Screen printing equipment is not only enormous in size, but it also costs enough that a new purchase can take up a chunk of your operating budget. To avoid being stretched too thin, you may want to look into alternative ways to fund your equipment. If you are looking to conserve cash flow, financing used or new equipment might make the most sense. When you finance, a down payment may not be required, leaving you with more cash for the things that matter With a positive cash flow, you will be prepared for growth, unexpected expenses such as equipment repairs, and will be able to keep up with inventory and supplies. Financing can help your business run efficiently and smoothly.
Do Your Research
Get Your Finances in Order
How to Qualify
Calculate Your Payment to Get Started
Do Your Research
Before you pick out your screen printing machine, it’s important to be knowledgeable about the equipment you’re looking to add to your business. Let’s start with researching used versus new screen printing equipment. It’s no secret that used screen printing equipment is more affordable than brand new, but the process of choosing can seem intimidating. When looking at used screen printing equipment, you want to make sure that the equipment you select will hold up over time and won’t require numerous repairs in the near future. On the other hand, with a new screen printing equipment you won’t need repairs at the get-go. Research truly is key.
If you are looking to expand your services, then you can start by researching industry trends. Depending on how much time you have to devote to trend research, this can take a few minutes or a few hours. If you fall into the category of only a few minutes to research, focus on reputable trade publications. Try Printwear and SGIA Journal. Both discuss the newest services and products customers are looking for, as well as new ways to improve your business overall.
On the other hand, if you need a new piece of equipment to keep up with demand, then you can do some extensive research online to see what equipment types or brands have a good reputation in your market. Check out Beacon Funding’s partnership with M&R, offering a perks program with enhanced financing options to companies like yours looking to acquire screen printing equipment.
Feeling overwhelmed? Consider teaming up with a partner that has expertise in the industry. This can be a shortcut to success. Their knowledge combined with your finances, reputation, or resources can lead to faster growth. The tricky part is finding a partner you can trust with the skills you need. You may be surprised how many experts, like Beacon Funding can help your business expand.
Get Your Finances In Order
Whether your business has past financial challenges or not, there are lenders willing to create a custom financing plan for you. The stronger your cash flow and profitability, the more affordable your monthly payment is likely to be. One way you can improve your business’ financial standing is by recovering any outstanding fees or debts. You can do this yourself, or if you don’t have enough time, consider outsourcing your debt collection with a debt collection agency.
Additionally, you can analyze all of your expenses and determine which ones can be reduced or rearranged. For example, you could arrange periodic payment plans for larger expenses or switch insurance companies to get a better deal.
Taking some time to improve your business’ financial standing can be worthwhile in the long run. Even businesses that have seen financial challenges in the past can get help acquiring equipment to keep up with growing demand and start generating profit almost immediately.
Growing your business doesn’t have to put a huge strain on your cash flow. Screen printing financing exists to help you afford the right equipment your business needs at the right time. When it comes to finding equipment financing, traditional bank financing may not work if you require non-traditional funding. Instead, it would be best if you focused on finding a lending partner that has equipment expertise that you can trust. Expertise in the equipment you're trying to acquire is crucial to ensuring you get the best deal and the best quality equipment.
A lender with strong vendor relationships should be able to negotiate with the vendor on your behalf to guarantee an affordable financing rate on new or used equipment. Whether a sale-leaseback program or a lease-to-own program is for you, a financing partner will be able to craft a financing plan that fits your business needs. Plus, monthly lease payments can be fully deductible as an operating expense for income tax purposes.
Reach out to a lender like Beacon Funding who offers easy, fast, and flexible financing for new or used screen printing equipment.
How To Qualify
For your screen printing business to qualify for financing, you will most likely need a few things. First, a clean credit history is ideal when applying for an equipment loan. A good track record helps to show that the business can meet its obligations. Try to clean up your credit history and report any errors to be fixed. But if your credit isn’t perfect, don’t panic. Some equipment financing companies will work around less than stellar credit.
Next, having cash flow statements will put your business in a better position to show its profit margin. Cash flow statements make the review process easier and faster, so you’ll have an answer and financing sooner. Read more about how you can qualify for equipment financing here.
Calculate Your Payment to Get Started
With these tips, updating your screen printing equipment via financing can be straightforward and manageable, especially when working with an equipment financing company that understands your business needs.
Eager to get started? Find out your monthly payment estimate using a financing calculator. All you have to do is select your equipment type, cost, and term length. Try it out! You could have that new or used screen printing equipment that will help grow your business in no time.