In the highly competitive embroidery industry, standing out from your competition can seem impossible- particularly when you’re held back by a lack of sufficient funding. Scaling your business by investing in the latest technology and equipment could be what sets you apart. Lucky for you, you can finance it!
With a financed embroidery machine, you can produce high-quality garments, keep up with design trends, take on bigger contracts, and increase your turnaround time; all while staying within a budget you’re comfortable with.
In this article, we will walk you through 5 questions you should answer before adding equipment and scaling up your embroidery business.
- How can financing help me afford to scale faster?
- Is financing more beneficial than paying cash?
- Can young businesses or those with challenged credit get approved for equipment financing?
- Can I finance new and used equipment?
- What sets Beacon Funding apart?
Q1. How can financing help me afford to scale faster?
Equipment financing offers a practical solution by breaking down the cost of equipment into manageable monthly payments. Instead of facing a substantial upfront expense, you can spread out the cost over time, making it more affordable and accessible for your business.
By financing your equipment, you can start utilizing it immediately! Put your equipment to work and start generating revenue that could cover the monthly payment. This approach enables you to scale your operations faster, seizing opportunities for growth while staying within your preferred budget.
At Beacon Funding, our streamlined application process ensures you can apply in minutes and receive approval within 24 hours, allowing you to embark on your scaling journey promptly.
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Q2. Is financing more beneficial than paying cash?
While paying with cash may seem like an attractive option at first glance, it can have drawbacks that hinder your business’s flexibility and ability to react to unexpected market shifts. By financing your embroidery machine instead, you can keep more cash on hand, providing you with the necessary liquidity to invest in multiple areas of your business.
Additionally, equipment financing often comes with accelerated tax benefits. If you qualify, this allows you to deduct the monthly payments as business expenses and strengthens your financial position. By preserving your cash reserves and maximizing tax advantages, you can ensure your business remains agile and adaptable, ready to seize new opportunities as they arise.
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Q3. Can young businesses or those with challenged credit get approved?
At Beacon Funding, we specialize in helping both young businesses and those with challenged credit obtain the funding they need.
Unlike traditional lenders who may focus solely on credit history, we take a holistic approach to evaluate your business’s potential. We consider factors such as your industry experience, personal credit, business credit, time in business, and the type of equipment you are seeking to finance.
Our goal is to provide opportunities for businesses to grow and succeed, even if they face challenges in their credit history or are relatively new to the industry.
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Q4. Can I finance new and used equipment?
Yes, both! Contrary to common misconceptions, equipment financing is not limited to new equipment alone.
At Beacon Funding, we understand that used equipment can be an affordable and viable option for businesses seeking an upgrade. Therefore, we offer financing options for both new and used embroidery machines. Whether you choose to purchase from vendors or private party sellers, our flexibility and industry experience allow us to cater to your needs effectively.
By exploring the used equipment market, you can potentially save money while still acquiring the necessary tools to enhance your business operations.
Q5. What sets Beacon Funding apart?
At Beacon Funding, we believe in the power of small businesses and are dedicated to making equipment more affordable for entrepreneurs like you. By choosing to finance your embroidery equipment with us, you not only gain access to the funding you need but also set your business up for long-term success.
Each timely payment you make helps establish and strengthen your business credit, paving the way for lower payments, more competitive programs, and the ability to finance larger and more advanced equipment in the future. We are committed to partnering with you on your journey, listening to your unique business needs, and creating a tailored financing plan that aligns with your goals.
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