One problem facing product-based businesses is that while we have a lot of inventory, there are still lots of items we want to buy.
That’s one situation that may happen to you during the upcoming holiday trade shows. You’ll attend but look at your budget and see that there’s not much money for buying containers, foods, and enhancements.
What are some of the ways you can raise money? Are you comfortable buying on credit? How about establishing a loan at your bank’s branch? What about selling some slow-moving items on Ebay?
You can also enter contests that give away cash as top prizes, but the money may not come fast enough if you win.
All of these solutions may seem far fetched, and they will surely take time to increase your cash flow, but many designers consider these options and more.
Back in 1998 I was in the same type of cash crunch. I had risked a substantial amount of money by exhibiting at an event thousands of miles from my home base.
That meant I not only spent money on a booth but also had to book airline tickets, a hotel room, and pay for meals.
The risk didn’t pay off, and I was not happy. Now, instead of having $3,000 for my holiday inventory, I had nothing and still had to earn a living.
It wasn’t easy, but I fought my way out of a bad situation and sold lots of gift baskets later in the year.
If you’re struggling to maximize your funds in order to buy products at this season’s trade shows, what’s your plan for finding money?
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