What Can I Do if I Don’t Have Money to Grow My Business?
Wouldn’t it be nice if growing your business was as simple as taking two aspirin? When you wake up the next day, your business would have doubled in size overnight.
That’d be exceptional. Unfortunately, business growth doesn’t work that way (yet?). We need scientists to start working on that right away.
Your business may have periods of stagnation where it neither slows down nor expands. You might think these periods are not bad, but let me tell you, they’re not good either. Owners know the importance of giving their businesses a boost, but not that many are happy with the investment it requires.
Many entrepreneurs turn to small business loans as a quick solution to have cash on hand they can invest strategically. But knowing where to invest the money is a very important first step toward achieving your business goals.
I’m ready to invest, but what area should I do it in?
Don’t let insufficient staff members stop your growth
A grill and bar owner has a steady flow of loyal customers who tell others about his establishment. Word of mouth marketing has helped the business grow immensely.
But now, employees can’t keep up and service has been getting slower and slower. The business owner doesn’t want unsatisfied customers to leave, so he decides to get a small business loan to add another bartender and two additional waiters and one more chef.
He contacts an online lender, is approved for the loan, and receives the needed funds within 7-10 business days. He is able to repay the 24-month loan at a comfortable interest rate and monthly amount.
After a few weeks, his business continues to flourish and employees and customers are happier than ever. If necessary, he won’t hesitate to get another loan in the future.
Expanding production can be very sweet
A gourmet candy business started out small in the owner’s home kitchen. She was able to grow her business with hard work and delicious products. Recently she expanded to a commercial location, but she faced a dilemma.
She got a new client, a wholesale that placed a huge order. The problem is that she needs to purchase more mixing tanks, coating machines and cooling drums to meet the demand, but she used her funds in the expansion.
She estimates that a $24,000 loan should cover costs and unexpected expenses. By acting quickly and getting a small business loan, the candy owner is able to increase production and fill orders on time.
Technology can take you to a brighter future
A miniature golf course owner realized that even though his business is doing good, it could do better if he could charter for a whole new audience.
He’s not exactly tech savvy but knows the importance of connecting with younger customers. He decides to hire an app developer so that he can offer customers a more updated way of keeping scores.
After getting a small business loan and hiring the developer, customers can not only download the new app to keep scores, but to make reservations online and win perks for every visit they make.
By combining technology with capital, this business owner will be able to provide a livelihood for his family for future generations.
Marketing can help you fish for new customers
A local fisherman decided to charter his boat to enthusiastic sports fishermen as a way to make more money.
The business owner knows the best places to fish but he needs to set his business apart by creating a unique brand. He plans to repaint the boat, create a logo and employ a marketing consultant to set up advertising campaigns.
He works with a loan specialist to go over funding options and select the best small business loan for his charter business. After acquiring the loan and making immediate changes, he has trips scheduled six months in advance.
Are You Ready to Grow Your Business with a Small Business Loan?
Owning a business is rewarding even though you must make decisions along the way that might be hard.
Like the business owners already mentioned, you can use a small business loan to provide needed capital during a crucial growth phase. You should be able to optimize business growth by increasing cash flow and funneling money to specific business areas.
By applying for a loan you can make necessary purchases and get your business out of a slump.
Are you ready to get to the next level?
What would you use a business loan for?