Salons and Spa Loans

Salon and Spa Loans

When it comes to owning and operating a successful beauty salon or spa business, it is all about making your customers feel good about themselves. And yet finding the capital to begin your adventure in the wellness industry or finding the funds to an improve an existing company can be an ugly business. Finding the money to hit the ground running, to improve facilities and equipment or to make sure staff are fully trained in the latest techniques can be difficult.

So how do you give your new business the pampering treatment? And how do you give a current spa or salon the makeover that it deserves?

Without the working capital yourself, a loan from a high street bank or credit union would be the next logical step. However, getting hold of the money from these institutions can take time – precious time you could be spent with clients or running your successful business. And if you have bad credit, the chances are slim that you will be accepted. This can lead many business owners to consider giving up completely.

Why do you need a loan for your salon or spa business?

This is the first important question to ask if you are thinking about funding. With many traditional loan arrangements, you will be expected to prepare a detailed business plan, and you may only be allocated funds to spend on certain aspects of the business. This can be restrictive. And if you are a new business and need a loan to help cover the startup costs you may also be out of luck. Large banks and credit unions may consider an emerging spa or salon too much of a gamble.

There are many reasons why an existing business would be looking to a loan to grow their spa or salon enterprise. Perhaps your business is in need of new stock or inventory. Beauty treatments can be expensive and taking advantage of seasonal orders could be a great investment, but requiring capital. Perhaps you need to purchase new equipment, such as tanning beds or laser treatments for teeth whitening. Or maybe you have miscellaneous areas that require your attention, from training to marketing, uniforms to improvements to your premises.

All of these areas would be improved with an injection of cash. So what is the solution to your problems? The best option for your salon or spa is to sit back, relax and let a merchant cash advance loan take care of all of your small business worries.

How can a merchant cash advance loan help my salon or spa business?

The beauty of a merchant cash advance loan is that it is tailored completely to you and your business requirements. The latest technology is used to provide a quick and easy application process and a loan that is bespoke and flexible. And your money is easily accessible and can be spend on what you need.

So how does the loan work?

A merchant cash advance is based on the credit card transactions that your business takes in. Each time a purchase is made, each transaction is monitored and this data is collected to calculate the amount of money you can borrow. After the loan is approved, this technology continues to keep a close eye on credit card transactions. This means you pay back the loan based on the money coming into your business.

This is incredibly important in the tough world of small businesses. Unlike a fixed loan that has set monthly repayments, a merchant cash advance can change to meet your sales and individual needs. A busy month of strong sales will mean that the loan is paid back quicker. However, if you suffer a slump in sales or takings are down because of high spending, the loan repayments will shrink. A merchant cash advance will not let your business suffer the changes that can happen to any business owner. Click here to find out more.

The application for a merchant cash loan is much quicker than a typical loan from a bank or credit union. There is no need for hours of meetings with a bank manager: you can apply online by providing some basic information, and there are high approval ratings with some decisions made the same day. Your money is also available quickly, whenever you need. If you need to buy stock quickly or make some urgent repairs to your salon equipment then a merchant cash advance is a fantastic option.

What if I have bad credit – can I still apply for a merchant cash advance?

Yes! Unlike a loan from a traditional lender, a merchant cash advance does not focus on your business history or personal credit history. High street banks will expect business owners to offer collateral as part of any loan application, an impossible task for many. Merchant cash advance loans do not mean your finances have to be closely examined, which means that even if you are a new business then a life changing loan could be yours.

Besides the flexibility of a merchant cash advance when it comes to your repayments, you also have a complete say on where your money goes. Many businesses use a merchant cash advance as a “rainy day fund” to help with any potential issues that could arise. You could use it to provide quality beauty training for staff, perfect for any new trends in the wellness industry that you can bring into your business. You could use your loan to relocate your salon or upgrade the existing facilities. You could even use it to boost your marketing funds to bring in new business.

The possibilities are endless with a merchant cash advance loan. Whether your salon needs a facelift, your spa staff want to brush up on some new treatments or even to get new equipment for your restaurant, a flexible, fuss-free loan could be just the ticket to help your small business thrive.

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