by My Commercial Capital | Sep 29, 2022 | Blog
A franchise could be an option if you want to buy into a business you know is doing well. These businesses allow you to buy a location of a larger chain of stores. This business idea is excellent because you already know the company is doing well and has an audience. Some franchises are more expensive than others, so it is valuable to know which ones you are interested in before applying. Here are some other tips to help you buy a franchise and be successful.
Make a List of Options
There are thousands of franchise opportunities available, so you need to narrow down your list. Decide what industry you are interested in and where you want to do business. Some businesses are only available in certain areas, so you might need to choose a different company if you are not nearby. One other factor is price. Smaller franchises are most accessible price-wise, while larger ones sometimes require hundreds of thousands or even millions. When making your list, choose realistic business opportunities for you and your situation.
Look at Your Finances
When buying a franchise, you can often get a loan to help cover costs. However, keep in mind that some businesses do not allow you to use a loan to cover the initial cost. Instead, you must have the money on hand or in collateral. Generally, a large franchise operates this way. If you want to get involved in a larger franchise, you might have to wait until you have the appropriate funds.
Look at Your Business History
Depending on the business, you might need to have a record of running other companies successfully. When buying a franchise, some owners want you to have experience already before running this new opportunity. If this is the case, it will say on the application. Other options allow you to be a new business owner and provide training. Look at what the company offers before applying. It will make the process easier and ensure you are not wasting your time. If you know you will need support when you first start, see if your potential company offers help and mentoring. It will help you be successful.
A franchise is an excellent opportunity to own a successful business. Before applying, ensure that you have done your research and understand any rules or regulations. If you need money, be sure to apply to a lender that can loan you the amount you need.
At My Commercial Capital, we can provide your business with the working capital you need to grow. Our commercial finance solutions are structured to provide maximum benefits to borrowers. We treat our borrowers very well, which is how they know they can trust us with all of their financing needs.
by My Commercial Capital | Sep 22, 2022 | Blog
Providing medical care for children is a noble and satisfying career choice. Running a pediatric practice, however, comes with hefty operating expenses. If you’ve been in business for some time, you already know this. If you’re about to enter the field, it behooves you to become aware of the monetary challenges that lie ahead. Thankfully, medical financing is available for pediatricians of all specialties. Consider the ways these funds can help you maintain and enhance your practice.
Major Essentials
Every pediatrician needs disposable items. Which treats little ones without rubber gloves, bandages, tongue depressors, or syringes? Good child doctors also have an endless supply of stickers, balloons, and toys with which they reward their patients for behaving well during a visit. Running out of any of these items makes a pediatrician appear unprofessional and may delay treatment. Money from one of these loans can help prevent this from happening.
New Technologies
Scientific breakthroughs are constantly occurring, including in the world of pediatric care. Effectively treating patients requires the most recent iterations of medical equipment. In addition to delivering better results, modern systems are more comfortable and quicker. These devices make life easier for youth who are easily frightened when visiting the doctor. Financing makes it possible to pay outright for these machines without the burden of a costly equipment loan.
Promotional Efforts
Like any other business, pediatricians must advertise. Without awareness campaigns, patients could dry up, causing profits to stagnate. Lacking a significant customer base complicates attracting quality staff. Take action now to reduce the odds of this happening. Professional marketing firms are generally expensive. That said, hiring someone without experience for less sometimes winds up costing more. The wrong message could harm your reputation for years to come. Play it safe by hiring a team of advertising wizards with a stellar track record.
Office Expansions
Your practice might be booming, especially if you’ve tended to the above concerns. The time may be ripe for adding more space. You’ll be able to offer more services or provide a more comfortable room for parents to relax with children while waiting to see you. Building renovations are costly, as is fixing the mistakes of a cut-rate construction firm. Put money from a loan toward builders with stellar reputations that might charge heftier fees.
Medical financing is there for pediatricians who need a boost of capital. Anyone providing medical care for children should consider accessing these funds to stay afloat and move toward the future.
At My Commercial Capital, we can provide your business with the working capital you need to grow. Our commercial finance solutions are structured to provide maximum benefits to borrowers. We treat our borrowers very well, which is how they know they can trust us with all of their financing needs.
by My Commercial Capital | Sep 20, 2022 | Blog
Email outreach is a cost-effective way to initiate and stay in contact with your target customer base. Here are some important considerations about how to get good results from your email outreach efforts.
Demonstrate Know-How
When a business wants to win the trust of business clients, showing familiarity with what is relevant to those businesses’ specific industries and operations can go a long way. In general, businesses like to establish relationships with service providers and vendors who understand their concerns and objectives.
Email marketing content that reflects direct knowledge about the activities that are unique to various types of businesses conveys know-how and reassures prospective customers about working with you. It effectively demonstrates that you have experience serving customers in their industry.
Stay Current
Events or developments affecting specific industries can be a good way to stay engaged with business customers. Let customers know that you are up-to-date on what is happening and you have some insight or resources to offer.
Be Direct
Overly vague subject headings are too frivolous to capture the attention of most if not all busy professionals. When people are looking at a work email account, any message that goes to an inbox that is full of promotions had better have some extremely compelling material to merit any attention at all.
Your window to capture current or prospective customers\ attention is probably going to be limited to the length of time that it takes them to read a subject line, so you need to get your hooks in here. You have to relay the content of your message, but you have to do it succinctly.
Avoid using language that is too broad. Instead of alluding to big savings, tell people what you are offering savings on. Also, consider whether quantifying savings is more likely to prompt customers to read your email.
Show Professionalism
Companies need to be conscientious about presenting themselves professionally in their email marketing content. This is particularly true in the case of business-to-business outreach directives. There is a general expectation that vendors and service providers exhibit the same level of competence that businesses must bring to bear in interacting with their customers. Being overly formal or quirky could create problems with the tone of your messaging.
Ultimately, a well-crafted email campaign can play a big role in cultivating and sustaining your customer engagement. Use metrics to analyze how well specific materials and tactics are performing to optimize your campaign’s effectiveness.
Seek Expert Assistance
Some advertising companies try to impress you with a bunch of tech jargon and big words that don’t mean a thing. At My Commercial Capital, we prefer to let the results speak for themselves. Like other small businesses, our main concern is to make our clients happy. We work hard, give you high-quality content, and produce digital marketing that has a great effect on your company’s online reputation.
by My Commercial Capital | Sep 15, 2022 | Blog
Most, if not all, companies are affected by external factors. External factors can include the price of gasoline, the weather, and events happening around the world. If you own a business whose sales increase and decrease with the seasons, you know how tough this can be. There are many reasons why a business thrives in one season of the year and not another. They could be directly affected by weather, such as a ski resort or construction company financing business, or they could simply be located in a tourist town. Here are four industries that are affected by seasonal sales.
1. Hotels and Restaurants
Hotels located in certain regions of the country are greatly affected by seasonal sales. For example, many businesses in coastal New England reduce their hours or close altogether during the slow winter months. As a result, hotels and other businesses that serve tourists make much less money during these times. A consequence of this is accommodations having to raise their prices for half the year and greatly lower them for the other half. Similarly, restaurants and fast food locations popular with travelers see a decline in sales as local tourism wanes.
2. Construction
One of the main reasons for construction being a seasonal industry is that in many parts of the United States, it is not feasible to build during the winter. When the ground is frozen, it is much more difficult to build and place the foundation for a building. Another reason is that people simply relocate less during the summer, partly due to school schedules. People specializing in construction company financing keep these reasons in mind when talking to those in the construction industry.
3. Tax Preparation
While many accounting firms operate year-round, businesses that focus on tax preparation are mainly only open in the months before taxes are due, which is mid-April in the United States. During the off-season, these services may operate on an appointment basis or may close for good, with the employees working for similar industries during this time.
4. Sports Teams
Most sports are played seasonally. For example, professional football sees its heyday in the fall and early winter months. Many temporary employees work for college and professional sports teams during their season, or when that particular sport has a large number of viewers.
If you own or finance a business in one of these industries, seasonal sales may affect your profits. At My Commercial Capital, we can provide your business with the working capital you need to grow. Our commercial finance solutions are structured to provide maximum benefits to borrowers. We treat our borrowers very well, which is how they know they can trust us with all of their financing needs.
by My Commercial Capital | Sep 8, 2022 | Blog
In many industries, women are an underrepresented group. The reasons for this include factors such as working hours not being conducive to taking care of young children, as well as traditional and societal views of what types of work women should do. For example, engineering and architecture are two career fields that are very male-dominated, primarily due to societal views. But does this hold true for female entrepreneurs? Here are some facts about women owners of businesses.
The Number of Women in Business Is Climbing
Women in business are a trendy topic, in no small part due to the fact that each year there are more and more female entrepreneurs rising through the ranks. As of 2021, approximately 40% of businesses in the United States were female-owned, and this figure keeps increasing. It is becoming more widely known that diversity in business ownership is great for the economy since everyone brings different perspectives to the table. A growing number of companies are striving to bring in a more diverse workforce at all levels of their business.
Female Business Owners Thrive in Leadership
Studies have shown that women who lead teams of employees are ranked very highly by their teams, often higher than men in similar roles. Leadership is one of the most important aspects of running a business, because you need to be able to take the initiative and motivate those who work for you. When leadership is strong, a company thrives, makes more profit, is more productive, and is more likely to achieve what it set out to do. The four types of leadership are direct, support, coach, and delegate, and a team works best when there are all four varieties in play.
There Is Room for Improvement
Even with all the strides that women in business have made, there is still room for improvement. For example, it has been shown that it is easier for men to receive funding for their business ventures. Women are also far less likely to be in charge of a Fortune 500 company, or even on their board of directors. One of the ways to improve these things includes having more investment opportunities geared toward women. There is also beginning to be a cultural shift at large companies where they are beginning to hire more women for executive positions.
Patronize and help support a women-owned business if you are able to do so.
