One of the main reasons businesses seek funding is to expand their business, but this expansion can come in several forms. It can be as simple as needing more physical retail space: maybe the business needs to build an expansion or even obtain an entirely new location. In some cases, businesses need new equipment so they can more efficiently use the space they have. Perhaps a business needs to expand their workforce, hiring additional employees to meet the demands of their customers. Virtually every business is looking to expand in some way, and it’s a common reason for a business owner to seek funding.
At Loanability, we have our own experience with expansion. For several years, we’d been working out of an office in Jenkintown, PA and it was clear that we were pushing the limits of our space. Every new employee we added meant solving a complicated puzzle just to fit enough desks for everyone. We were ready to move, but the problem was that we had to find a new office we were confident would work for us. One place had no parking, one was bigger but the floor plan didn’t work for us, and so on. It took us months to arrive at a location that worked, and when we did we realized that the move wouldn’t be as simple as we hoped–we had to wait several weeks while the space was remodeled to fit our needs. Even after the space was ready, if we didn’t want to interrupt our business we’d have to complete the entire move in one weekend. We were able to get it done, but the cost of the move and the time it took both exceeded expectations.
We hear similar stories to ours all the time, and in many cases businesses have it tougher than we did. We work with many businesses with an interest in expanding a business in Pennsylvania, and we hear about all sorts of unexpected and unplanned expenses that lead owners to come to us for assistance.
While some are like us, looking to move to a new space or increase their existing space, many others involve attempts to obtain various sales licenses; one great way to expand your business is to get a license to sell additional categories of goods. For example, a great way for a restaurant to increase sales is to serve liquor; however, in Philadelphia, a liquor license can cost as much as $80,000 for a restaurant business. Licenses in Pennsylvania are required for anything from bakeries to dairy goods to meat sales. For a construction business, licenses are required for at least 26 different types of work–each one requires time, effort, and money to obtain. You might not physically be expanding your business, but these licenses represent a form of expansion in that they give you access to new customers and new jobs. As a result we frequently speak to merchants who are looking for funding to obtain new licenses and permits.
Expanding a business can mean anything from physical expansion to new hiring to acquiring new licenses. If you’re adding an entirely new location, it might mean all three. All of these require a great deal of consideration and planning, but most of all they require funds to get the plan off the ground. If you’ve got a plan to grow your business, Loanability is ready with funding to help you get it done. We’ve worked with businesses in Pennsylvania and around the country who looked to us for assistance as they grew their business. Give us a call, let us know what you need, and we’ll find a way to get you the resources you need to keep expanding.