Medicines and other pharmaceutical interventions will always have a steady demand – while this statement is true, it should not become an excuse to become complacent and stop aiming to grow your business. Medical innovations can change the demand patterns or competition to stay ahead of the curve; however, you should keep investing in expanding your business. There are several ways to increase your profit margins and future proof your business. All you need is smart planning and hard work and, of course, timely financial support.
Alternative financing options are great ways to kick start many expansion ideas quickly and easily. Here are five intelligent ideas that you can explore to expand and grow your medical store business without worrying about too much debt:
Inventory expansion- Let’s start with the simplest and the quickest thing you can do to boost the revenue of your medical store – improve and expand your inventory! The pharmaceutical sector is always innovating and evolving, and they are not shy about advertising their new products. Keeping your store stocked up with the latest and the most comprehensive range of brands will ensure that no customer goes back empty-handed. In the long-run, you will gain a reputation as a store where EVERYTHING is available.
Use an alternative-financing option like a cash advance to buy fresh stock. Keep your debt to the minimum by applying for the exact amount you need and paying it back quickly with a percentage of your daily revenue.
Upgrade your store: Nothing attracts new clients like a fresh décor. Update your store’s design with smart remodeling to attract people looking for the latest pharmaceutical products in the market.
Bring in a professional interior designer or a contractor to manage your store’s interiors and use medical store financing options to pay for the expenses.
1. Add new offerings
A great way to tap into new target audiences or improve your business is by adding a new line of services. There are several ways to expand a medical store. You could add naturopathy or alternative healing benefits, share the space of your store with another medical or wellness practitioner, or you could also offer wellness food or beverages. There are as many possibilities as there are ideas!
Make a detailed business plan, identify your capital needs, and get funding from an alt-lender to launch your new services.
2. Bring in Customer-First Services
An automatic foot massage machine, free home delivery, loyalty coupons, and special festive discounts are all simple and inexpensive ways to keep your existing customers loyal. Think of new ways to make people who enter your medical store happy and welcome and get the investment capital needed to start these initiatives from a cash advance provider.
A small cash advance is ideal to facilitate thesetypes of add-on services. The outlay isn’t much and can easily be re-paid through easy revenue-based payments.
3. Marketing and online presence
Put your medical store out in the virtual world! You can go all out and set up a full-stack e-Commerce platform with an integrated payment channel or show your presence with a simple website and a Google business account. With the basic online appearance established, you should turn your thoughts and budgets towards marketing.
While digital marketing is the default option for most businesses, you should meticulously consider your target audience before committing to a plan. For a local medical store serving the immediate neighborhood, advertisements in local newspapers or sponsoring the community’s little league might be more useful.
A quick cash advance from an alt-lender would be useful for kick-starting these marketing and online ventures. The outlay isn’t a significant debt and can be paid off conveniently through a pre-determined percentage of your daily or weekly revenues.
So, here we have given you five simple and foolproof ideas for expanding your medical store business – ALL of which can be easily and quickly funded by online alternative funding providers like us!
Why consider alternative-funding instead of traditional banks?
Well, the short answer is that you may not get small funding options from a bank. If you need small-to-mid-sized credit amounts quickly and with minimum hassle, then alternative-financing companies, like ours, is the BEST option.
Here are a few reasons, Alt-Financing works for most small business owners seeking immediate cash:
• Easy Approvals
We believe that a business is more than a simple FICO score. Its opportunities, experiences, and processes are complex and unique, so to determine its financial health requires more than just a credit score number.
To judge your creditworthiness holistically, we base our approvals on diverse records and data points – of which your credit score is just one small part. This means that a less-than-perfect FICO score or a lack of business credit score doesn’t stand in the way of your cash advance.
• Fast Processing
Our experienced team works almost entirely in the digital space and gets assisted by the latest AI-based risk assessment software. This means we can offer superfast speeds that will take you from application to approvals within 48 hours.
• Flexibility
We offer a broad choice of credit packages for amounts ranging from $2,000 to $200,000, with a broad mix of flexible terms and rates available to SME owners across the country. Whether you want a specific type of equipment financing, a short-term cash advance or a 6-year line of credit, we offer all these options and much more.
Give us a call! Our staff is standing by to help you figure out and facilitate your financing needs.