic times, 20% of U.S. small businesses fail within the first year, with roughly 50% faltering by the fifth year.
In many cases, new, small businesses such as groceries and convenience stores struggle because they don’t have the requisite cash in hand to pay for the products they need to stock, leaving less than full shelves, or marketing and advertising, making it incredibly hard to make their presence known in the community. Then there are also businesses doing well that need to expand or buy new equipment but cannot afford it.
In all of the above examples, businesses could thrive just by having a little more cash available. Through cash advances and business loans, they can do just that. But not all businesses qualify for many loans. Or they may be dissuaded from the rigorous process of applying for monies like federal COVID-19 PPE loans.
National Retail Solutions (NRS) can ease business owners’ unease and provide a painless way to obtain funding through its NRS Funding program. NRS, the leading provider of POS systems to independently owned small to mid-sized convenience stores, groceries, tobacco and liquor establishments, and hardware stores nationwide, is committed to seeing new, small businesses succeed. The NRS Funding program is a great example of how the company provides uncomplicated cash advances.
The NRS Funding program makes it quick and easy to obtain cash. Unlike many bank loans, it’s an uncomplicated process. There’s no fine print or exorbitant interest rates, and quotes are free. The application process takes only about 15 minutes. NRS understands that small businesses may run into credit score problems and doesn’t discriminate; bad credit doesn’t eliminate a business from being considered for a loan – NRS Funding traditionally has a high approval rate. The company also offers adjustable payment options. Once approved for an advance, a merchant can expect to see funds in their bank account within 24 to 48 hours.
Here are some top situations for which NRS Funding would greatly improve business operations and generate revenue.
Business ExpansionsA business need not be struggling to need a loan. To the contrary, a small to mid-sized grocery or convenience store may be doing so well that it wants to expand its space, but just doesn’t have enough money on hand to do so. Using programs like NRS Funding, proprietors can literally and figuratively tear down walls and make more space for their merchandise. An expansion may also be a matter of occupying a second store. Again, cash advancements are a wise investment in carrying out plans that will generate more than enough revenue to pay back the advance and keep the business growing and prospering in the long run.
Remodeling/RenovationWhen a new business finds a location, the space almost always needs a good amount of work. Whether it’s a remodeling or renovation, the appearance of a new store goes a long way toward attracting new and loyal customers. A bright, inviting facade, and a new, easy to navigate gives patrons an entirely new shopping experience and gives the property a ‘wow’ factor. Remodeling and renovation work by its nature is not cheap, and should not be done on the cheap. Do the job right, even if it means applying for a loan. Your new customers and rave reviews will make it worth it.
New EquipmentYour deli is so popular that you want to add a hot food service. Cue up the search for stoves and ovens. Or maybe you want to add those trendy machines serving up delicious cappuccinos and lattes to your regular pots of coffee. Successful businesses are always evolving, but sometimes a merchant’s ideas are bigger than their wallet. The new equipment will make back the loan and then some. Don’t let your ideas, and increased revenue, go to waste. Reach out to NRS Funding.
Inventory & SuppliesPerhaps nothing is more important to the success of a new business than inventory and proper inventory tracking. Store owners need to make sure they have the right inventory, meaning the right products and right amount of products at the right time. People rely on your store to meet their needs, and that means having what they want in stock when they need it. It’s also important that your store has proper supplies, including cleaning materials. No one wants to shop in a dirty store. Taking a loan may seem scary, but not being able to pay for inventory means empty shelves and frustrated customers leaving for other shops, maybe never to come back. Now that’s scary.
Marketing & AdvertisingSo your new business is open. The layout is perfect, the store is sparkling clean and inventory is in supply. Now, there’s that not so small matter of getting the world out. After all, what good does all of your hard work mean if no one knows where you are, what you sell, or even that you’re open at all.
It’s time to get the marketing and advertising campaign in full gear. Costs associated with advertising include buying space in local newspapers, on local websites and possibly television outlets, printing signs for your windows, paying sponsorship fees to get the word out at events, and paying for direct mailers. The cost can seem overwhelming. A merchant doesn’t want to drain their budget on advertising. But it’s absolutely essential to have a good marketing plan and be able to carry it out. Taking a cash advance is a better option than losing cash from lack of advertising.
Rainy Day FundYou can plan the perfect budget down to the penny. Everything is running smoothly. Then the roof starts to leak. Or the refrigerator breaks down. These are problems that need to be fixed immediately. Wet floors are not appealing to customers. Having to throw out spoiled food is a nightmare for store owners. That’s why small businesses need a rainy day fund, money stocked away to fix emergencies in no time so that operations can quickly get back to normal. It may seem counterintuitive to apply for a loan so that you can have money you might not even need to use. But chances are something will break down sometime. The cost of the loan outweighs the loss of revenue from not being able to do business when unexpected emergencies strike.
Employee PayrollIf a merchant wants a loyal, happy and hardworking staff, they’d better make sure employees get paid on time and that checks don’t bounce. There may be times when making payroll gets tough. Perhaps there’s a spell of slow traffic. There may be an economic downturn when people are saving money and cutting back on expenditures. But employees still have to get paid. A cash advance is a better option than having employees walking away on the job and giving your store far less than stellar reviews on social media as a place to work.
New LocationBusiness is booming and it’s time to move to a bigger space in a new location across town. As much as you want to do it, though, it appears that moving expenses are going to drain your budget. The prospect of a larger store and significant revenue increases seems like a dream. Consider getting a loan to cover expensive moving costs. Once you’re selling greater amounts of inventory and continue to increase revenue, the loan will be paid back quickly and you’ll be happy to have that cash on hand.
Learn more about NRS Funding at getnrsfunding.com or call us at (800)-212-1477