Contractor Prosperity: Navigating Financing Avenues for Business Advancement
Published March 5, 2024
Contractor Prosperity:
Navigating Financing Avenues for Business Advancement
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The goal for all small business owners is economic growth that translates into financial stability and long term success. For contractors, that means employment opportunities on more construction projects but the challenges preventing consistent expansion and growth don’t come from just one single source, they tend to present themselves in a myriad of ways that make it tough for entrepreneurs to thrive in this space.
But there is a tried and true way to stimulate economic growth and offer valuable insights on small and large scale projects alike. The solution is contractor financing through Fund My Contract.
Financing options increase the spending power of your clientele and drive more traffic to your contracting company because you are making it easier for customers to say ‘yes’ when they might otherwise say ‘no’ to expensive home improvement projects, repairs, and renovations.
Even if the client has approached you directly, explained what he or she had in mind for the project, and the bid you’ve submitted is a fair estimate, in many instances, the cost of the project represents the expenditure of substantial funds in an amount that may be out of the client’s budget at this time.
So, then what? The client often elects to walk away, claiming he or she needs time to think about the considerable expense, and they’ll get back to you about the job. But the likelihood of that happening is slim to none and it could be due to any number of reasons. The majority of the time, the client simply doesn’t have the cash on hand to pay for the work in one lump sum and, if we’re being honest, they might not have realized what the cost of the project would be and your estimate, although fair, turned out to be more expensive than anticipated.
Financing Avenues and Increased Cash Flow for Small Businesses
The potential impact of having to wait on your customers to hire your services when they’re in a better position to pay for your work in one lump sum can be devastating to the long term outlook of your contracting company. When you can offer your clients access to alternative financing options instead of paying for the work in cash or on a credit card, you have the power to stimulate economic growth by giving your customers more funding options to hire your contracting skills for more construction projects.
Fund My Contract is the industry leader in giving contractors like yourself more advantages for getting customers to make the commitment and hire your services now, instead of later, and put crucial revenue in your business. Whenever the customer walks out that door, you run the risk of them never coming back. That’s revenue you’ve undoubtedly lost and for what reason, because you couldn’t give them the choice of hiring your services without paying for the work all at once.
When you can provide your clients with more financing avenues, you can increase cash flow into your contracting company and before you know it, you’re expanding and growing your business like never before.
How Does Financing Work?
Let’s say you’ve got a client who wants to hire you to perform some renovations on their home. They don’t have the available resources, right now, to pay for the work in cash or they didn’t plan for this high-ticket expense in this month’s budget. So you present the client with a range of financing options that help make the work more affordable as a series of low monthly installments. The financial benefits of participating in one of the programs you offer can be enjoyed by you and your clientele.
Fund My Contract makes it easy to offer financing to customers as we connect you with our wide-ranging network of third party lenders who are ready, willing, and able to partner with entrepreneurs who want to boost their sales, convert more potential clients into paying clients, and generate more revenue at faster and more consistent rates.
Membership into the Fund My Contract program gives you access to seasoned professionals in the consumer financing space who help you devise the financing options you wish to offer to your clientele. These may include low monthly installments, promotional interest rates, flexible terms, it’s up to you how you wish to structure the financing programs that put additional resources in your clients’ grasp and more revenue into your contracting business.
Fastest Approvals in the Industry
At Fund My Contract, we pride ourselves on being the standard bearers for the consumer financing industry, offering innovative and unique financing programs that meet the complex needs of your clients.
We work with you to customize the financing options that work best for your clientele, If your potential client is worried that he or she isn’t in a financial situation to pay for the full cost of the project right now, you can present a financing program that splits the cost up into smaller, more manageable monthly payments.
If the client is concerned about the interest rate, you may wish to offer financing that has a lower, competitive rate for applicants who qualify. Some clients may want more time to reimburse the lender for the financing they receive. Our network of third party lenders can work with you to offer financing that gives clients more time with longer terms on the agreement.
Whichever program they prefer, the client only has to fill out an application through our online portal, providing some basic personal information and the amount of money they need to complete the transaction with your contracting company. Once the application is submitted and reviewed, clients who qualify for one or more alternative financing options can find out in minutes whether they’re approved. We’ve streamlined the approval process so that clients receive faster approvals and your business generates more revenue quicker.
A client who waits to hire your services is far more likely not to convert on a sale. The Fund My Contract model works to drastically reduce the time your business is forced to wait in order to generate revenue.
Faster approvals equals more sales and more income to help your business expand.
Best of all, there are no hidden fees nor prepayment penalties imposed on the client should he or she decide to pay off their remaining balance sooner than expected.
Get Paid in Full. Fast.
Small businesses with cash flow issues can find it tough to complete in the marketplace. That’s why Fund My Contract works hard to ensure that our members get the full cost of the materials and labor that are due for each job once the client’s application has been approved for financing. The funds are provided directly to you once the work has been started, so you may perform the job without worries for your company’s cash flow.
Once a client has received approval for funding, that money cannot be used for any other purposes or with any other vendors. You gave the client access to financing options, the funds from that financing should be allocated solely for you to provide the client with the expertise and high-quality workmanship that has garnered you such rave reviews with customers.
More Upgrades on Large Scale Projects
When you put spending power back in the hands of your clients, you are empowering them to spend more with your business by adding upgrades and other accessories and features to the renovation project you have hired to perform. When a customer knows that he or she doesn’t have to pay the full amount of the work all at once upfront, it puts that customer at ease and the customer decides to include more add-ons to the job.
That generates more revenue for your business as the client decides to increase the size of the project, choose higher-quality materials, and deluxe packages. The customer knows they have more time to pay it all off, what’s the harm in spending a few extra dollars to get the renovation they really want or finally address that repair they’ve been putting off for years.
Traditional financing options don’t always allow for the client to receive the money he or she needs in time to get the work completed. That’s one of the reasons why clients like businesses that offer unique, alternative financing programs that take a variety of factors into consideration when approving an applicant for funding.
When you work with our diverse network of third-party lenders, you can be sure your clients will have ample opportunity to get the work they need.
Why Not Call Fund My Contract Right Now?
There’s no time like the present to turn the tide and change the fortunes of your contracting company. Call us today and speak with one of our seasoned professionals for a better understanding of the ways and means in which financing can give your business the fresh shot in the arm it needs. Our experts will work with you to decide how financing can give you an advantage in a crowded and oversaturated marketplace.
Just think, what if the other guy across the street – your competitor – has incorporated financing into his or her business strategy? Your competition is making it easier for customers to say yes and get the home improvement work they need, while your company is struggling to make ends meet.
Don’t let those clients spend their money elsewhere. Give them every reason to hire your services when they need it most. Financing through Fund My Contract can give your business the competitive edge over your competitors and ensure the long term growth and success of which you’ve always dreamed. Now is the time.
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