As the weather starts to heat up across Canada, many small business owners in coastal and other tourist destinations are preparing for the onslaught of visitors that arrive during the summer months. The summer is when many families, and people generally, take vacations and there are many popular destinations across the country. For places that are popular tourist destinations, the summer can represent the bulk of the business one does in a year. It is imperative that you are prepared for the boon in business, lest you miss out on the biggest earning time of the year.
This, too, is a time when many Canadian businesses bring out seasonal offerings, such as locally-sourced meals or handmade summer clothing. This will help to draw in new and repeat business. Some businesses also expand their operating hours during the summer to better take advantage of the increase in traffic. This means you will likely need to expand your inventory to ensure that you have what you need to service the added clientele. You may also need to hire temporary seasonal employees to help deal with the uptick in customers.
Being prepared for this busy time of the year will help ensure that you can meet the needs of your customers throughout the season. Expanding your hours and offering seasonal specialties is also a great way to get folks through your doors. The biggest problem with this is that requires capital that many small business owners don’t have ready access to. Traditional business loans are often difficult to get and the terms of repayment can also be prohibitive.
This is why many business owners across Canada utilize the services of places like
. A merchant cash advance (MCA) is different from a business loan from a bank. With an MCA, you can apply for and obtain as much as $50,000 for any purpose and you can be approved in as little as 24-hours. The requirements for approval are not nearly as stringent and there is no collateral requirement. Even those with less-than-perfect credit can qualify for an MCA. It is repaid automatically as a percentage of every transaction made at your business. This means that repayment coincides with revenue.
The benefits of an MCA over a traditional business loan are wide and varied, but include:
- Fast access to as much as $50,000, which can be used for any purpose
- Approval in as little as 24-hours
- No collateral needed
- Approval with less-than-perfect credit
- Reasonable repayment options
If you are looking to take advantage of the summer months, obtaining an MCA is a great way to get the cash you need to make all the right preparations. This will allow you to expand your offerings, have extended hours, and meet the increased demand the summer months entail. An MCA gives you a flexible way to obtain the cash you need, without all the hassles and stipulations that a traditional business loan entails.