Entrepreneurship in South Africa has been growing over the years. The rise is evident more now amidst the Covid-19 pandemic. More and more people are offering smarter, convenient ways for consumers to shop and receive a service. This growth has been helping more by affording them the ability to care for their families since the pandemic has cost some people their jobs, and the demand and supply relationship between consumers and entrepreneurs is flowing organically. You are probably an entrepreneur if you are reading this and also agree that things aren’t always easy for business owners-the challenges always pile up. Especially for small businesses. That’s why you don’t have to carry the load alone. Whether you’re a start-up or a running small business, asset finance can help you obtain all the machinery, resources and equipment you need to keep the product and service side of your business runs smoothly, making you focus more on things such as cash flow, hiring more help, keeping your consumers satisfied or simply growing your business in this growing digital space.
Asset Finance, Explained
Asset Finance is a type of lending that affords your business the opportunity to access operational assets, such as equipment, without having to buy them upfront. With asset finance, your business keeps running without you having to cut costs to get all the equipment and resources to keep your engines running. Say your business needs to go digital, or you need new furniture for your brick and mortar establishment, asset finance is here. Let’s look at ways asset finance can help you and your business, the advantages and options you have, and how you can apply.
Beyond the obvious convenience that asset finance offers you by paying for your equipment so your business can run smoothly, you get to maintain your cash flow. With asset finance, you won’t have to worry about dipping into your business’ funds and compromising your staff or yourself, because that’ll be covered. With asset finance, you can either lease the equipment you’ll need for your business (machinery, vehicles, etc.) or buy the assets (desks, chairs, etc.), and no matter your option, asset finance can help. With leasing, you can also choose how long you’d like to hang onto the assets without having to incur additional costs and you have to return them once the agreed-upon time is up and they are in perfect condition. What most people enjoy about leasing is that the monthly instalments are usually lower than when you make a full-on purchase and you can always lease for a certain period of time, then buy later once you feel confident enough to do so. Asset finance is like your silent partner, helping you achieve milestones one product and service at a time. Another amazing benefit of asset finance is the fixed costs. This can help you manage your business’ income and expenses better, and encourage you to save.
The Nitty Gritties
Even before the Covid-19 pandemic changed our idea of ‘normal’, businesses had been having their own challenges, such as juggling administrative responsibilities, managing employees if you have them and the day-to-day running of the business. With asset finance, the application process does not require long hours of admin that’ll have you neglecting your business. It usually takes less than half an hour to submit an application, and you should receive contact within 24 hours of your submission.
What also helps when applying for asset finance is using the business finance repayment calculator which lets you see how much you can get and repay. Always remember, your application process becomes a walk in the park if you have all the legal and relevant documentation needed, so always ensure your papers are up to date. Make sure you always view and weigh your options to find the perfectly suited asset finance package for you, and don’t be afraid to pay off your loan earlier should you find yourself being able to. It is not only beneficial to your financial service provider, but to you and your business too. Take your business to the next level with Asset Finance, today and make the choice your future entrepreneurial self will thank you for.