A sign is such a vital component of your success, don’t let financing it be a stumbling block. How you finance your sign is a business decision that can only be made in view of the overall financial picture of your particular business.
BUDGET FOR SIGN COSTS
It’s vital that your signage needs be included in your original business plan and be a part of your start-up budget. Actually, some loan companies require this and won’t issue a loan without it. Signs can usually be included in your small business asset loan; this includes SBA’s standard business loans.
If your business is already in existence and you are rebranding, updating or just want a new sign, you can still finance your sign through the usual business lending means. Getting a new sign is an investment in your business so be sure to make this case when applying.
The cost of a sign can vary greatly depending on the type of sign, materials, jurisdiction and other factors. Read more about choosing an effective sign for your business to prepare for discussions with your sign, graphics and visual communications vendor.
SECURE FINANCING EARLY
Look to your sign, graphics and visual communications company partner as they may finance your sign directly or help you find financing. They typically charge a deposit of 20% to 50% when an order is placed, and require the balance to be paid when the sign is delivered so be sure to secure financing early in the process to avoid any delays.
Leasing your sign is a good option for a business that wants to avoid large initial, up-front expenses. By making smaller monthly payments, you can still get the sign you need. Often the increased revenue a good sign generates pays for the lease itself. While you may not own the sign, there are leases with buyout options.
60% of businesses report average sales increases of 10% or more after adding or updating a sign. (Source: Consumer Perceptions of Retail Signage, Sign Research Foundation.)
Additionally, another benefit could be that lease agreements often include maintenance.