There’s been a lot of news regarding improving consumer sentiment making headlines lately – which is great news for owners looking to expand operations with working capital loans for their business. Now yet another study is adding to the positive trend.
The Conference Board Consumer Confidence Index stood at 94.5 in October, representing a considerable increase from the previous month’s reading of 89.
“Consumer confidence, which had declined in September, rebounded in October,” said Lynn Franco, director of economic indicators at The Conference Board, in a media release. “A more favorable assessment of the current job market and business conditions contributed to the improvement in consumers’ view of the present situation. Looking ahead, consumers have regained confidence in the short-term outlook for the economy and labor market, and are more optimistic about their future earnings potential.”
Franco went on to say this should be especially good news for retailers with the holiday season fast approaching.
Making the most of seasonal shoppers
There are plenty of strategies business owners can use to capitalize on more confident consumers this holiday season.
One option is to take out a short-term loan to make sure your inventory is well-stocked. However, it’s important to get the wheels turning sooner rather than later when seeking financing.
“Alternative lenders provide easy, quick turnaround for small business needs, but don’t wait until the last minute,” David Gilbert, CEO and co-founder of National Funding, told Inc. Magazine.
This time of year could also call for new equipment in order to accommodate a higher number of consumers. However, purchasing such equipment may not be a viable option financially. Fortunately, there are many types of equipment leases for business owners to take advantage of.
Gilbert went on to tell Inc. that owners should find out what, if any, equipment they might need to help facilitate increased sales activity.
“Some businesses need to rent additional cash registers, point-of-sale systems, and mobile credit-card readers to cut down on lines,” he said.
Whether you plan to take out a loan or invest in equipment leasing, there are plenty of options to choose from. The key is to figure out which one makes the most sense for your specific business.
For instance, while a more traditional working capital loan may be ideal for some businesses, a merchant cash advance that allows you to repay it based on a percentage of your credit card transactions in-store could be preferable.