Auto Detailer Shines
Asset-Based Loan Auto Detailer Shines
Author: Valerie Mellema
Date posted: 06.01.23

The United States is filled with cars and it takes a lot of work to keep them in good shape. One woman in the Midwest took her love of cars and put it to use by creating a vehicle detailing company. The shop was small but did good business, thanks to the impressive results the owner ensured for every customer.

Identifying the Problem

 

The business, while performing satisfactorily, maintained a relatively small scale. The owner started considering the potential for expansion, prompted by the abundance of potential customers among the city’s numerous drivers requiring car detailing services. While driven to move forward, she acknowledged the necessity for thorough deliberation. Her goal was to prevent the situation of investing substantial capital, only to encounter the letdown of the business not achieving the expected success.

 

Is It Time to Expand?

 

As Auto Detailer Shines continued to excel in marketing, the owner proactively initiated an investigation into effective methods for expanding operations. Faced with the pressing reality of time constraints, this exploration aimed to uncover ways to accommodate the rapidly escalating demand for their exceptional services. Subsequently, this comprehensive exploration prompted the owner to deliberately consider augmenting the workforce as a strategic means to accommodate the rapidly escalating demand for their exceptional services.

 

With the operations of Auto Detailer Shines in mind, she realized the need to modernize the equipment. After thoroughly exploring her options, she concluded that a $150,000 loan would best align with her objectives. Consequently, this realization prompted her to shift her focus toward identifying the most suitable financing avenue to pursue.

 

Evaluating the Options

 

In the present day, there is a multitude of loans and alternative financing choices available. The owner, however, was not inclined to hastily proceed with the initial option presented. Instead, she delved into the array of choices and thoroughly examined each one. Without a sense of urgency, she recognized the significance of making informed decisions to prevent potential complications down the line.

 

The owner looked online and spoke to other business owners to get an idea of how to move forward. She selected from a few options and proceeded with the one most beneficial for her needs.

 

Choosing an Asset-Based Loan

 

One of the financial options available was an asset-based loan, which is what the owner chose to use to meet her needs. There were several reasons to do so. However, she most appreciated that this loan could make use of her assets as collateral. This would make the payments affordable and easy to keep up with.

 

This loan would take a while to close; however, that gave her ample time to make final decisions about the changes she wanted to implement. Additionally, she’d have typical monthly payments at a reasonable cost. Moreover, compared to traditional business loans, it made the most sense. Consequently, she applied and was promptly approved.

What Happened Next?

 

With the asset-based loan funds, the owner expanded and attracted new customers. New people have been hired and the business is doing better than ever. The owner is excited about the future and knows they have financial backing if it ever becomes needed down the road.

About The Author | Valerie Mellema

Valerie has over 16 years of experience as a professional writer of blogs, eBooks, articles and press releases, with a focus on finance and alternative lending. Valerie resides with her family in Texas and is passionate about her horses.

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