Need money for an emergency at your small business? Check out our CEO’s article in Skin Inc. magazine for advice on how to secure financing in a time of need!
Below are three common emergencies spa owners face, and the recommended steps to take to move forward when tragedy strikes.
1. Unforeseen emergencies. The list of unpredictable emergencies is endless. For example, plumbing pipes might unexpectedly burst and the insurance checks could take a long time to come through; landlords sometimes sell their buildings and existing leases may not renew, which requires an expensive move; or payroll payments could get delayed for reasons out of your control—but they still have to eventually be paid. It is important for a spa owner to think about possible setbacks in advance and be prepared to handle worst-case scenarios in various situations.
2. Updates and remodeling. The most profitable skin care facility owners are those who offer a premium experience. With up-to-date products, equipment and facilities, a spa’s client base will continue to pay for the upgraded experience as compared to the competition. Many spas need significant capital expenditures every 24 months, at least, to deliver high-quality offerings to their clients. Updates and remodeling pays off in the long run because, if clients are constantly pleased, the business will prosper.
3. Growth. As the economy continues to improve, many skin care facilities are seeing spikes in growth and may be unable to fulfill the needs of new clients. To cater to these surges of business, many facilities have added more services, such as increased massage and manicure options, and created additional space—some have even added locations. Growth is always important when trying to meet the desires and needs of your clients. If you do not have the necessary equipment, space and services to satisfy clients, your spa will soon face an emergency.
The good news is that American Finance Solutions is an alternative lender that approves loans for healthy businesses within two-to-three business days and for amounts ranging from $5,000–250,000. Contact us today to get funded.