5 Ways To Survive The Winter (If You’re A Summery Business)
For many companies, summertime is the time when profits will be high – and winter often remains a struggle to make ends meet. This is doubly true in the hospitality industries and the nightlife industries, where crowds of people most often take advantage of great weather when they go out and about. With Jack Frost right around the corner, smart business owners will have a survival plan that will let them weather the cold weather. Experts suggest the following ways to make ends meet during the winter months...
- Shut down your business until the weather warms up again. Many summertime companies choose to just shutter their doors off-season, especially if they are located by the beach. No running costs means a quick startup in the summer – and a lot less work. This is not always doable, and may not actually save any money. If you have a year-long rent contract with a landlord, you need to keep your business open if you want to avoid bankruptcy.
- Switch the purpose of your business for the wintertime. Versatility is often the name of the game, especially when it comes to your company’s ability to stay afloat. That’s why many seasonal companies diversify their services. For example, if you’re a Halloween costume company, you also may want to look into making wedding supplies during the summer months.
- Increase prices to your services. Though this may help some companies, the truth is that this isn’t always a good move in the long run – particularly if you are known for your low prices. After all, this may alienate your customer base.
- Downsize temporarily. Done right, this might be a viable option. However, the problem is that there’s only so many ways you can trim the fat before your company’s quality starts to lag. As a result, you may want to rethink this.
- Get a cash advance before the money starts to ebb. Cash advances are all about temporary loans that are paid back based on how much money you make that week. Since you just got out of summer, you’ll be able to prove you are able to make enough money to repay a larger loan. This avoids shutdown, keeps your quality great, and also ensures your clients still get the value they need.
Cash advances are one of the easiest ways to ensure that your company will survive the winter. So, if you need a cash advance, it’s time to call Red Payments. We’re here to help, and we’ll always be ready to ensure you survive winter well.