8 Ways Shopify Capital Can Help Grow Your Small Business ✽
As a small business owner, you know that every penny counts. You also know that in order to grow your business, you need to spend money in the right places. But with so much economic uncertainty heading into 2023, and with priorities and opportunities shifting from day-to-day, it can be difficult to know where to invest your limited resources.
In this article, we'll share eight ways you can use Shopify Capital to grow your small business in 2023. From investing in inventory to expanding into retail, we'll cover all the bases. So whether you're just getting started or you're looking to take your business to the next level, read on for some helpful tips.
1. Purchase inventory
Keeping up with the ebbs and flows of the market allows you to make wise spending decisions. For example, if you know that the demand for your product will increase during the holiday season, it's important to purchase enough inventory to meet that demand.
However, purchasing inventory can be a tricky balancing act. You don't want to overspend and tie up too much of your capital, but you also don't want to underspend and run out of stock. Therefore, it's critical to find a happy medium that meets the needs of your business without breaking the bank.
There are a few things you can do to get an idea of how much inventory you should purchase:
- Look at your sales data from previous years to get an idea of how much demand there is for your product.
- Speak with your suppliers to get an idea of lead times and minimum order quantities.
- Factor in any seasonal fluctuations in demand you are aware of.
Once you understand how much inventory you need, you'll have to secure the funds to purchase it. That's where Shopify Capital comes in.
Funding through Shopify Capital funding allows you to purchase the right amount of stock, streamline inventory management, and fuel your growth. It allows you to:
- Prepare for peak season or big campaigns and buy the products you need to meet demand
- Take advantage of bulk discounts from suppliers when restocking
- Pre-order raw materials and products early to avoid potential supply chain delays
- Invest in product development and explore new product options
- Find new distribution channels and expand your business into wholesale