The holidays are just around the corner. For a lot of local businesses this is great news, because it’s often the much-needed boost it takes for them to make it through the lean months. However, construction companies are one of the few businesses where the holiday season actually signals something else entirely: the end of their revenue stream.
While the seasonal time table may put you on opposite tracks until spring, there’s another way to look at the annual down turn. What does this mean? Why not consider expanding your company using fast unsecured business loans? This article can help you run a risk assessment to see if expansion through unsecured financing is in your future.
To Grow or Not to Grow? That is the Question
A lot of industries view expansion as a grey area. It shouldn’t be. There are only three factors involved:
One nice thing about owning a construction company is that these parameters are clearly defined. It just depends on what stage of business development you’re in. Is your company:
- Sustainable and profitable
- A start-up with marginal profits
- Operating below the industry standard by spending more than you’re making
Make sure to assess your business profitability honestly.
If your business falls into the latter two categories, then it’s not time to expand just yet. You really need to have both professional sustainability and profitability in equal measure before you think about expansion. Why? The next steps involve planning and applying for unsecured business loans. These steps will go much smoother with your company’s financial trajectory firmly set.
It Was The Best of Times; It Was The Worst of Times: How To Plan For A Successful Expansion
While the thought of expanding your construction company may be exhilarating, the reality of it can be tiring. That’s why the off season is a benefit in disguise. It offers you the gift of time; time to plan properly both logistically and financially.
Expansion means different things to different people. Some proprietors choose to buy an existing building and convert it. Others choose to build new and handle the construction from scratch. Whatever road you choose, unsecured business loans can help.
- Can be based on established billing histories and profit margins rather than credit checks
- Fast and flexible with variable repayment available
That said; timing is everything. Don’t rush through the approval process. Expansion is stressful enough as it is. Always make sure you seek reputable lenders and that you understand everything you’re agreeing to. Construction always involves risk, so plan for it. Ask how you can secure lower interest rates and fees, don’t overextend your resources, and be prepared to make mistakes.