Innovative Ways to Reel in Cash
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As the credit crunch makes raising financing more difficult, small business owners are finding innovative ways to reel in extra cash.
Just ask day-spa owner Eva Sztupka-Kerschbaumer, who says she recently raised $30,000 in a single day. Her Pittsburgh,-Pa. spa, ESSpa Kozmetika Organic SkinCare, needed a quick cash infusion when a $12,000 microdermabrasion machine and two $1,000 facial steamers conked out in April. However, the last thing she wanted to accrue was interest charges, so she didn’t go to a bank to raise funds. And to avoid missing out on future profits, she also didn’t tap a factoring company, which provides cash up front in return for a cut of her company’s future receipts.
Here are four other ways to raise (and save) cash quickly:
- Offer upfront pricing
- Discount items, sometimes
- Consider purchase money financing
- Switch from fixed to variable costs
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