Ahh, if you could just foresee the future, and know the exact right time to get more capital, inject it into your business, and watch it take off.
Hey, you have to dream a little right?
While you can’t predict the future, you can cheat a little by watching for these signs your business could experience serious growth with just a little more access to capital:
- Overall market indicators look good. It’s better, if possible, to secure financing before you need it, rather than scrambling haphazardly at the last second to get it as a reaction to a change in business conditions. If you’ve been reading and analyzing your business regularly, and you have a high degree of confidence demand will spike soon, this could be a good time to secure access to financing and create the necessary infrastructure to take advantage of the growth.
- A predictable seasonal or market cycle is coming. If you’re an e-commerce outfit, or if you have a physical retail store, you know that back to school, Black Friday, and Christmas will have high sales. Think about the current cycles you experience with your business, and prepare for them beforehand.
- You need equipment for a special project. So, you know a certain project is pretty much all wrapped up and ready to go. You’ve signed the contract, and have agreed to a certain start date. Your business is basically break-even right now, so you need quick access to equipment so you can make a profit on this project…a perfect time to look for business financing.
- Your business is already healthy, and you’re ready to take a calculated risk. If business already goes well for you, and you’ve identified another way likely to earn more business, it could be a great time to secure financing and develop an additional revenue stream. As the saying goes, “Try a lot to see what works. Do more of what does, and less of what doesn’t.”
- Your staff is currently working at their max capacity. If everyone at your business is overwhelmed with long hours, you’re clearly ready for growth. Accessing business financing may be just the thing you need to hire additional staff, increase your efficiency, and skyrocket your growth even farther.
Those are just a few situations where your business may be ready for funding to prime future growth. Hopefully these ideas either apply to you directly, or inspire you to think creatively about potential market opportunities.