More and more women are becoming merchants, and for some the main issue comes in the form of pricing. It can be hard to break into any industry, and while we are in the 21st Century, women merchants are still looked at differently than their male counterparts. Because of this, many women choose to undervalue or undersell their services. This should not be what happens, and women should take control of their business, by pricing their services at the industry-standard and not by a short-selled price.
One main issue comes with marketing and getting the word out. Social media is huge, and aside from Wi-Fi cost is fairly cheap, if not free. Social media is a great way to get your business out in the open, and you can target different demographics with your goods. And while social media is great, higher priced marketing techniques often help get the best results. From ads in local publications, to paying to be on the first page of an internet search engine, sometimes these are a must. Cheap, they are not, but they are often the best bet for you to grow your business.
If you do not grow your business, or it remains stagnant with the same customers, you will end up in the realm of other women who underprice their services to get more business. This is something that should not be done. If funding is short, there are options available. While bank loans may work for some, and government grants for others, typically these are not the most realistic funding sources. An ACH loan is often the best bet for a merchant, be it in a “high risk” industry or not. An ACH loan, while called a “loan” is anything but. It is an advance on your future sales, and payments come out of your business banking account at a rate determined by your provider. Many merchants can also qualify for an ACH loan who could not acquire a traditional bank loan. Those with FICO scores 500 or above, have been in business for 6 months, $10,000 USD in gross monthly receipts, and less than 3 NSF’s per month can qualify.
An ACH loan can be the best bet for merchants in need of business funding. Whether you are male or female, a new merchant or an experienced merchant, everyone has stagnant and questionable business moments. There is never a time to drastically undervalue your services, and instead you should invest in marketing to locate new business.