Once you’ve survived the first hurdles of launching a new enterprise through hard work and perseverance, you’ll want to start growing that business. Using a loan can help in a variety of ways, so let’s look at 5 of the smartest ways to use that cash.
Open another Location
Even with more and more business being conducted online these days, it’s still natural to consider a second location as a fast way to expand your business. Setting up shop requires a big investment in both time and money, however, so be sure your business has lasting power and can support the expansion. You should also seek out the best location possible for your business– look for a gap in the market where your niche product or service can thrive. Finally, make sure you find a great team to run things – you can’t do everything yourself!
Invest in Marketing
Your business won’t grow without an increase in your customer base, and marketing is still the best way to tell your customers who you are and what you can offer them. Using social media or customer relationship management strategies innovatively can pay big dividends by building up your brand image and developing loyalty among your customers. It’s also easy to measure how effective your marketing is – and if it’s not working, change it!
Get an Online Presence
More and more, consumers are using the web to source new products and services, so you need to invest in an eye-catching site that will lure customers and hold them there. Unlike bricks and mortar, you can set up virtual shop with little investment in a matter of days, allowing your customers to visit you from anywhere. It’s not just a matter of sales either – using online technology, you can streamline everything from shipping and billing to payroll services, providing huge savings.
Acquire a New Market
Diversify your revenue stream by forming alliances with other brand-appropriate businesses, or consider new products you can market to your existing customers. If you already have a strong brand presence, you can simply license your image – but make sure you retain control of your intellectual property!
How you choose to invest your loan will depend on the particular needs of your business, so draw up a solid business plan for growth before parting with that precious cash.