Need Finances To Start Your Flooring Business? Taking A Business Loan Can Solve Your Problem!
Starting any kind of business these days requires a good amount of funds. From initial investment to running costs, being a business owner you probably already know that you have to cover every kind of expense. If you’re thinking of starting a business in flooring, you probably already know that it is way more complicated and involves much more than it seems.
Unlike earlier days where floors were basically smoothed out cement for one to cater to their need and comfort, today it has a variety to offer. Today, the idea of flooring is different for different people, with them thinking of it as comfort, luxury or both.
The types of flooring you may want to offer
- Hardwood flooring- A costly affair, suitable for people with a higher budget (mainly preferred by the leisure-class).
- Laminate flooring- Less expensive and very similar to natural wood- can be offered in various styles.
- Stone- The price depends on the stone one choose to get installed. For example, marble costs anything between $10 and $20 per square foot, whereas granite will cost $2 to $15 in the market.
- Carpet- This of course depends from state to state. A home located in a state possessing a colder climate will prefer a carpeted flooring over one that is located in a warmer place.
- Vinyl- It is one that is definitely more durable than most other kinds, which is why it is certainly high in demand.
These are just some examples of the types of flooring that you may want to offer and none of them are cheap options, are they? While choosing what to offer, it is wise to conduct a market research on what is the most in demand in your area. For example, if your target market can spend big bucks, it may not be harmful for you to offer something like hardwood flooring whereas if you’re catering to an audience that’s looking for something simpler, then you must look at the potential options to cater to their preferences and a flooring business loan can certainly help you with it.
Applying For a Business Loan? Take These Factors into Consideration
Before applying for a business loan for your flooring business, do take these factors into consideration to figure out how much you should apply for:
- The kinds of flooring you want to offer
- Your target audience
- The requirements for installation of every type of floor
- The styles you may want to offer
- An estimation of when you will break even
- Running costs
- Labour charges
- Real estate costs including renting/leasing a place to set up your business
- Stationery required
- Employee benefits
- Insurance plans
Want To Take Over A Flooring Business? Our Loans Can Help You with It
If you’re looking at acquiring a flooring business, a business loan can definitely help you with that. We offer up to $2000000 which is an amount that is good enough not only to help you buy the business, but also run it for the first few months.
If you’re a flooring contractor, you must be aware about how these days labour costs are quite expensive. For you to be able to hire people initially also requires money and so does setting up an office and space for the same if you wish to. Applying for a flooring contractor loan can definitely help you fund your business and pay your employees on time.
Flooring Financing for Bad Credit
It is not new that many a times, our businesses may face some degree of financial trouble and we find it difficult to keep it running. The biggest example of such a situation is the recent COVID-19 pandemic that has caused a lot of businesses to shut.
In difficult times like these, people need financial assistance which is why they apply for loans which can help them continue running their businesses. When taking a long term loan, it is obvious that repayment takes a while. When they need yet another loan, they may have a bad credit rating due to not completely repaying their first loan and getting a loan from a traditional lender may be quite a task for which you may also have to provide collateral.
Instead of going through such a complicated process, why not apply for a business loan from a lender who offers them for bad credit as well? Yes, at BusinessAdvanceLenders we offer loans to those who have faulty credit scores as well.
Our very basic eligibility criteria include:
- Purpose behind getting an online business loan
- How much money you need to borrow
- Age of your business
- Business Federal Tax ID / EIN
- Bank statement (recent 3 months)
- Business credit card transaction processing statement (recent 3 months)
- Lease agreement
Our loans require very basic documentation and you can get finances up to $2000000 at affordable rates of interest, which not only makes running your business easy but also makes repaying us very convenient.