We often like to hit the road and meet everyday businesses that have taken advantage of alternative finance products. This week, MLA headed to Aigburth in Liverpool to meet Leanne Foster, owner of the popular Serene Hair & Beauty salon.
At just 27, Leanne now owns two salons in her hometown, and she doesn’t look like she’s stopping at that. “Things have grown fast, I’m already eyeing up a third premises”, the ambitious entrepreneur told us from her busy salon. “Once we found the right staff and offered the right services, things just started taking off”.
We asked Leanne how her success story started and how she was able to build such a thriving business. “I think it’s about doing what you’re good at. It certainly wasn’t easy in the beginning. We were struggling to build a client base due to the local competition being much more established”.
“We needed to up our game so to speak, so we invested in a new type of tanning machine. We raised the funds with a merchant cash advance. We received the money quickly, purchased the machine and never looked back. We now own three of them!”
Leanne was able to repay the finance back through her monthly credit card sales. She added: “The merchant loan works in such a way that I pay it back through the transactions on our PDQ terminal. And the best part is, when we have slower month than usual, the repayments reduce to reflect it.”
If like Leanne you’re running a business that takes card payments from its clients/customers, speak to MLA today to discuss what finance options may be available to you.