Starting a new business and having it take off better than you expected is always good news. The only problem is you may not be able to handle the increased business yourself. Depending on the business, this may not be a big problem, but if your business is software services, like building websites, you may need help. You also have to hire someone that is skilled.
You could take on freelancers for the short term, but you know that you will need a full-time employee. Even if you can make do with freelancers you have to pay them and they will likely want some of the payment upfronts. Though you set aside funds for software costs and more hardware, you weren’t expecting a payroll expense and the software or service you may need to handle that. You want your business to keep growing, so you don’t want to turn down work. What do you do now?
Can You Go to the Bank for Help?
Banks aren’t always willing to give you a cash advance for this type of problem. After all, they have no guarantee that after this sudden boom the customer base will continue to grow or the customers you have will continue to need you, though you know they will. Websites cannot be static or they will fail to bring in the business your customer is looking for.
This is where a capital funding company like Cresthill Capital comes in. These companies are dedicated to helping micro and small businesses get the funding they need to get over these kinds of unexpected changes to your business.
You need enough money to cover the salary and the software or service to handle the payroll that you are now responsible for. You have set up your business so payment from your customers is expected 30 days after the product is delivered and accepted.
Once these accounts start paying regularly, you will be able to handle the additional expense, but until them, you need a merchant cash advance to pay the person you hire and secure and set up the software or service for your payroll.
How Can These Companies Help Me Fast?
Cresthill Capital reviews your revenue stream and receipts and also review how you allocate these funds to reinvest in your business and to pay yourself. In this case, they would also review the salary you intend to pay to see if it is in line with current practices. Once you are considered to be a good risk, they will work out the repayment details.
Once the contracts are signed you can have the funds you need within hours and you can confidently hire your first employee. Prior to signing any contract, make sure you look up things like Cresthill Capital complaints. This will show you how the company you are considering handles people who are not happy with the decisions they made.