Don’t let costs stand in the way of a good creative idea

In the creative industry, clients typically don’t pay their bill until after a project is finished, which can put enormous pressure on your small business’ cashflow. Here’s how hummpro can help.

Running a small creative business like a marketing or digital agency can be extremely rewarding. Whether you’re getting paid to come up with fresh and funny ideas for clever ad campaigns, to produce unique graphic design concepts or build slick new apps, your work probably involves a high degree of imagination, collaboration and innovation, which research shows is linked to increased motivation and engagement.

But while creative businesses might be exciting and interesting places to work, managing one isn’t always easy. There’s the pressure of constantly having to find new clients and meet their expectations and the challenge of managing cashflow.

While overheads can be low in this industry, clients typically don’t pay their bill until after a project is finished, so you either need to charge a deposit upfront or use the money you’ve earned from previous jobs to cover your ongoing expenses, such as rent, payroll and software subscriptions.

But if anything goes wrong, like a project costs more than you anticipated, or a client is late paying their bill, you could be left stranded mid-brainstorming session without enough funds to run your business. That’s where a buy now, pay later solution like hummpro comes in.

With access to up to $30,000 in interest-free finance, it can help you bridge the cashflow gap until you finish the project and get paid. Here are three ways hummpro can help smooth out your cashflow, so you can focus on what you do best.

Cover your overheads

Payroll is typically the biggest recurring expense for creative businesses. But while you can’t use hummpro to pay anyone’s wages, you can use it to pay for other overhead expenses, such as software subscriptions, office supplies, utilities and even business insurance. It’s accepted anywhere that takes Mastercard.

By paying as many of your overhead costs as you can with hummpro, you can ensure you always have enough cash to pay your staff, while you wait for the client to settle the bill.

Drum up new business

If you spend all your time working on the projects you already have, rather than building out a pipeline of new ones, you could soon find yourself facing a cashflow crunch. It’s important to carve out sufficient time and resources to future proof your business by marketing your services to new clients.

You can use hummpro to pay for things like digital ads on Facebook and Google, or even lunch and coffee meetings with potential clients. But unlike a credit card, you’ll get 30 days to repay interest free.

Keep the creative juices flowing

The quality of your work is your biggest competitive advantage in the creative industry, so whatever resources, equipment and support your team needs to thrive should be considered a priority. But it can be hard to justify increasing your outgoings before a client has paid their bill.

Instead, why not buy training courses, market research reports and premium equipment with hummpro, so your staff can benefit from these investments now, and you can pay for them later?

With hummpro you can pause your repayment to get an extra 30 days to pay interest free, simply by paying a 3.5% fee upfront, or you can split your repayment into 6, 9, or 12 equal monthly instalments, plus a 1.5% fee of your starting balance each month.

Take the pressure off your cashflow and focus on your creative output by using hummpro to cover your recurring expenses.