Owning your own business is an exciting and rewarding prospect, and is often the culmination of years of dreaming and planning. Once a construction business is up and running, unexpected expenses will be a reality. Trying to find funding for those expenses can be a challenge, especially for those who did not have a comprehensive plan for future financial needs. At MY Company Funding, we understand the issues that business owners face, and we are here to help. We offer a wide range of financing options to suit business owners of every size. The following are just some of the many ways that those funds can be used.
Ask any business owner about his or her most difficult budgeting challenges, and you will likely hear a similar answer. Unexpected expenses can tank a business budget, and can even throw a company into serious financial risk. Capital expenses are a reality in the construction industry, but those costs are not always easy to plan for. Equipment will break, necessitating an immediate replacement. Some jobs require specialized equipment, which may not be in the budget. Your business could be handed an excellent opportunity, but the current equipment or tools on hand are not sufficient to take advantage of that opportunity. When these issues arise, purchasing new equipment can make other aspects of the business run short. Taking advantage of financing options allows a business owner to expand equipment holdings while maintaining consistency in cash flow and operational costs.
Purchasing new equipment also comes with a degree of risk, especially if a business owner is venturing into new territory with capital expenses that are outside of the normal scope of business. By using equipment financing, the cost of those improvements can be spread out over time, giving the business more financial flexibility. If a large purchase proves to be a poor fit for the business, financing gives business owners time to decide whether to lease or sell that equipment and regain the initial investment.
Having the latest equipment is important, especially in an industry as competitive as construction. The expense of updating technology is unavoidable for business owners, and having the purchasing power to acquire the best tech options can make the difference between a business that survives and a business that thrives. With a trusted source of financing, business owners have the flexibility to buy the technology they need to get and stay ahead of the competition.
The team at MY Company Funding is always available to address any questions or concerns that you may have about our financial services and products. We offer short-term working capital loans, and we can finance business owners with credit scores as low as 500. Our application process is simple, just provide some basic information and recent bank statements, and we will go from there. Call us today at 740-917-4960!