LA Showroom The Original Wholesale Fashion Marketplace

Buyer's Lounge

Wholesale Fashion Industry News

Three Practical Steps to Growing Your Business

As a business owner, it does not matter if you are at the store or at home, you are constantly thinking of steps to growing your business. Most of the time, it feels like you are wearing multiple hats—CEO, cashier, shopkeeper, accountant and stock manager. Sound familiar?

With the daily grind and pressures of running your business, it can be hard to put your ideas into action.  Here are three practical steps to identify and execute on opportunities for growing your business.

Identify Opportunities
  1. What are your highest selling, highest margin products? Are they driven by season?
  2. Is there inventory you can buy at a great discount and either pass those savings to your customers to drive sales volume or increase your profit margins?
  3. Are you thinking of expanding and want to test new retail locations with pop-up stores?
  4. Would a new marketing or advertising approach bring more customers to your store?
Do the Math
  1. How much money do you need to take advantage of this opportunity?
  2. What’s your minimum required return to clear a profit?
  3. What’s the total profit and earnings potential from this opportunity?
Make it Happen  
  1. Calculate your required returns.
  2. Anticipate the challenges and create your execution/sales plan.
  3. Secure the funds to take advantage of the business opportunity.

One of the biggest challenges facing small business owners is securing the financing to invest in growing your business. For this reason, recommend OnDeck as a resource for you. At OnDeck, the application process is simple and fast, requires little to no paperwork, and focuses on the health of your business—not just your personal credit.

OnDeck is 100% focused on small business and making sure business owners can access the capital needed for growing your business. Depending on your working capital needs, you can use OnDeck financing to invest in new equipment or inventory, hire employees or simply manage your day to day cash flow. OnDeck has an A+ rating with the Better Business Bureau and, since 2007, has deployed more than $2 billion to over 700 industries nationwide.

Click here to begin the application process, whereby decisions are made within minutes and funding can be as fast as 24 hours later.

Leave A Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.