Expand Your Business with an Online Small Business Loan
Being a small business owner isn’t easy. You are required to make difficult decisions that will affect the future of the business on a regular basis. It’s always more appealing to play it safe rather than take risks, but you may find that your business won’t grow at the rate you’d like it to. Keeping things status quo may keep things afloat, but in order to reach the goals you’ve set, a change might be in order.
Make Unattainable Goals Attainable
It’s normal to get comfortable with your current situation, even if you initially planned for more growth. In most cases all a business really needs is an influx of capital to help bring both growth and goals within reach. An online small business loan is a great way to get extra cash into your hands quickly so you can be ready when an opportunity arises. Before anything, plan. Prior to business expansion, it’s important to make sure you have a sound business plan first. Getting a small business loan is a commitment and using it poorly will hurt your business. Having a clear idea of where you want to go and how you plan to get there, will make the journey so much easier.
Ways you can use a business loan to jump start growth
1. Increasing your advertising spend
Although as a business owner you often have to wear many hats, this likely doesn’t make you a marketing expert. Advertising requires a lot of trying, modifying and trying again. This takes time, and time is likely not something you have a lot of. Each business will have unique marketing needs, but this article by Entrepreneur offers some great, quick strategies that could help any small business. Not only will extra cash flow allow you to advertise more, but in ways you may have foregone in the past.
Stumped on where to begin? Some easy, cost effective local advertising options are:
- Facebook – Offers tools to target your audience with a flexible budget
- Google AdWords – The industry standard for online advertising, also lets you set your own budget
- Local newspapers
- Community centers
- Minor sports teams
2. Targeting different neighborhoods
Although this is somewhat an extension of the advertising spend, it’s end goal is unique. Depending on the geodemographics of your business, you many be focusing too much on only your immediate surroundings, that is locally. Chances are, you have lots of potential customers wanting to find you, just outside that area of focus. People are willing to travel for quality, and if you offer a great product or service then those customers will come knocking, but not if they don’t know you exist. Using some of the advertising methods we introduced in the last section, target your surrounding areas. We would recommend Facebook or a simple AdWords campaign as your first stop since they make it very easy for small business to target based on geography.
3. Expanding your business
Another reason your growth may have slowed is that you’ve simply grown as much as you can within your existing space. This is a great problem to have and a fairly easy one to solve. With the capital from a small business loan, you’ll be able to fund renovations. Previously, we’ve explored the topic of financing renovations in detail.
It’s possible that you’re unable to make changes to your space due to lease terms, permits, etc, so why not explore expansion? Once you’ve done everything you can in one spot, adding another location is the logical next step. A second (and hey, maybe even third!) location is a great way to cover more ground and hit some of those new markets we discussed earlier.
4. Growing without physically expanding
Sometimes making physical changes to the location or adding new ones just isn’t in the cards. Don’t let that stop you. Expanding your workforce can pave the way to offering new and improved services. Things like offering delivery, in-home consultations, etc. will dramatically improve your offerings and strengthen your customer’s perception of your business. For a growing small business, it’s hard to pinpoint the right time to tack on the expense of another employee. That’s why we put together a quick “how-to” to help you make your decision.
For more insight into ways you can support your growing business or obtain an online small business loan today, refer to our product pages. Being a small business owner is tough enough. That’s why we make obtaining an online small business loan easy for businesses, so they can focus on growth.