For most people, beauty treatments are a luxury they use to pamper and rejuvenate their body and soul. So when looking for a spa or salon, they tend to look for the most exquisite options around.
For smaller services, this can present a problem. Without the money or resources to offer a wide range of quality services, they can often struggle to grow and attract more customers. And even larger providers may need extra financial support to further expand their business.
That’s why many beauty treatment centres are taking advantage of asset finance.
This type of financing is a great way to get new equipment and grow your business quickly without putting yourself at unnecessary risk. By offering a greater number of higher quality services with beauty asset finance, you can build a highly successful business without years of waiting.
How does asset finance for beauty equipment work?
Asset finance is a type of low-risk loan that pays for new beauty equipment, interior fitouts or even new premises.
The difference between asset finance and a typical bank loan is that you put up certain items as collateral to secure the loan. These can be high-value assets you already own. Or they could be the assets you plan to buy.
Once your contract is in place, you pay a small monthly fee, often with a fixed rate of interest, for an agreed length of time. And if you can’t pay for whatever reason, the lender seizes your collateral assets to make up what they’re owned. This protects you from the risk of bankruptcy and ensures you never stand to lose more than you can handle.
The best part? If you have good finances, a reliable credit history and all the necessary documentation prepared, you could qualify for beauty asset finance in just a few hours! That means you can grow your business much more quickly compared to other financing options, giving you a serious advantage over your competitors.
Types of beauty equipment you can get on finance
You could use beauty asset finance to pay for:
- Manicure tables
- Pedicure spa chairs
- Tanning, massage and beauty beds
- Body sculpting machinery
- Styling racks and tools
- Straighteners and curlers
- Spray tan machines
- Facial steamers
- Towels and towel warmers
- Beauty, hair and skincare products
- Fitouts and expansions for your premises
How much does beauty asset finance cost?
The amount you pay for beauty asset finance depends on how much you borrow and the length of your repayment period.
The more money you borrow and the longer your repayment period, the more interest you’ll pay overall.
You may also need to pay a small upfront fee. And as with most finance options, your contract could include an early repayment charge.
That said, asset finance usually involves lower monthly repayments and interest fees than a typical bank loan. This makes it an affordable choice for beauty startups, small businesses and even nationwide beauty brands.
How beauty asset finance benefits you
- Get the equipment you need now: Gradually saving money to buy better equipment takes a long time. But with asset finance, you can get everything you need right now and spread out the cost. This makes it easier to afford the equipment you need.
- Boost your earning potential: By filling your spa or salon with top-of-the-line equipment, providing superior services and giving customers more options, you can significantly increase your income. This lets you attract and satisfy more customers more quickly, creating long-term stability for your business.
- Build a glowing reputation: The more customers you service and the better the treatments you provide, the more likely people will be to recommend you to others and rate you highly online. This lets you build a reputation for quality, helping you dominate your competitors and become the go-to beauty provider in your area.
- Maintain working capital: Every business needs enough money on hand to cover day-to-day costs and create a safety net for emergencies. Using your working capital to upgrade your business could put you at financial risk. But with beauty asset finance, you can grow your business without spending the money that keeps you going.
- Stick to one simple contract: Buying beauty equipment on credit or taking our several smaller loans means dealing with multiple contracts and payments. This can be very stressful and confusing, and increases the risk of accounting mistakes that could impact your business. Asset finance lets you buy all the equipment you want from multiple suppliers under a single contract, with a single monthly payment. This makes your life much easier and frees you up to focus on the success of your business.
- No risk of bankruptcy: If the worst should happen and you can’t pay off your loan, your asset finance lender will recoup what they’re owed by seizing your collateral assets. So long as you only offer assets you could manage without, beauty asset finance never puts your business at risk of bankruptcy. You can always continue trading, protecting your livelihood and giving you another chance at growing your business in the future.
Get beauty asset finance with Kane Financial Services
Beauty spas and salons throughout Northern Ireland and the UK rely on Kane Financial Services to find outstanding rates and terms for asset finance.
With 35 years’ experience, we’ve made connections with a wide range of beauty equipment asset finance lenders. And as independent finance brokers, we have access to exclusive options that aren’t available to high-street lenders. That means you can enjoy even better rates and terms that help you build a better business for less!
Apply for beauty asset finance online today and we’ll let you know whether you’re eligible and what options you have available.