Anyone in the beauty industry will know how frustrating it is to wait until you’ve got enough cash upfront to purchase an asset for your business. It can prevent you from jumping onto new industry trends, and slow down your business growth.
Businesses within the beauty industry need flexible finance that is available quickly and easily, and this is where asset finance can be a great option. Here we’ll talk about what asset finance is, and how it can help your beauty business to grow.
What is asset finance for the beauty sector?
Asset finance is a finance option which allows a business to acquire much-needed equipment without having to pay upfront. Instead of buying the asset straight out, you will pay a regular amount to use the asset over an agreed period, avoiding the full cost of buying outright.
Waiting until you’ve got enough cash upfront to purchase an asset can slow down your business growth, and can make day to day operations much harder than they need to be. Asset finance allows beauty businesses to obtain assets and benefit from these assets without paying for them up front and in full, which frees up cash for use in working capital.
How does asset finance for the beauty industry work?
Asset finance is a relatively quick, easy way of obtaining funding for your beauty business. Deals can be agreed within hours and completed the same day. Normally the asset being financed is the only security required, leaving your other business assets unencumbered.
The asset finance company recuperates the asset’s cost over an agreed period. This is usually between one and five years depending on the assets involved. As a borrower, you’ll have to show that you can afford to make the agreed repayments.
Which beauty assets can be financed?
Asset finance is an ideal option if you need to purchase equipment such as salon furniture, beauty equipment for the latest techniques, or if you require a salon refurb.
Asset finance means that you can jump on new trends straight away- getting at the front of the game and staying ahead of your competitors when it comes to the latest beauty news and trends.
How PMD can help with asset finance for your beauty business
PMD works with over 150 lenders and can open up a number of flexible, independent and competitive funding lines to drive your business forward.
PMD takes the hard work out of securing business finance, liaising with funders on your behalf to ensure the best possible terms are secured, leaving you free to focus on running your business.
We also work with the leading manufacturers and suppliers of beauty equipment and are happy to introduce you to obtain a choice of quotations if you require.