Hawaii is a great place to be a small business owner. With the number of tourists coming in yearly and the increasing number of residents in the state, you could not be better poised to attract clients and grow your company. Plus, the area is consistently ranked in top ten lists as far as places to raise a family, places to retire and places to buy a second home. The key to running a small Hawaii-based business is to understand how to leverage your location, your services and the value you bring to the table. And often, getting additional working capital is the best way to accomplish this.
Getting a Business Loan in Hawaii
Why else would you want to launch a small business in Hawaii? How about because the region is ranked among those areas with a robust job market. Housing in Hawaii is also on the rise as more and more developers and builders are looking to create multifamily and single-family residences for all those moving to the state right now.
Places such as Oahu, Maui and Lanai among others are steadily growing in terms of population density; now is therefore the time to do something big to gain more clients and thus grow your Hawaii small business. And what could be more beneficial than a working capital loan to help you with a brand new marketing campaign or hiring more personnel or perhaps even moving into bigger office space.
Because Hawaii is such a hot area right now, we thought we’d offer some insight into just a few reasons why a small business owner would want to apply for a business loan. In other words, what specifically could you do with your loan in order to advance your business endeavor? As far as Hawaii based businesses go, these are a few of the primary uses for a small business loan:
1) Take advantage of the busy tourist season. Of course, in a place like Hawaii, tourist season is pretty much all year long, but there are going to be times that are busier than others. The key is to know when these are, specific to your location—so for instance, Maui may see more summer traffic while other islands might be flooded with tourists during other times of the year. This is why it is so important to be familiar with your local market—it may require some research on your part. When the tourists do come flocking in, this could be a great time to launch a new service or product. Perhaps you may need additional staff to help handle the busy season. You name it, and a business loan from an alternative or online lender can most certainly help!
2) Host a special event. Hand in hand with paying attention to the tourist season and what, consequently, visitors seem to be looking for from their Hawaii visit, you might host an event. It could be a dinner, a festival, a class even. The payoff here could be big. For one, you expose your small business to more people. Secondly, you engage with your local community and that can be hugely important when it comes to growing your company. And finally, the event might be used to gather feedback. In other words, this is a great chance to talk directly to people who would otherwise be customers and get their perspective, find out what they want and what they think you could potentially do a bit differently.
3) Hire on more staff. As you grow your business, you might be thinking that you and a small skeleton staff can handle it alone. Odds are, you’re going to wrong about that. One of the main downfalls of small businesses is when they try to do too much with too few resources. To grow your Hawaii business in the right way, you need to have the people in place to help—people with experience and expertise in areas you may not be particularly well-versed in.
4) Weather the slow times. Just about every small business will face slower sales seasons. Revenue is down and you might be struggling to find ways to make ends meet A small business loan or line of credit could definitely help in this situation. The key here is to apply for a loan before you’re in a cash flow crunch. This way you are able to present a stronger application and thus your odds of approval are going to be better.
5) Buy a competing company. Numerous Hawaii businesses have gotten commercial loans for the purpose of purchasing a competitor. Why buy out a competitor? For one, you expand your portfolio of offerings. You also get the advantage of acquiring their client list; plus, that’s one less competitor with which you have to contend. It really is a great step in terms of expanding your small business in Hawaii.
First Union Can Help
If you are looking to expand operations, launch a new product or just get through a difficult financial period, First Union can help. We’ve worked with numerous Hawaii-based companies getting them the cash they need quickly. Let us help you! Call today.Published in