Offer finance for a training & CPD business

Offer Finance for a Training & CPD Business

The demand for training and Continuous Professional Development (CPD) has been growing steadily across industries. Whether it's employees seeking to improve their skills or professionals aiming to stay updated with the latest trends and regulations, CPD and training have become essential for career progression and business success. However, one of the most significant challenges that training providers face is the financial barrier that some clients encounter when it comes to investing in courses or training programmes.

Offering finance options can bridge this gap, allowing more individuals and businesses to access training and CPD opportunities. In this article, we’ll explore the benefits of offering finance for a training and CPD business, how it can work, and how Kandoo, a leading UK retail finance broker, can help training providers implement finance solutions.

Why Offer Finance for Training and CPD?

Expanding Your Customer Base

One of the primary benefits of offering finance options is the potential to reach a broader customer base. Training programmes and CPD courses can often be costly, particularly for those seeking extensive certifications or specialised qualifications. By offering finance, you provide potential clients with a more manageable way to pay for your services, spreading the cost over several months or years.

Many individuals and businesses may be deterred from investing in training due to the upfront costs. Offering a finance option can make these programmes more accessible, enabling those who may not have the immediate funds to invest in their professional development.

Increasing Sales and Revenue

Providing finance options can directly lead to increased sales and revenue. When clients have the option to spread the cost of their training over time, they are more likely to commit to higher-value courses or invest in multiple programmes. This not only boosts your revenue but also enhances client satisfaction, as they are able to access the training they need without financial strain.

Moreover, offering finance can reduce cart abandonment for online training platforms. Clients who may have been on the fence due to the high upfront cost are more likely to complete their purchase if they know they can pay in instalments.

Staying Competitive

The training and CPD sector is highly competitive, with a growing number of providers offering similar services. One way to differentiate your business is by offering flexible payment options, including finance. Many customers now expect businesses to provide payment plans, and by doing so, you can stay ahead of competitors who may not offer such options.

Training providers who offer finance are perceived as being more customer-centric and flexible, making them more attractive to potential clients. This can give you a significant advantage in a crowded market.

Supporting Corporate Clients

It’s not just individual learners who can benefit from finance options. Corporate clients, who may be looking to train large groups of employees, can also take advantage of finance to manage their budgets more effectively. By offering finance to corporate clients, you can position your business as a partner that understands the financial pressures companies face and is willing to provide flexible solutions to help them achieve their training goals.

How Finance Works for Training & CPD

Types of Finance Options

There are several ways to offer finance to your clients, depending on your business model and the types of courses you offer. The most common finance options include:

• Interest-Free Finance (0% APR): This option allows clients to spread the cost of their training over a set period without paying any interest. It’s an attractive option for clients who want to avoid additional costs, but it may require the training provider to absorb some of the costs associated with offering interest-free credit.

• Low-Interest Finance: This option involves offering finance with a small interest rate. It can be more sustainable for the training provider, as the cost of offering finance is shared between the client and the provider.

• Buy Now, Pay Later (BNPL): BNPL options allow clients to delay payment for a set period, after which they can either pay in full or start paying in instalments. This option is particularly popular for online purchases and can encourage clients to commit to a course even if they don’t have the funds immediately available.

Partnering with a Finance Broker

For training and CPD businesses, the easiest and most efficient way to offer finance is by partnering with a finance broker like Kandoo. Kandoo is a UK-based retail finance broker that works with a wide range of businesses to offer flexible finance solutions to their customers.

By partnering with Kandoo, you can offer your clients tailored finance options without having to manage the complexities of offering credit yourself. Kandoo handles the credit application process, ensuring that your clients receive a smooth and efficient service. This means you can focus on delivering high-quality training while Kandoo takes care of the finance side of things.

How Kandoo Can Help Your Training Business

Simple and Transparent Finance Solutions

Kandoo offers a straightforward and transparent finance solution that is designed to meet the needs of both businesses and customers. With Kandoo, your clients can apply for finance quickly and easily, often receiving an instant decision. This reduces the friction in the purchasing process and helps ensure that clients can enrol in your courses without delay.

Kandoo offers both interest-free and low-interest finance options, allowing you to choose the best fit for your business and your clients. Their flexible finance packages can be tailored to suit a wide range of budgets, making it easier for your clients to invest in training and CPD.

Supporting Your Business Growth

By partnering with Kandoo, you can enhance your business offering and drive growth. Offering finance options through Kandoo allows you to attract more clients, increase sales, and improve cash flow. Kandoo’s finance solutions are scalable, meaning they can grow with your business, whether you’re offering small online courses or large-scale corporate training programmes.

Additionally, Kandoo provides ongoing support to help you make the most of their finance solutions. Their team of experts can work with you to ensure that you’re offering the right finance options for your clients and can help you adjust your offerings as your business evolves.

Compliance and Regulation

One of the key concerns when offering finance is ensuring that your business remains compliant with financial regulations. Kandoo is fully regulated by the Financial Conduct Authority (FCA), so you can be confident that all finance solutions offered through Kandoo meet the highest standards of compliance and ethical practice.

By partnering with a regulated finance broker like Kandoo, you can avoid the complexities of managing credit in-house and ensure that your clients are protected by the necessary regulatory safeguards.

Practical Steps to Implement Finance in Your Training Business

Assess Your Client Base

Before offering finance, it’s essential to assess your client base and determine whether finance options will meet their needs. Are your clients individuals looking for personal development, or are they businesses seeking to upskill their employees? Understanding your audience will help you choose the right finance solutions.

Choose the Right Finance Options

Once you’ve assessed your client base, you can work with Kandoo to choose the most appropriate finance options. For example, if your clients are mainly individual learners, you might want to offer interest-free finance to make your courses more accessible. On the other hand, if you’re working with corporate clients, low-interest finance or deferred payment options might be more suitable.

Promote Your Finance Options

To maximise the benefits of offering finance, it’s crucial to promote your finance options effectively. Make sure your clients are aware that they can spread the cost of their training over time. You can do this by:

• Displaying finance options clearly on your website and course pages.
• Including information about finance in your marketing materials.
• Training your sales team to explain the benefits of finance to potential clients.

Monitor and Adjust

Once you’ve implemented finance options, it’s important to monitor their impact on your business. Are clients taking advantage of the finance options? Are you seeing an increase in sales or enrolments? Use this data to adjust your finance offerings as needed and ensure that they continue to meet the needs of your clients.

Conclusion

Offering finance for a training and CPD business can be a game-changer. It makes your courses more accessible to a wider audience, increases your sales and revenue, and helps you stay competitive in a growing market. By partnering with a trusted finance broker like Kandoo, you can offer flexible and transparent finance options to your clients without the complexities of managing credit yourself.

With Kandoo’s support, you can focus on delivering high-quality training while providing your clients with the financial flexibility they need to invest in their professional development. Whether you’re offering individual courses or large-scale corporate training, finance can help you grow your business and meet the evolving needs of your clients.