Event Profs’ Top 5 Uses for Capital Loans
Goodshuffle Pro recently teamed up with the Stripe Capital loan program to help our clients get the financial infusion they need to empower their event companies. While there are many traditional ways to use a capital loan — pay the bills, hire new employees, purchase new inventory — we know that event businesses have unique needs. You may be surprised at the different ways that capital loans can boost your business and help you to bring in new clients!
Expensive Inventory Purchases
Inventory purchases can come with hefty price tags, but having unique, high-quality inventory is vital in putting together a fantastic event. Plus, sometimes the best deals on inventory can require a fast purchase, such as an auction item.
VIP Events
VIP events are key for getting your company recognized. If you pull off an amazing, large event— or an event for someone who is well connected— you’ll see their friends and family lining up at your door to book their events, too. Word of mouth is a great form of advertising that should never be overlooked! Plus, an especially noteworthy event can result in photos and testimonials you can use for marketing purposes moving forward.
The challenge is that these events tend to come with higher up-front costs in labor and new inventory. Capital loans are a great way to get the items and people you need to pull off the event in style. Once the event is over, you’ll be able to cover the loan repayment through a fixed percentage of the sales from that event, as well as future ones. Plus, you’ll be ready to use the new items you purchased in your future events, too!
Growth
Capital loans are a great way to invest in the growth of your company, whether you need to update your showroom, get new office equipment, or add a new trailer to your fleet. We’ve even heard of clients using capital loans to purchase new vehicles. With growth, new hires, and new inventory comes an increased need for new equipment, and delaying these purchases can hinder your company’s forward momentum.
Sales and Marketing Expenses
A new website, a new salesperson, and/or a new marketing campaign all cost money up front, but they all also have a high return on investment (ROI). Your website, salespeople, and ads all act as first impressions for your business, so it’s important that they are up-to-date and represent your company in the best way possible. Smart investments on this front will do wonders for your bookings!
High Request Items
If you find that you’re getting a lot of calls about specific items or themes (Farmhouse wedding, anyone?) then it may be time to add these items to your inventory. Keeping track of regular requests (which is made easy with smart event rental software) will help you make smart inventory investments— high-demand items will quickly pay for themselves (and the capital loan you took to get them).
Goodshuffle Pro and the Stripe Capital Loan Program
Since Goodshuffle Pro teamed up with the Stripe Capital loan program, we’ve heard many encouraging stories from our users about how they used their capital loans to take on big VIP events, expand their company, and cover costs during slow periods. Because there’s no interest and no credit reports, our users have been able to take loans for business growth with ease and virtually no downsides. Payment is simple— a percentage of each transaction you make using Goodshuffle Pro goes towards the repayment of your loan, so there are no monthly bills to keep track of, and you pay less when you’re making less.
The purpose of this partnership with Stripe is to empower our clients to grow and thrive in the event industry, even during challenging times. Take control of your business and make the investments your company needs to be successful— even during the slow season!
Loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank. All loans subject to credit approval.
