Do you own a mom and pop business?
A "mom and pop" business is generally known as an independent or family-owned business. Mom-and-pop shops typically have a minimum number of employees, small business volume and are open for business in a single location.
To keep up with consumer trends and compete with larger enterprises, mom-and-pop business owners can use a number of strategies to strengthen their business.
How Mom and Pop Business Can Grow
Here are a few ways that can help you get on top of the competition and shore up your bottom line.
Increase inventory
You can attract additional customers or increase sales to your current customers by offering new products and services. Asha Waterstreet owns a bricks and mortar store selling gourmet oils and vinegars. Learn how she is using SBA loan proceeds to add products and increase customer sales: Business Stories - Tasteful Additions
Launch new marketing initiatives
Are you where you need to be when it comes to promoting your business? There are solid ways you can attract quality consumers using tools like social media, local advertising and direct mail. SmartBiz customer Angela Fulcher is using SBA loan proceeds to launch a targeted digital marketing campaign. Read about her entrepreneurial journey here: Business Stories - The Growth CMO. If you don’t have the bandwidth for marketing, consider hiring an outside consultant to plan and execute targeted programs.
Pay off existing high-interest debt
Do you have debt that’s crunching your cash flow? Credit cards, long term loans, merchant cash advances and other types of funding can be refinanced or paid off with a low-cost cost loan saving hundreds or even thousands per month. Claudia Gee had over $4,000 in debt payments before she came to SmartBiz for an SBA loan. She was able to consolidate her debts and now pays just $1,600 monthly. Learn about her growing balloon business here: Business Stories: Amazing Balloons by Gee
Purchase equipment
New computers, machinery or vehicles can help your run more efficiently. Southern Utah’s Randy Jacques secured an SBA loan for $105,000 to purchase a wood chipper along with additional smaller tools. He’s now expanding into new areas and increasing business. Learn about his SmartBiz experience here: Business Stories: The Tree Guy
Hire additional staff
Although mom-and-pop operations run lean and mean, there can be a need for additional employees as you build your business or during busy times. Learn how a busy photographer is creating jobs by hiring more employees here: Derrick Bryant Photography: Successfully Starting a Photography Business
SBA Loans: The Best Funding Option for Mom-and-Pop Shops
If you’re searching for low-cost funds, consider a Small Business Administration loan. Known as the “gold standard” in small business funding, an SBA loan has low-rates, long terms, no prepayment penalty and very low monthly payments. Many banks and other financial institutions offer SBA loans, but their process, requirements and fees can vary.
Why SmartBiz?
SmartBiz offers an easier and quicker way to get an SBA loan. Our online application is streamlined and you can even prequalify via your mobile phone in about 5 minutes. Your credit score won’t be impacted during the pre-qualification process as SmartBiz uses a “soft pull” of credit.
Our customer service sets us apart as well. Although owners of small businesses have many skills, advanced financial knowledge might not be in their wheelhouse. SmartBiz assigns a knowledgeable Loan Consultant to borrowers who might need guidance during the loan application process. Here’s just one of hundreds of 5-star reviews written about our customer service professionals:
