The next few years hold exciting opportunities for businesses in the Beauty, Hair and wellbeing sector as people invest more in their health and wellbeing generally. However, with opportunity comes competition. Business owners will need to invest in their brand as much as their products and services so they can stand out, attract new clients, and build loyalty in their customer base.
Know what customers you’re looking for
The three most important factors to consumers of beauty and wellbeing services are quality, affordability and reputation. There’s an old adage: “You can lose customers on price, but gain them back on quality. Lose a customer on quality and you’ll never get them back on price.” The lesson here is that affordability doesn’t mean lower cost but higher value. Invest in quality and your brand will be talked about. Being able to provide an end-to-end service that exceeds expectations is crucial, whether that be the right environment, the right equipment and machines or the right technology. Beauty equipment financing from Portman can help you invest in quality where it counts.
Invest in the experience
From a great website or social media presence to a smooth booking or enquiry system customers now expect a seamless experience. They want to be proud of your brand, proud to tell their friends where they go, your brand matters to them. On top of the services you can offer, the newest equipment, laser machines and tanning booths, the comfort of your salon chairs, and the design of your waiting area and its furniture, all form part of the experience and increase the customer’s likelihood of returning. If you want to offer new services, need new equipment or simply want to refit your premises, Portman can help you use finance to achieve your goals.
Keep up with technology
If you want your brand to remain relevant, investing in technology could be a good way to do it. For instance, beauty buyers are adopting augmented reality to ‘try before they buy’ makeup products. Higher income groups are looking to digital assistants like Alexa and Siri to offer beauty advice. Finance, such as loans for beauty salons from Portman, can help you transform your tech and give your customers a standout experience.
Beauty and wellness are one and the same
Or at least, that’s how buyers see them. People feel better in themselves if they feel better about themselves. So, if your business is in beauty, you could invest in branching out to offer wellbeing products as well. If you own a hair salon, a business loan from Portman could support your expansion into beauty treatments.
Be more inclusive
The market for male beauty, hair and wellbeing products and services is growing rapidly. Sure, they may not be big buyers of cosmetics, but they’re not far behind females for skincare and hair styling products. And they are bigger buyers of personal grooming products. Combined with this is the need to make sure you are catering for the full spectrum of skin types. The world is an increasingly diverse place. East Asian, South Asian, African, Caribbean and European heritages are all celebrated, but have their own skincare characteristics and challenges. Make sure your services are inclusive of your entire local community. With a loan for your salon or clinic from Portman, you could develop your range and services for this growing market.
Hire purchase usually involves paying the VAT and a deposit up-front. Fixed monthly repayments are then made, affected by whether you pay off the entire loan over the term or chose a final balloon payment. The final option to purchase is guaranteed for a nominal fee, transferring ownership of the asset to the customer.
Hire purchase is well-suited for situations where a company definitely wants to own the item at the end of the term, often where the asset has a significant usable lifespan, a high residual value and will not need to be upgraded.Explore Hire Purchase
Equipment leasing allows a business to acquire hard or soft assets without the upfront costs associated with large purchases. A lender purchases the item, the business then leases it through fixed monthly payments over an agreed term.
Typically, asset finance is provided for high value ‘hard’ assets such as machinery, equipment or vehicles, but Portman also arranges asset finance for ‘soft’ assets such as IT, fitness, catering or vending equipment, as well as premises fit-outs, furniture or even air-conditioning.Explore Lease Finance
Business loans are a way of borrowing money, which is repaid in monthly instalments, including interest, over an agreed term. Business loans are a common way to help smooth out cashflow fluctuations and take opportunities where otherwise they could be missed due to a lack of working capital.
Business loans can be secured or unsecured. Portman typically provides unsecured loans which can be more flexible and do not require collateral but are likely to require a personal guarantee. Secured loans are tied to an asset which the lender can claim ownership of if repayments are not made, these may be used in equipment refinance deals.Explore Business Loans
New businesses often need an injection of finance to get them off the ground. Asset finance for new businesses allows you to focus on running your company and bringing in customers, confident that you have the equipment, vehicle or stock you need without the large initial outlay.
Using finance for your equipment means that you preserve the credit card or overdraft for contingency and operating expenses when the unexpected happens.Explore Start Up Loans
If you recently bought a high-value item outright but would now prefer to have financed it, we can help with a sale-and-lease-back agreement. If the item is less than 3m old, give us a copy of the invoice and we will calculate the current value. After a few checks and acceptance of the term and monthly repayments, we can give you the cash equivalent of the invoice to put back into the business. You’ll then make fixed monthly payments including interest, whilst your asset earns you money.
If your business owns high value assets that are not currently on finance, subject to a valuation, it is also possible to use them as security for a loan, with lenders offering a cash loan up to a % of the asset’s value.Explore Refinance
With no personal guarantee up to £250k, Recovery Loans offer an excellent way of making sure your business gets back on its feet after the effects of the pandemic. Many businesses affected by the Covid-19 pandemic and its restrictions can access the UK government’s Recovery Loan Scheme (RLS), providing UK SMEs with better access to finance.
Recovery Loans can be used for any legitimate business or simply provide cashflow. Up to £350k can be borrowed on terms from 2 to 6 years and with no personal guarantee up to £250k, your personal wealth is not at risk.Explore Recovery Loans
Having the opportunity to offer a lease option on a commercial fit out which covers the partitioning, carpets, and furniture – all of the items you would think you couldn’t lease- is fantastic. It means that our clients can keep the same specification, rather than having to cut down and restrict elements of the project. As a contractor, it also means we can get a deposit up front, which secures our labour and materials.
I gave George at Portman a ring, he was really helpful and laid out all the options. We ended up spreading the payments over three years- it is a very simple, straightforward agreement and the decision was back in 24 hours. The whole Portman experience has been fantastic.
From the first call, they were very friendly and very helpful – our Account Manager guided us along the way for our first finance agreement and we’ve never had a problem since. We used them again for the new press six years down the line.
Portman enabled us to spread the cost of purchasing the equipment for our trampoline park, which meant we could use extra marketing channels and launch the business the way we wanted to. If we hadn’t been able to spread the cost of our initial fit out, we probably wouldn’t be in the position we are today.
My Account Manager, Jordan has helped me out from the top to the bottom and I really appreciate what he has done for me. He’s made it a smooth journey for me and was great at keeping me up to date over the phone and would even respond to emails out of hours which I really appreciated.
With the support from Portman, Georgia opened her stunning restaurant in Chelsea, London and has since received a considerable amount of success, receiving glowing reviews about the food, beautiful location and her hard working team.
Lamen needed the finance to secure his dreams. Lamen was assigned one of our dedicated Account Managers, making his process as simple and easy as possible. Portman were able to provide the finance to lease all his Kitchen Equipment so he could stay ahead in the competitive market.