With the rise and adaption of mobile communication and browsing technology, consumer habits have also changed. Increasing numbers of people ‘shop on the go’ – they don’t want to go to different stores and shops to get what they need if they can see what is available on a little screen.

Why should you try fusion retailing?

Fusion retailing allows consumers to mix and match goods and services depending on what they require. As the high street evolves, large retail outlets such as Debenhams, House of Fraser and Next will have to meet changing consumer demand, otherwise they will disappear.

It also means that smaller independent stores will increasingly find more opportunity to develop and flourish in the gaps which will inevitably appear.

What is a fusion business?

Tesco, Asda and Sainsbury are all examples of a fusion store which has evolved from small independent chains of grocery stores into megalith retailers. Thousands of products and services all of which are linked by a single thread – everything a consumer needs under one roof for under their roof.

A fusion business is one that sells many products and services all of which are connected by a single thread. However, the aforementioned examples do not sell a wide selection of specialist goods and services. This is why over the next few years, small independent stores that are able to fill in the gaps, will be able to build up a loyal following, transforming the high street in the process.

Innovation

It is better to have a fusion business because you can get creative and let your imagination run wild as much as you want. Fusion business can hold your ideas together without ripping apart at the seams. For example – when you want to have pottery next to kitchen utensils it is possible because it can fall under one theme: home and lifestyle.

Loyalty

When you are a one-stop provider, most likely your customers will use your brand for everything he orshe needs than transfer to another business. Even if the other goods/services the consumer needs from you is priced higher than another competitor, the most likely scenario is that he/she will stick with you.

How to do it?

Think of a business plan with a singular theme. Then, you can combine eclectic products and services that harmonise well and centre around that particular theme. Example of themes can be beauty, fashion, or lifestyle. It is up to you what goods/services you want for your fusion business

There is no time like the present. Fusion retailing is a developing trend which has great potential.

The high street has exciting times ahead.

Our team at Genie Lending are dealing with a wide range of business and retail enquiries each week. We’d love to speak with you – so fill out our enquiry form or give us a call today.

The post What is Fusion Retailing and Should You Try it? appeared first on Genie Lending: Business Loan Alternative Finance Specialists.

If you’ve been turned down by a bank for a business loan in the past, here are five steps to ensuring you get the green light next time around.

Find out why

There are a whole host of reasons why a bank might not be willing to commit to a commercial loan: cash-flow issues, a lack of collateral or reasons entirely unrelated to your business itself, such as a risky market or an unfavourable current climate. When the bank informs you your application has been rejected, it’s unlikely they’ll elaborate on why – so be sure to ask them and get to the bottom of the matter.

Check your credit rating

One of the biggest reasons why a bank might not approve a commercial loan not mentioned above is a poor credit rating. Even if your business has a respectable rating, if your own personal one is lagging behind, it could affect your application. Request a credit report, look into and chase up any discrepancies and do your utmost to improve that figure going forwards, by paying off bills, credit cards and other outstanding debts on time.

Look into alternative options

A traditional loan might be the most well-trodden route to financing your company’s launch or expansion, but it’s not the only path open to you. Do your research and investigate the possibility of attracting funding via other means, such as the money-generating practice of invoice factoring or the increasingly-popular phenomenon of crowdfunding.

Consider your own assets

If you aren’t prepared to put up your own assets (such as a house or car) as collateral for your loan, you’re betraying a lack of faith in your own vision. If you don’t believe your project can succeed, why should a bank? Look carefully at what you own and evaluate the risks and benefits of introducing your assets into your next commercial loan application. It could make all the difference.

Don’t bank on the banks

The banking industry isn’t the be-all and end-all when it comes to securing a commercial loan to bolster your business. Consider enlisting the help of a commercial finance broker, who have the knowledge, expertise and experience to assess all of the options open to you and find the source of funding most appropriate for your unique situation.

The post I’ve Been Rejected for a Commercial Loan… What Next? appeared first on Genie Lending: Business Loan Alternative Finance Specialists.

A broker understands the evolving world of business finance, and has positive relationships with a range of lenders. They can also introduce to new opportunities you may not have considered, including a variety of alternative finance solutions.  With the right loan broker, you could simplify your options and make sure you choose a competitive finance deal which is right for you. The term loan broker can be quite daunting for many people, especially if it’s the first time they are applying for long or short term finance. Some bad apples in the industry may have given loan brokers a bad name, however as specialists in financial solutions, they can do all the work for you to find you the best deal. Whatever you need a loan for, take a look at why you should consider a financial broker.

What is a Broker?

The financial market is saturated with different credit providers and lenders to choose from. A loan broker is generally an advisor, who can present different lenders to a client and help them make the right decision. They negotiate with different financial institutions and lenders on the client’s behalf, to arrange a suitable loan or credit solution. Basically, a broker shops around and does all the leg work for an individual, and then suggests the financial option which is most appropriate for the purpose of the loan and the circumstances involved.

Some loan brokers are specialised in a certain type of loan – for example you can hire the help of a mortgage broker when looking to buy a home. As another example, Genie Lending are commercial finance brokers specialising in alternative finance solutions.

Finding a Trustworthy Broker

As loan brokers are paid a fee by lenders and financial providers, they could have a tendency to suggest those who are offering more commission. Brokers should put the clients’ interests before their own, but how can you be sure? The best way to trust a broker is to check they are regulated and accredited by official financial authorities. You can usually see on a broker’s website which bodies regulate them, such as the FCA, ICO and Financial Ombudsman Service.

Commercial Finance Brokers

When you’re looking for a variety of options to funding your business, it’s quicker and easier with a broker. Anybody can go to a bank and apply for a loan, but if you want more chance of success you’ll have to think outside the box. Alternative finance solutions are growing in popularity, thanks to the ease of peer to peer lending and other options. If you’re considering going down this path, then you will need a broker to introduce you to individual lenders or they may have access to a crowdfunding platform.

If you’re looking for a trustworthy and efficient commercial broker, look no further than Genie Lending – call our team today for more information.

What to Check For?

The world of commercial finance is complex, and difficult to navigate without a broker. But how do you pick the right one? Here are some things to consider when choosing a commercial finance broker.

1. Check they are accredited

There is no point making enquiries with a broker unless they are accredited by a professional financial body – any finance broker without an accreditation should bring up a red flag. Who is making sure they are working responsibly, and in their clients’ interests? Most financial companies should be regulated by the FCA, and you should also look out for the NACFB logo (National Associations of Commercial Finance Brokers). Brokers registered with the NACFB have to follow a Code of Practice, so usually offer the best service.

2. Sector specialities

Many brokers have a specialist in a certain sector, whether it’s sourcing agricultural finance or experience in investment property.  If you work in a particular niche, then it could be worth searching for a broker who understands your industry. However, many brokers are comfortable working within a number of different sectors but you should tell them about your business before making a decision.

3. Ask for references

Before you buy any goods or services these days, it’s a good idea to gauge the happiness of past clients. Look out for testimonials and real reviews of the broker on third party sites or social media pages. If you can’t find any of these in the public domain, you could always ask for references from the loan broker themselves. It could also help to seek out references from a similar business, so you have proof of a success story within your sector.

How can a loan broker help my business?

To some people a loan broker can be a bit old fashioned; you might think it’s an outdated career because you can simply apply for a loan yourself. It’s not until you start researching and trying to compare rates that you might find out the reason why businesses often hire a broker.

Think of a loan broker as a travel agent – someone who helps you compare different products and puts you in touch with the right people to get the best deal. Some might argue that travel agents are obsolete now that you can book the majority of holidays direct, online. However some people will always decide to rely on the travel agent for two things – expertise, and a quality service which saves time.

So how can a loan broker help businesses with funding?

Save time and effort

The lending landscape is incredibly vast, and unless you’re a financial expert it can be difficult to understand. Instead of wasting hours on end researching the most appropriate loan for your business, you can entrust this task to a broker. This way you can get on with running your company, while you let somebody else arrange the funding for it.

Favourable rates

Just like a travel agent may be affiliated with certain airlines or hotels, a loan broker will also have contacts. They work hard to find you the very best rate, by submitting your details to a range of lenders and seeing if any provider can offer a special rate. You might only have time to compare two or three rates, whereas a loan broker could compare dozens, some of which you’d never heard of.

Expertise and knowledge

Loan brokers are experienced in all the banking and financial jargon that you might not understand. You never want to sign for a loan when you don’t understand the terms and conditions fully – the broker would be able to explain everything clearly and save you agreeing to loan terms you’re not happy with. Take advantage of the expertise and recommendations offered by a commercial loan broker. They will also have a broad knowledge of the alternative finance market, and a host of different options you may wish to explore. A broker may be able to introduce you to a new form of lending you weren’t familiar with, which could save time and money.

Ready to work with a loan broker? Give our friendly team a call today and we’ll find the perfect funding source for you.

Picking a loan broker is a big decision, so don’t just select the first one you come across.

The post How to Pick a Loan Broker appeared first on Genie Lending: Business Loan Alternative Finance Specialists.

High street banks have been reducing eligibility for some time, especially to new businesses in desperate need of capital. This has led to a booming alternative finance market, offering what banks would deem ‘high risk loans’ to start-ups and businesses without years and years of accounts. So, is it getting easier to get a loan? The answer depends which lender you’re applying to.

Loans from finance-brokers

A business loan broker can help companies secure finance from a range of lenders and financial institutions. If you’ve applied before but been rejected by the big banks, finance-brokers can match you with the ideal business loan. Depending on the industry you work within, sometimes it is more effective to lend from a dedicated loan company or finance provider which specialises in loans for your type of business.

A loan broker can search through all the available loans your business is eligible for, and recommend the best deal. So if you’re tired of rejection and the long application process of the high street banks, contact a commercial finance broker.

Alternative Finance Lenders

The primary reason it’s becoming easier to secure a loan is because of the alternative finance market. Even though businesses can’t rely on the banks to support their growth, alternative lenders are offering viable solutions to help small businesses flourish.

These lenders offer bespoke finance solutions tailored to each business, rather than a standard business loan. For some people these solutions are even more attractive than a loan, as finance options such as invoice finance can reduce the chance of ongoing debt.

Crowdfunding and peer to peer lending has gained traction in the past decade, mainly offering entrepreneurs an injection of capital to get their business of the ground. Other commercial finance options include merchant cash advances and asset finances.

It’s easier to get a loan if you know where to ask – speak to Genie Lending today to find out what commercial financial solutions we can offer.

The post Is it Getting Easier to get a Loan? appeared first on Genie Lending: Business Loan Alternative Finance Specialists.

It can seem like a never ending maze, but help is at hand. Here are some ways to ensure you find the perfect business loan.

Impartial Advice

First of all you shouldn’t seek advice from a business or organisation which is offering any type of lending service. While they may be experts in the financial market, they could try and persuade you into a decision which benefits them instead of you. There are plenty of places where you can get impartial advice which is tailored to your personal situation and business. Government organisations such as the Money Advice Service has lots of online resources and offers free advice. You could also hire a financial advisor to help you make important decisions.

Define the Purpose

It’s really important that you define the purpose of the loan before going any further. Business loans differ from personal loans because you will have to state exactly how the finance will be used. The purpose of the loan could also dictate the type of loan you apply for, for example a commercial mortgage is specifically for property investment, while asset finance must be used for purchasing business assets. Make sure you have done some research and know exactly how much you need to borrow.

Finance Broker

Once you have a better understanding of the range of business loans available, it’s time to find the right lender. A commercial finance broker can act as a matchmaker, pairing you up with the ideal lender. Not only could you benefit from their market expertise, but a broker will save you a lot of time searching the web and making phone calls to a number of different lenders. When it comes to loan matching, brokers know best.

When it comes to commercial finance, there are so many options and it’s easy to feel overwhelmed. It is possible to find the perfect loan for your business, just be sure to do lots of research and don’t rush into any decisions.

The post Loan Matching: How to Find the Perfect Loan for You appeared first on Genie Lending: Business Loan Alternative Finance Specialists.