There are many ways you can grow your business, and a loan can help you with it. There will come a time that getting a loan can be cost-efficient, and will do wonders for your venture. Here are sure-fire ways that getting a business loan can bring tremendous benefits to your productivity, marketing, and sales.
Improve Your Product or Service
When you perfectly develop your product or service, more customers will keep coming back to you. Improving your product may require a lot of funds at the beginning, and a loan can give you a jumpstart. Even simple changes, such as a little tweak here and there, or improving your product packaging, can result in a boost in sales.
Pay Your Suppliers Early
If you’re able to pay suppliers earlier, you may be able to get discounts (especially on bulk purchases). Taking out a loan can help you make the most out of early payment perks, which you might not be able to do if you had no cash at hand.
Hire, Train and Pay Your Staff
If you’re approaching a busy season, you can hire more staff with the help of a business loan. You can also use the funds to train your employees through professional development courses. A loan can also help you when cash flow slows down, and you need to pay staff immediately.
Improve Your Website and Marketing
Entrepreneurs know that highly targeted marketing campaigns can boost sales. Whether you opt for traditional or digital marketing, it pays to do paid advertising for a greater reach in the market. There are many benefits to marketing your offerings now, as it can also widen your reach to a target audience. If you lack funds for a full-on marketing campaign, a loan can help you implement it asap and pay for it from the sales of your campaign.
Invest in Technology
Investing in tech tools, such as a good point of sale system (POS) and customer relationship management (CRM), can help elevate your business. These tools will allow you to analyse business insights in a more efficient way, and help you come up with strategies to improve operations.
Upgrade Your Business Equipment
Upgrading your equipment can improve business productivity. Old machinery can hinder you from getting projects done, so it’s best to purchase high-quality equipment that will be functional for a long time.
Investing in high-quality tools can get expensive. Some equipment financing options may not be able to fully cover the equipment you need. However, an unsecured loan may cover the entire cost of your purchase.
The profits you get from your new equipment can be used to pay off the loan. When you finally paid off the loan in full, you can continue to use the equipment for the entirety of its lifespan.
Renovate Your Shop or Buy New Furniture
A fresh coat of paint, buying furniture for an updated look, or improving the aesthetics of your business can make your business more inviting to customers. More people will be drawn to your location if it’s nicely presented to the public.
Expand Your Business
A loan can help you set up more shops or stalls in other areas. You can also launch targeted campaigns in other cities to drive more customers to your business. Increasing your reach to various target groups can help you establish a relationship with new customers.
Boost Cash Flow During Slow Periods
There will always be good and bad times in business. In case you need additional funds to sustain your operations during slow periods, a loan or line of credit can help you push through it all. Businesses in seasonal industries can take advantage of business loans during off-peak seasons. You can also take on a business loan to prepare for an incoming peak season.
Build Your Credit History
Getting a business loan and paying it on time can help you build up a good credit history. Having an excellent record of successful loan repayments will create a good impression on any lender. This will result in getting better finance options at lower interest rates if ever you need one in the future.
Start Building Your Dreams in Business with an Unsecured Loan
Bizzloans has funded over 12,000 businesses for any loan purpose such as fit-outs, renovations, marketing, advertising, working capital, and so much more. We match you with the perfect financial solution to cater to your business needs. Getting a free quote below won’t affect your credit score. Applications take a few minutes, and you can get funding within 24 hours.
No Security Necessary
The main thing that makes unsecured loans more attractive than secured loans is the fact that they’re no security. It might be an obvious thing to highlight but it clearly matters. You won’t be weighed down by the pressure and worry associated with having collateral hanging over you and potentially being lost to the lender if you fail to make repayments. If you don’t want to take the risk of losing your collateral, you just need to opt for an unsecured loan instead. It’ll allow you to avoid any risks associated with secured loans.
Build Up Your Future Credit Score
By taking out a loan and then paying it off on time, you will help to build or repair your credit score. Many companies are dealing with poor credit, but by taking out an unsecured loan with a lender that is happy to lend to companies with poor credit, you can start to turn the situation around. Meeting regular repayment deadlines shows the world that you are able to stay on top of your financial obligations and pay off the money you owe, and that will only help your business going forward.
Why Your Business Might Want to Take Out an Unsecured Loan
There are lots of reasons why your business might take out a loan, as well as reasons not to. You shouldn’t take out a loan to cover running costs, but if you want to do other things, such as the things we’re going to discuss below, an unsecured business loan can be ideal.
Grow and Expand
Most entrepreneurs have big plans for their businesses. They want to ensure that their business is one that’s got a bright future. So if the time has come for you to grow and expand your business, you should think about whether taking out an unsecured business loan might help you to do that. It could be exactly what you need to get your business moving in the right kind of direction. It takes money and investment to grow your business and a loan might just be the ideal solution.
Take on More Clients and Customers
If your business doesn’t currently have the resources to deal with more customers and clients, it could be time to scale things up. However, that’s something that costs money, whether you like or not. Taking out an unsecured business loan could help improve the resources your business has available. It could mean hiring more people so that you have the human resources needed to take on more clients and make more customers happy. The loan will cover the costs associated with doing that and it’ll pay for itself if you’re able to improve your profits as a result.
Fund a New Marketing Campaign
Maybe it’s the case that attracting new customers to your business is where your problems lie. It’s not always easy to get your voice heard and make people aware of why they should be taking notice of your business. An unsecured loan could be used to fund a new marketing campaign that gets your message out there and makes more people interested in your business and what it’s offering. So if you have an idea for a marketing campaign that you think might work but you don’t have the financing for it, consider a loan.
Improve with Fewer Risks
The chance to improve your business in the many ways mentioned above offers you a real opportunity that you might want to grasp. Secured loans can offer the same access to financing but come with more risks to your business. With an unsecured loan, you can reap all the rewards that come with having the cash to invest in your business without having to worry about the risks adversely affecting the business in the future. The chance to improve with fewer risks attached to that chance should not be ignored or dismissed.
The Requirements for Getting an Unsecured Business Loan
There are some requirements you’ll need to be aware of before you take out an unsecured business loan. These aren’t too harsh or restrictive at all, but they are important.
24 Month Limit
When you take out an unsecured loan from Bizzloans, you have to pay the loan back within 24 months. That’s the maximum repayment term that’s on offer. Of course, that won’t be a problem for the vast majority of businesses out there. It’s important that you look at the finances closely and decide for sure that this is something your business is going to be able to do. You’ll have a chance to do this when you get a quote from us, so you’ll know exactly what you’re signing up to.
Business Bank Statements
To ensure your business is in a financial position to take on a loan of the size you’ve applied for, you’ll need to simply submit your business’s bank statements. This allows us to ensure that we lend responsibly and don’t burden you with a debt that is too much for you to take on. It’s in both your best interests and ours that you’re able to handle the loan that you take on.
To ensure everything is correct and proper, and you are who you say you are, you have to submit a photo ID. This is common practice and ensures that all financial transactions are above board and in order. It’s very easy to do and needn’t be a headache for you. Once we are satisfied with your application, you’ve provided the bank statements and we’ve checked your ID, it won’t be long before you have access to the loan you applied for.
Getting an unsecured business loan for your company could be just what it needs right now. It’s a much safer option than taking out a secured loan and you’ll be accepted much faster. Don’t hesitate to get in touch with us here at Bizzloans if you’re thinking of taking out an unsecured business loan.