This video was made by Aaron Rustebakke, who owned and operated his own business for 8 years before moving into equipment financing in 2019. As a Sales Supervisor at Beacon Funding, Aaron works with businesses to help define their goals and craft the right flexible financing plans to meet their needs.
Flexible Financing Provides Enough Time to Grow Your Business
It all starts with a quick conversation about your goals. Once we understand your needs, we can suggest the right financing plan to help you achieve your business goals!
Click here to explore your options: www.beaconfunding.com/businessgoals
Apply for financing: www.beaconfunding.com/apply
Thanks for joining me in this short series on how flexible financing can help you achieve your business goals. If you missed my first couple of videos, check out “How do I get the ‘best deal’ for my situation?” and “How we can match your payment to your business revenue with flexible equipment financing” for my other top tips in flexible financing.
Keep checking back for more videos on how flexible financing can help make acquiring equipment easier and more affordable for your situation.
Managing Monthly Payments Before Your Equipment Produces Revenue
A reasonable concern I hear when talking to business owners is “How do I manage my monthly payment until I get my equipment in full production?” That’s a good question, and it worries a lot of business owners.
Adding a new piece of equipment can come with a lot of uncertainty. Whether you’re unfamiliar with the equipment or not sure how much revenue it will bring, you need answers. Fortunately, you have resources to fill in some gaps. A breakeven calculator is an effective tool for estimating how much monthly activity your business needs to generate in order to break even on your payment.
But what if you’re still unsure how you can manage that payment until you get your new equipment working? That’s when talking to your equipment financing consultant can help.
By discussing your business goals, Beacon Funding can help find a flexible financing option for your unique situation.
Give Your Business Time It Needs With a Deferred Payment
One possible solution to keep initial costs low is a deferred payment. This is a good option for equipment that needs installation and training time before it can start producing a positive revenue stream. Luckily, depending on your credit quality your business may qualify for deferred payments (sometimes known as a buy now, pay later plan). It’s a simple concept, but let’s walk through this example step-by-step.
The Problem: You have to train your employees on using your new equipment, and the demand for your new product or service has to build. Beacon Funding’s flexible financing option can give your business the time it needs to manage your new equipment.
The Solution: Let's say you're approved for 0% down 90-days no payments followed by 36 monthly payments of $1,300. Now if these terms work for your business, your contract would begin on the day you accepted the piece of equipment. Then your first payment of $1,300 would be due three full months after that day.
The Benefit: During those 90 days, you can train staff, build up demand, and earn revenue all payment free. This is where Beacon Funding’s flexible financing option enables your equipment to generate a positive revenue stream.
What a great way to start a new business venture!
You Have Help Getting Equipment You Need For Your Business
Now, not every business will qualify for 0% down 90-days no payments. But luckily, that’s not the only flexible financing plan that can offer relief in this situation. Regardless of your credit quality, talk to your financing consultant about your concerns.
If your business is looking to keep costs low to ramp up your business, your consultant may have tools to help. They can get creative and use other tools, such as 100% financing, skip payments, or step payments.
Knowledgeable and Friendly Financing
We only looked briefly at how flexible financing can benefit your business. You can find the right program for your business’s unique situation with a quick discovery call with your financing specialist. They’re there to help.
No matter what your goals might be, your financing consultant can guide you towards success with a flexible financing program just for your business. To learn more about flexible financing options available to you, visit www.beaconfunding.com/businessgoals