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4 Reasons Furniture Credit is for You

One thing every office needs is place for employees to sit. If you're a startup on a budget, you can avoid facing these wide open spaces by applying for furniture credit.

One thing every office needs is place for employees to sit. If you’re a startup on a budget, you can avoid facing these wide open spaces by applying for furniture credit.

It’s true that furnishing an office isn’t cheap. Even if you are buying less expensive used office furniture, the costs of providing a desk and seating for every employee adds up quickly. If you’re a startup just getting your business off the ground, paying for new office cubicles are probably not in your meager budget.

These days, you can buy just about anything on credit from cars to clothes or groceries, so why not office furniture?

Here are four reasons furniture credit might be a smart move for you and your business:

1. You don’t have enough cash: Startups aren’t known for being awash with cash, yet they still need basics for running their business: Desks, chairs, conference room tables, computers and office supplies. Using furniture credit can help get a startup off the ground or help a company experiencing growing pains purchase the supplies they need in a pinch without worrying about going in the red.

2. You’re trying to reserve cash: Even if your business does have the funds to purchase furniture with cash, you might still opt to apply for credit because you need the cash for other areas of the business, like launching a new marketing campaign or hiring new employees. Furniture credit allows you to update old or damaged furniture or give your office layout a much needed makeover to accommodate new ways of doing business (i.e., ditching old-fashioned cubicles in favor of a more open-plan office) quickly without having to cover the funds up front.

3. You’re trying to save on moving costs: Moving your business to another city or state can be costly. One way to avoid these expenses (not to mention the time and hassle involved with packing and transporting your office) is to leave your old furniture behind and purchase new pieces at the new location. Furniture credit allows you to avoid moving costs without draining your bank account of cash that might be needed for other areas of your operation (like advertising your new location!).

4. You’re trying to build credit: If you’re considering financing your purchases through a furniture retailer, it’s wise to keep in mind that this could have a negative impact on your credit rating because they’re seen as “lenders of last resort,” according to DailyFinance.com. What’s more, this type of debt is considered “revolving debt” and is scored less favorably than other types of debt like mortgages or auto loans. On the other hand, credit scoring systems also give more favorable grades to those with a mix of different types of loans (i.e. auto, home, credit cards, etc.), so long as they’re making those monthly payments. If you have little to no cash up front, but are still a reliable customer who pays bills on time, then financing shouldn’t be an issue for you.

Learn more about applying for furniture credit from Arnolds today.

Photo courtesy of Rev Stan/Flickr

Posted by James Wilkie

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