Finding the Right Business Loan
Michael Ventura, Founder of Sub Rosa, once said “There is no finish line. There are only mile markers.” Other entrepreneurs will not let me lie when I say we all agree with Michael when it comes to looking for the right small business loan. He then discovered Camino Financial.
Contemplating whether or not to borrow money is a milepost you’ll always remember.
You probably remember the passion you had when you launched your business and became the boss of your organization. Now that you’re dreaming about taking your business plan to the next level, you need to recall that feeling.
You could upgrade your company’s production software, buy or rent new offices or bring on a marketing specialist to promote your products and services. However, those changes require money. A business loan may be just what you need to propel your business forward to avoid stagnation. Here are four ways borrowers use loan proceeds.
Where to Invest a Small Business Loan
#1. Staff :
Business growth comes at a cost: expanding your team of professionals takes time and money. If you ramp up production, having more employees takes pressure off existing staff. If you pay a recruiter, you should expect to pay between 15%-20% of the employee’s salary.
Even if you don’t use a recruiter, you or other staff members will dedicate considerable time to place ads and interview candidates. Once you hire someone and start paying wages, allocate costs for eight or more weeks of training.
This initial investment tugs on your bottom line temporarily, but in the long run, a larger staff can increase production and sales.
#2. Production :
Small business loan proceeds can be used to purchase or repair equipment that breaks down or needs to be replaced. You could also upgrade what you already own to increase production, thereby expanding your available inventory.
If businesses don’t get on board with technology, they fall behind. That’s because people rely on emails, social media platforms and websites to find out about your company and products. Up-to-date technology helps you stay in contact with customers and keeps you trending in the marketplace.
#4. Branding and Marketing :
Customers make decisions about your business based on how you present your products. If you don’t brand what you sell and make it unique, customers aren’t as likely to be interested. By allocating funds to devote them to branding and marketing your products, you can change how customers perceive your business.
How a Loan Helped This Latin Small Business Owner
Oscar worked his way from the ground up as an employee in a sandwich shop. After two years, he decided it was time to start his own business.
He was able to purchase the small company he worked for. He knew what immediate changes were necessary. The dining area needed a design overhaul because the old design caused his employees to do extra work. He also needed to replace equipment that was not only old but slow.
Oscar secured a small business loan to make the necessary improvements to the building and purchase new equipment. By doing so, the dining room not only has a new inviting look but now he can serve customers faster.
He has utilized loan proceeds to increase production, give his employees a morale boost, and create a memorable brand for his services. Oscar also gave his storefront a face lift to bring in more customers. He intends to open other store locations in the future and will use technology to get the word out.
Apply for a Small Business Loan and Reap the Rewards
Just like Oscar, you have your own story to tell. He decided that a small business loan was just what his business needed so it didn’t stagnate.
What does your business need?
Perhaps you should follow Oscar’s lead and inject energy and money into your business with a short-term loan so it regains momentum. You’ll be able to tackle projects you’ve put on hold or be inspired to borrow regularly to increase profits.
It’s never too late to make your business dreams come true because you’re in charge of what happens next.