To an outsider, owning a limousine service or rental car company may seem like a relatively simple business. All you need is a fancy town car, a cab, or a fleet of rentals. A little advertising and you’re on the road, right? If they only knew! The truth is, your business is complex. But it has to run like a well-oiled machine. Just like turbo-boost, small business loans for limousine servicescan propel your business forward.
CHALLENGES COME FROM EVERY DIRECTION
Whether one vehicle or a sizeable fleet, the cars you own are a critical business asset. They have to be spotless at all times. Inside and out. That’s no easy task when customers are messy. It’s worse when you’re left with the aftermath of their partying. It’s hard to predict your clean-up costs. Not only that, you face frequent refurbishment costs due to general wear and tear.
Your vehicles have to be in good repair. Regular service and preventive maintenance are essential to keep your cars running smoothly. The work is costly, but you can’t afford to neglect it. And despite your best efforts, things go wrong. You can’t always predict these expenses.
Scheduling is a delicate dance. Sometimes you’re slammed. Money is rolling in. You wish you had more cars and/or drivers. Other times, you’re slow. You know this is going to happen at certain times. But day in and day out, you’re at the mercy of customer demand. Unpredictable cash flow can make it difficult to pay your bills. Let alone save money to upgrade and grow your business.
RIGHT LOAN, RIGHT REASON
There are many types of small business loans. Of course you’re familiar with traditional bank loans. And you’re probably aware that the US Small Business Administration has loan programs for small businesses. They don’t lend the money, but their backing can help you get a bank loan. These are long-term loans. You borrow a large amount of working capital. Then you have several years to repay, via regular monthly payments.
Long-term loans are your best bet when you want to replace an expensive limousine. Or expand your fleet of limos or rental vehicles. You can buy or build a new garage and service shop.
Bank loans require a lot of paperwork. But there’s a reward for pulling together all that paperwork: lower interest rates. So learn what you’ll need. That way you’ll be prepared for the future. Knowing what matters to lenders will also make you a better business manager.
Even with an SBA guarantee, it’s tough to get small business loans from a bank. And, most of the time, you don’t need so much money. You need cash to tide you over during a slow period. Or pay for unexpected repairs. Or hire extra drivers during prom week. That’s where short-term small business loans come in. These alternatives are fast and simple. You don’t need stellar credit or collateral.
Small business owners in every industry understand the value of short-term loans. These include options such as a business line or credit or merchant cash advances. Savvy borrowing can be a cash management tool. It allows you to conserve your working capital.
HOW UCS HELPS
At United Capital Source, we understand your frustration. Searching for business financing can feel like trying to find a cab at rush hour. That’s why we take a very different approach with our clients. We don’t want to make a one-and-done deal with you. We want to build a long-term relationship that helps you grow your business. So think of as an advisor. We know every detail of the lending landscape. We’ll take the time to learn the details and challenges unique to your business. Then we can match you with small business loans that are in your best interest.
We also know that time and money are the two most precious commodities for small business owners. Our application process is quick, easy and free. You can be approved with 24 hours, and funded within a few days. That keeps your limo service rolling along.
TIPS TO PUT YOUR BEST WHEELS FORWARD WITH LENDERS
MTC Limousine says time management is critical. “Business owners are often responsible for lots of things; administrative work, staff meetings, business trips and management of the company. It’s a lot to handle and a lot of things to get done each day. Oftentimes, business owners end up focusing on all of the small details and the big projects and development work goes undone… By maximizing your time, you are making your life less stressful and allowing your business to grow.”
Work to establish and maintain good business credit. It’s good to know you can get small business loans even with bad credit. And there are perfectly understandable reasons why your business might have bad credit. But don’t let that situation linger. Bad credit isn’t just embarrassing, it’s expensive.
Assess your competitive advantages. That way you can market your limousine services or rental cars most effectively. This kind of business insight can help you get small business loans, too. When you apply for a loan, you’re “marketing” your business to potential lenders. Having a plan says you are actively working to grow your business. You aren’t just driving around hoping your dreams will come true. That gives you added credibility.
Misha Mitrovic knows the limo business from the inside. His advice? “All limo businesses offer the same services and same rides. Sure, your vehicle must be impeccably clean and in near-mint condition. But that is all regarding the cars you provide. The rest is up to you, and the experience you provide.”
You can’t provide exceptional customer experiences if you’re worrying about your business finances. Smart borrowing is no secret. Knowing how to use small business loans not only boosts your working capital. It can boost your peace of mind. That’s almost as relaxing as a ride in a chauffeured limousine.