How Loans assisted Business People in avoiding Closure

How Loans assisted Business People in avoiding Closure

I personally believe that being a business owner is a privilege, a privilege that not all of us can get. The ones who do get it try to reap as many benefits as possible through their endeavours.

So, you would think that since people get such a luxury through business, they would always turn out to be successful. However, this notion is slightly flawed.

There are thousands and thousands of businesses in the world that are not as successful as they planned to be, and most of them have to wind up their business because they cannot handle more losses.

Sometimes these businesses can make a 180-degree turnaround. Can you think of a reason why?

The answer is through a change of direction. Many a time, it is the direction and the vision of the owner that makes a business go on its downward spiral. If the business owner owns up to his faults and tries to change the direction of the business, he can do it.

However, a business needs extra funding for this. Performing an entire overhaul of the business operations is entirely possible, yet it is not cheap. There is a need for massive funds to make the change happen.

Here is a story of an entrepreneur, who did not want to let off the privilege of calling himself a business owner, despite his circumstances telling him otherwise.

The New-Age Online Store Owner

It is the story of a business that had been operational and profitable since 1920. You must have seen one of them,

  • an age-old hardware store that has seen better days;
  • a store that could use a renovation, but does not have the funds to do so;
  • a store that is still making some sales today because the community loves the old owners;
  • a store that has been defeated by the latest trend of online businesses;
  • a store that cannot handle any more losses;
  • and a store that has decided that closure is the best option.

So, does this business give up and shut down for good, or does it keep trying to persevere and see if a change is possible?

What do you think the business should have done? I believe that the latter option should be the course to take. And the businessman thought the same.

The Necessary Change

It was apparent that the business would not survive in its present condition. Although the place of the business was their own and they did not have spent their minimal income on rent as well, they had to transform themselves.

The significant change would be to go online. They had to start selling their products online, or they would not be able to survive for long.

Most people were getting their hardware deliveries through Amazon, a giant in the online markets, who was taking up a market of the majority of businesses like his and swimming in profits.

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The owner had decided to take back the share that Amazon and other online vendors had taken from him.

Although he was 60, he would still manage to make the change and see his business flourish.

The Funding

The only problem came now was their ability to make that happen. They needed contacts, they needed social media, they needed a website developer, and they needed money for that.

A total of £2,000 was needed for all of that. With the credit history of the business owner, a loan seemed entirely impossible.

He could look for an investor, but there were almost none interested in saving his business. And the ones who did take interest wanted our owner to sell his entire business for an almost miserable amount. They also had to arrogance to tell him that he should retire in peace with the money they were offering.

With that said, he knew getting an investor was no longer an option.

Thankfully he came across a website that offered people with low creditworthiness get funds with ease.

He clicked on the link, landed on Easy Loans from Private Lenderand was accepted for a loan soon. He got his 2.5k pounds in less than a day that felt almost surreal to him. He had to pinch himself to believe it.

The Outcome

You can probably guess what happened next. The business owner had the money, and he initiated the transformation without wasting a moment.

The change he had anticipated took longer than he expected to become fruitful. It had been almost three months, and still, the not single sale happened from his website and through the store’s social media account.

Then his 17-year-old grandson decided to promote the store’s Facebook page on his account. He even hired a friend of his to model with the hardware products. From pliers to nails and duct tape, he took of every product and added to the page.

The business owner had to take another loan; this was one of the doorstep loans for bad credit, to pay the model his fees and add new and improved supplies.

Still no change, and then suddenly, the owner got a request on the website, and the sales started happening. He could visibly see a difference in the figures, a change that he had waited for so long to arrive.

He could not believe it, but his business did manage to make a turnaround, and the owner was the happiest person alive.

Let me tell this is a real store is in York, where social media is as powerful as word of mouth. The business is capitalizing on both and selling as many products as it possibly can.

Winding Up

In the end, all I want to say that money is extremely important today. I know it sounds fickle and materialistic at the same, but that does not change reality. Financial assistance can change a person totally, be it his confidence in himself or his ability to run a business. Since loans are always supposed to provide financial aid, we should be thankful for them.