It’s the American dream: to own a small business and propel it to success so your children have something to be proud of when they grow up. But only 30 percent of American small businesses make it to the second generation, a statistic that falls even more for each subsequent generation. It’s important to give your family-owned business all the resources that it needs to compete and succeed, and that means financial resources, too. Enlist the help of a family-minded lending partner such as Mulligan Funding for the business working capital you need.
Here’s how we help family-owned businesses:
Family Values Come First
Family-owned businesses usually have one core similarity: they’re value-minded and don’t sacrifice those values. Rather, they infuse them into the business’ daily operations, so there’s no doubt about where a family-owned business’ loyalty and ethics lie.
At Mulligan Funding, we’ve worked with thousands of family-owned small businesses, so we know all about the importance of upholding these core values while building a business. We can help you identify funding solutions needed for building an entire company culture around your values.
Take Expansion Opportunities
It’s common for small businesses to flounder once they’ve hit a “comfortable” level. Don’t make the mistake of being complacent. Keep your eye on potential expansion opportunities, whether it’s a new boutique location in a bustling downtown area, or the ability to franchise your successful quick-service restaurant. Maybe you want to expand to a larger location so you can host more customers and hold more inventory, or maybe your “expansion” plan is just upgrading to better equipment for higher volume of production.
Expansion opportunities have the inconvenient habit of popping up when you don’t have the budget to pounce on them, but don’t let that stop you. Mulligan Funding specializes in providing flexible working capital loans to grow your business. If you see the perfect location and need the cash flow to make it happen, a loan can make it happen, and the added cash flow and revenue from that new location can help you pay off the loan with ease.
Don’t Discount Social Media Marketing
It’s not enough to put your family name on a sign and call it done. Family-owned businesses need a marketing strategy. Having a great marketing strategy can be the difference between success and struggle. Over half of all small businesses are integrating social media marketing into their core strategy, so don’t let yourself get left behind.
Some core strategies include:
- Paid social media ads, especially on Facebook where organic traffic is highly saturated.
- Daily social media posts, including a strong call-to-action and engaging posts that customers want to read.
- A dedicated social media employee who can take the time to manage and grow customer relationships online.
- Presence across multiple platforms, including Facebook, Twitter, Instagram, and even Snapchat.
- Smart use of hashtags to get your content exposed to the right audiences.
Family-owned business success is dependent upon growing and changing with the times, so take the time to make sure your marketing is up to par. Of course, great quality social media costs time and money. Mulligan Funding offers access to flexible funding solutions so you can find the leeway in your budget to invest in social media marketing and stay ahead of the competition.
Find a Lending Partner with a Unified Vision
It can be hard to prioritize small business success strategies when you don’t have the benefit of a lender partnership. Banks and other traditional lenders don’t always have family roots at heart, and you need a lending partner who understands the pain points of a family operated business. Take some time today to speak with a funding specialist at Mulligan Funding to find out how we can help you secure your family’s success.
When you work with Mulligan Funding, the benefits include:
- A one-on-one partnership that lasts; we’re here for the long haul.
- Access to flexible loan types, including working capital loans that function like a line of credit.
- Single-page application process so you spend more time focused on what matters and less time tracking filling out paperwork.
- Manageable repayment options that you can count on and plan around.
- High approval rates even with imperfect credit, because we know and understand that life isn’t always a straight line.
Don’t wait when it comes to your family’s business. Accessing business working capital today gives you the tools you need to secure your business’ success tomorrow, so you can ensure that the family business is still around when your children grow up. The American dream is yours!
Call Mulligan Funding at 855-326-3564 to discuss your financing options today!
The information shared is intended to be used for informational purposes only and you should independently research and verify.
Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.