You’ve decided to start your own business and have never looked back. You love being your own boss and working on something you are passionate about every day. However, recently you’ve had a sinking feeling that your business is starting to go stagnate. Profits may be starting to shrink, and you may struggle to find new clients. You have an idea for some improvements that could spice up your business, but you worry you might not have enough funds to spare.
If only there was a way to afford that new building lease, state of the art equipment, or extensive ad campaign… It’s time to start considering a small business loan.
How Would I Even Use a Business Loan?
Most business owners are aware that small business loans can inject some capital into their business. However, many business owners shy away from getting a loan because they just don’t have a good idea of what they would use it for. In reality, there are tons of ways a business owner can use a small business loan to boost profits and sales. In the end, it’s not a matter of where you can invest a small business loan (you can easily decide that), but how much profit it will bring you (because a small business loan is nothing but an investment).
The Main 4 Areas Where You Can Invest a Small Business Loan
Here are just a few areas that business owners can use a small business loan to help their businesses thrive:
Staff
One of the most common investments for small businesses is adding more staff. A lot of business owners can be stubborn and want to do everything themselves, but the reality is that hiring the right employees can often increase efficiency and drive profits. You don’t have to hire a ton of ground-level workers if you don’t need to though.
A lot of times hiring just one person that specializes in an area you are not familiar with can be very beneficial. Maybe you struggle to use social media effectively and decide to hire a community manager to boost your online presence. Remember that consulting with a good specialist can do almost as much good as hiring 10-20 entry-level workers.
Production
If you are making a product, then efficient production is key. While you may think your process is solid, even the biggest companies are working to lower their production times. You could likely lower your production times by investing in newer or state of the art equipment. A small business loan can go a long way in helping with that.
Technology
While technology can definitely help with production, it is often limitless in what it can accomplish. Technology can allow your clients to pay in different ways, create rewards programs to entice customers to return, or even streamline processes like payroll, scheduling, or inventory. Keeping your technology up to date is essential, and small business loans are often just what you need to keep your technology up to date.
Marketing
It doesn’t matter how great your products and services are, if you can’t market them effectively, your profits will suffer. If you feel like the other 3 areas in your business are strong enough, you can always use small business loans to strengthen your marketing campaigns. You can turn to different mediums, like radio or television commercials, run ads in the local paper or on social media sites.
You can even decide to fund focus groups to test your marketing strategies on real consumers. If nothing else, you can hire a marketing specialist or a marketing firm to help you campaign for your business more effectively. Either way, a small business loan can give you enough capital to really up to your marketing game.
What will you invest your small business loan in?
If you are finding your business to be stagnating, it might be worth it to consider getting a small business loan. When used correctly, these loans can make sure your business runs smoothly and efficiently and will raise your profits in the process. Now that you know where you can invest your loan, there’s nothing that can stop you!
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Chad Stewart, Khareem Sudlow
