Finally, you have managed to make your biggest dream come true: you opened your own business and became an entrepreneur. You quit that day job you didn’t like. Now you can work on that project you are passionate about, the one where you can really make a difference.
But then, one day, while you’re going through the numbers you notice something. It’s not alarming, but it’s not good either. The numbers are the same as a year ago. What happened to all those plans you used to have? What happened to the emporium you were trying to build? Did you stay in your comfort zone for so long that now your business is suffering? Where did that thriving business you envisioned went to?
Fear not, there are many things you can do to move your business from a standstill. For instance, you could create campaigns on social networks to increase your visibility, or you can get a software that could help you get more work done.
Naturally, these suggestions require additional funding, but the real problem comes when you can’t afford them. A small business loan could be a solution you so desperately need. It can help boost your business if it’s used right.
I’m here to discuss with you the 4 main areas where you can invest a loan.
The entrepreneur wears Prada: a loan could boost your production
If you have a physical product, maybe it would be a good idea to invest in some part of the production process (maybe by buying new machinery or better-quality materials). That way you’ll increase your work efficiency, which will eventually lead to more clients and more profits.
That’s what Maria did.
She has been making beautiful leather shoes for women as a hobby for some years, but now she has decided to turn her passion into an official business.
Maria founded her startup a year ago, and her business generates $5,000 monthly. However, she needed funds to purchase more material and boost her production.
It was difficult for Maria to find a funding resource, given that her startup hasn’t been operating for a long time, but she managed to find an alternative lender that offered her a small business loan at affordable rates.
Now she’s making even more shoes, winning more money and making women everywhere feel more fashionable.
Writer, interrupted: a loan can give you a helping (or writing) hand
Sometimes, unfortunately, you have to turn down new clients during busy periods because you don’t have enough staff. In that case, a small business loan can allow you to hire more people and, in that way, serve more clients and increase your revenue.
Mike had the same problem and this is how he solved it:
He has an agency that offers all sort of copywriting services. His business has been operating for two years and he generates $30,000 of annual income.
Mike had two writers who helped him, but he noticed that lately, he has been turning down some gigs since his staff has been busy and couldn’t take more projects.
That’s why he applied for a small business loan to get the necessary funds to hire more people, which would allow him to take more job offers and increase his profit.
Now he has been able to take on more new clients and his agency is doing better than ever.
The car wash rises: a loan can get you more clients
Nowadays, if you don’t invest in your marketing, your business is practically invisible to your customers. This is usually a common problem that all entrepreneurs have at the beginning. They want to invest in marketing, but their budget doesn’t cover these expenses.
David had the same problem, and he solved it with the help of a small business loan.
He owns a car wash that has been operating for nine months, generating $2,500 a month. Having a local business, he knows it’s not always easy to get new customers.
David realized that he needed to spread the word about his services, but he needed professional help. A website and somebody who would manage social networks and paid campaigns were the answer to his problem.
These investments required money that he didn’t have, so he applied for a small business loan to get needed funds. With effective marketing strategies, David got visibility in his community and got more clients.
The breakfast club: loans could help get you to the new century
Investing in technology can improve your work productivity which can lead to better performance and more sales. Maybe this investment may seem like an unnecessary expense, but it can bring your business to another level, as it did with Jack’s diner.
He has been running a dinner for three years with an annual income of $150,000.
However, Jack calculated that by getting POS software for their waters, so they can do their jobs quicker and better, he would be able to serve more customers. So he applied for a small business loan to purchase special computers and the needed software.
Sweet smell of success
Are you in a similar situation as the people mentioned above?
Follow their example, apply for a small business loan and pave the way for your success.
Let us know what you would invest a loan in.