Building a Stronger Home Improvement Business with the Right Financing Strategies
Published August 13, 2024
Building a Stronger Home Improvement Business with the Right Financing Strategies
Admin
Many businesses that specialize in home improvement work offer financing options to increase sales, improve cash flow, and expand growth opportunities in a highly competitive marketplace where it can be tough for business owners to succeed and meet their financial goals.
Consumer financing works differently from home equity loans or unsecured personal loans that customers might apply for but get turned down by a bank or credit union. Many homeowners who need to hire your services don’t always have the cash available to complete the purchase in a one lump sum transaction, paid in full.
But when you offer home improvement financing through Fund My Contract, you’re giving your customers the opportunity to cover the costs of the work over a series of low monthly payments at competitive rates that are lower than most credit cards and lending institutions.
That makes it easier for the customer to hire your construction company or contracting business and help drive sales, increase your company’s cash flow, and accelerate business growth to meet your timetable for expansion.
Low Monthly Payments and Competitive Interest Rates
When it comes to strategizing how to grow your business, the first priority is putting your goods and services financially within reach. If a customer can’t afford to pay for the home improvement project with your contracting business, he or she will seek out another contractor who will do the work at a lower rate and get what they pay for in the bargain.
But financing options through Fund My Contract can ease the burden on your customers with two of the most important selling points that can help them afford the costs while attracting more potential customers to inquire about hiring your services.
Working with our network of third-party lenders, construction companies of all sizes can generate more revenue much quicker with a range of innovative and affordable payment options that give customers an alternative to paying in full at the time a transaction is completed and you’ve been hired to start the job. No more waiting for the customer to delay the work a month, two, maybe longer, as they scrimp and save in order to afford the cost.
Two very appealing selling points of financing are the option for breaking up the cost over low monthly payments and interest rates that are lower than other financing solutions, for customers who qualify. The biggest challenge to the financial health of any construction business is attracting more customers to continue scheduling more new jobs and bringing in a steady income.
Offering your customer financing options empowers them not only to say yes to hiring your business to do the work but increase their spending power by purchasing more advanced models of products and deluxe services that equal higher sales and more revenue going into your business. The customer doesn’t have to think twice about how he or she will fit the cost of the work into their budget for that month, now they can space out the cost over a series of installments that can fit into any monthly budget
Lower interest rates means less interest paid on the financing program that your customer chooses to utilize for his or her financing needs. Those customers who qualify can enjoy promotional rates that are exclusive to your business and temporary, which can help your customer make the decision to apply for the program that fits best.
These selling points, along with flexible loan terms that give your customers more time to reimburse the lender with whom they have entered into a financing agreement make home improvement financing an easy decision to help build a stronger home improvement business.
Financing Options Benefit Businesses and Customers Alike
Construction companies want to increase their conversion rates while customers want to increase their options. Financing through Fund My Contract provides both sides with the tools they need to achieve their goals.
These are just some of the ways financing can help speed up the rate of business growth for your contracting company:
Faster Sales Conversions
Customers who know they can rely on having financing programs available when they need them can make more informed decisions about how and where they plan to spend their hard-earned money. A hesitant customer can turn into a satisfied customer, telling others about your construction company and recommending you for larger projects and high-ticket sales.
Robust Profit Margins
Gain the Competitive Edge
Customers who turn to your business for their home improvements know they’re getting the best quality services at fair market rates. But it never hurts to give your customers even more reasons to patronize your construction company in a crowded region and financing options through Fund My Contract can give your business a leg up on the competition. Your clients trust you as a skilled contractor and an authority in the construction industry and when you can give them alternatives to paying in full, they’re more likely to maintain their loyalty with your business for future projects.
Smoother Application Process, Faster Approvals
When you work with Fund My Contract’s network of third party lenders, you have a powerful ally on your side for increasing sales and generating revenue. We make the financing process simple by streamlining the application with our exclusive online portal. When a customer wants to apply for one of the financing programs you offer, he or she simply fills in some basic pertinent information and a soft pull of his or her credit history is made to determine which programs that customer is eligible for approval.
The process takes into account the customer’s credit score along with employment history, debt-to-income ratio, and the financing amount needed to complete the home improvement project your customer needs performed.
All of this criteria taken into equal account provides a more complete picture of the customer’s financial condition and puts more revenue into your business with a faster response on an approval for the financing program that helps your business grow.
Let's Discuss How to Build Your Home Improvement Business
Reach out to one of our home improvement financing experts today to learn more about the challenges your business is facing and the barriers to growth that are preventing it from the success you’ve always envisioned. Our network of third-party lenders can keep your business plan on track and help you develop the most effective and beneficial financing options in the industry.
Growing Your Dental Practice in a Competitive Marketplace
Any business owner must understand the most effective methods for success. It’s no different for dental practitioners who are seeking out new ways to build a practice and achieve sustained growth.
3 Important Aspects of Offering Financing for Consumers
Many businesses are evolving and offering their customers Point Of Sale (POS) financing for their purchases. This is advantageous to customers and lets them purchase items they otherwise couldn’t afford by making payments.
Long Term Financing in Dental Offices
Let’s face it, dental work can be extremely expensive. When it comes to dental care most patients wait until something hurts before they make an appointment. They are willing to put off even preventive care