How can I get extra cash to expand my small business?

Question

I’m looking to add onto my store in order to make room for more product, but don’t have the funding available right now.

Answer 1

1. Sell more products.

2. Increase your profit margin

3. Sell stocks and bonds

4. Borrow money

5. Cut your pay

Answer 2

you need to get fund for your business, Orbit Business Loans will help, for more help go to

http://www.orbitbusinessloans.com/

http://www.orbitmerchantsolutions.com/

Answer 3

Well, your first stop should be the banks in the area.  Assuming your business is doing well and they believe you can pay them off, you should be able to get a loan from them.  This is probably your best source of funding.

You could also try to get a loan from prosper.com.  You would almost certainly be able to find funding there, as it's a peer-to-peer lending site, but you'll probably also be charged a higher interest rate than a bank would offer, and you may have difficulty repaying it.

Answer 4

Go to a legal library or college library and find the " Federal Catolog of Economic Assistance"

This has many government programs for businesses

Also call the SBA (Small Business Administration)

Answer 5

Three answers here:

If you are in USA, try the Small Business Administration for tips on funding.

answer #2

If you have a store, and you need room for 'more product', it might be more important to assess your available space.  Each week has a certain amount of expenses involved in maintaining a certain amount of product display space.  Figure out if the items you are displaying are "earning their own rent" -- maybe you could display less quantity of a given product, and keep the rest packed in a storeroom or whatever.

Maybe the items you are selling are too inexpensive.  Or too expensive. (a 30,000 watch takes as much space to display as a large box of paperclips, but neither might be the most effective use of space)  Make sure what you are selling is worth (to you) what it costs you to display it for as long as it takes to sell.

answer #3

Promotions can bring in more money, 2-for-1 deals, giveaways, one-day sales -- in your case a "remodeling sale" maybe.

Other neighboring businesses might get together with you to make a co-promotion of some sort.  Maybe you don't need more space, but do need more traffic into your store.

Give away something for free.  Figure out what your average customer purchases, add 40% to that figure, and then offer a free gift or discount or both for any sale above that figure (  >140% x average sale) to boost the amount of your average sale.

Or give out cards: purchase from the store 10 times and get money off on the 11th purchase. Keep the cards on file in the store with your customers' name and address etc. Use the names and addresses to assess what areas your customers come from, and thus what their needs are... not for direct mail marketing and spam.

Think creatively.  Avoid going into debt to increase your workload.  Use your imagination.  Or hire someone who has an imagination.