Five Ways to Grow Your Business with Extra CapitalOctober 6, 2015
Whatever path you choose, having extra funds can help you achieve your business goals- and a small business loan can help. A quick infusion of capital or a steady line of credit can solve short-term problems or set up your company for success in the long run.
Here are five ways to grow your business with a small business loan:
- Open new locations.
If your current business location is performing well, you might be thinking about opening a second location. Taking out a small business loan will help finance upfront costs of rent, maintenance and inventory. Think of it as an essential investment in case you decide to franchise your business.
- Invest in marketing.
Marketing best practices are constantly changing. To stay current, small business owners should invest in marketing, whether online, through direct mail, or both. Consider hiring a content marketing firm with your new loan, or putting those funds toward targeting new regions.
- Save on inventory.
Purchasing inventory in bulk may reduce individual unit cost. Use your small business loan to make the initial financial commitment, and then pay off your loan with the increased revenue from selling extra inventory.
- Repairs and equipment.
Technology can significantly impact how smoothly your business runs. Whether you’re thinking of investing in iPads for the store or you’ve finally decided to overhaul your cash register system, using funds from a loan can help you your business reduce operational costs in the long term.
- Pay debt.
It may seem counterintuitive, but taking out a small business loan is one of the best ways to eliminate debt from older loans or credit card bills, tackle interest rates from older loans or consolidate costs from previous bills. Fixed rate small business loans can go a long way toward reducing outstanding bills or loans.
Interested in getting working capital to grow your business? Call RapidAdvance at 844-297-6722 or visit us here. Whether you’re tired of dealing with traditional lenders or just need additional funding, RapidAdvance can help you grow your business – quickly and simply.
* This article was contributed by Rapid Advance, an NSBA corporate partner.