As we enter the last quarter of the year, seasonal businesses are getting ready for sales rushes from October until the end of December. If you run a seasonal business, you will want to make sure everything from advertising to inventory is ready to draw in customers and maximize revenue from high volume sales.
Keeping Your Inventory Fully Stocked
Inventory is crucial to sales for all businesses. This is especially true for seasonal businesses that depend on high demand and short sales windows for revenue. Running out of a specific product due to high demand is no longer considered a measure of success. Rather, it is a signal to customers that what they are looking for cannot be found at your business and to find another place that has the products they want, whether online or another brick-and-mortar competitor. Make sure your seasonal business is fully stocked with the items you need to sell, and if you are running low you need to be able to order new supplies to keep those sales moving.
Get the Word out Well in Advance
Walk-in traffic makes up only a portion of the sales for a seasonal business. The strategy now is to print up circulars, leverage social media, and use online advertising to get the word out to your potential customers and target local audiences. This marketing strategy drives traffic to your seasonal business, making it the location for people to shop. Make sure to set aside part of your budget for a marketing campaign that launches ahead of the opening date of your seasonal business to generate interest so customers are lining up at the door.
Financing Your Seasonal Business
Leasing space, advertising, hiring staff, purchasing inventory – all of these things take money. In the past, seasonal businesses would take out loans during the summer and then repay the debt throughout the off-season. These days, traditional lending channels have higher requirements for business owners, and the processing times can delay the access to funds, so seasonal businesses end up getting a later starts and missing out on windows of opportunity. Fortunately, there are alternatives to traditional loans that are better tailored to the needs of seasonal business owners both in accessibility and flexibility.
Using an Unsecured Line of Credit
Unsecured lines of credit provide an additional source of capital to seasonal business without requiring collateral. Unsecured lines of credit can be used for anything, but are especially good to have on hand to purchase inventory when items are running low, and ensuring customers can make purchases without needing to tell them the items they want are no longer in stock.
Using a Merchant Cash Advance
A merchant cash advance can be used for anything a seasonal business needs. Because the balance is repaid from a percentage of sales, it offers the flexibility to ensure a successful season without placing a strain on finances. What’s more, there are no prepayment fees, so the balance can be paid off in full even before the terms of the agreement are up.
Web Finance Direct offers working capital solutions to ensure the success of new, small, and seasonal businesses. To get the funding you need to maximize sales for your seasonal business, contact Web Finance Direct today.