Category Archives: Business Expansion

Financing to Restart Your Business and Bring it Back on Track

Have the recent times shaken your business while it was going great in the past? Many businesses go through such time no matter how strong their basics and foundation may be. But what gets them back when the season looks good again? It’s a combination of hard work, smart work, good marketing, careful strategizing and the support of required funds to put it all together and make it happen. Oftentimes in today’s market, business financing provides those funds when the future does indeed seem bright to everyone. Financing, in such situations, acts like the spark to the fuel that’s waiting to ignite.

When to Choose Financing for Restarting a Business?

Businesses look at restarting for multiple reasons. These could be seasonality, a major downfall after which growth is expected or even a complete shake-up in the company that in the past lead to a fall or in the future is expected to lead to a rise back up. Of course, there are more reasons out there but not can be covered in a nutshell.

Ups and downs are normal in business but there come times when the downfall hits too hard. The reason for this could be internal or external. Here are some examples of situations in which choosing to secure financing for restarting a business is likely to be beneficial:

  • When the decline in business was due to an external factor that is now negating
  • When it was a low point in the season while the good season is right ahead
  • When a good business was shut due to some factors which are no longer a hindrance and the market seems ready to welcome the business back
  • Change of ownership/management

While this list isn’t exhaustive, it’s intended to give a fair idea as to what sort of situations tend to favor added investment in the form of financing.

What to Focus On

When restarting a business, and specifically when also using business financing for that, the stakeholders need to be mindful of things that add up to a strong likelihood of growth and prosperity – after all the financed funds have to be returned in time with added interest. Here are 4 points that tend to be at the top of the list for successful business revival projects/plans.

Hard Work & Smart Work

Most of the business world gets nowhere good without the combination of these two. While the labels speak for themselves and are self-explanatory enough, the feature of the mention here is essential as there can be no room for these key essentials to be overlooked in a business in a situation when the only option is to grow and succeed.

Marketing & Advertising

Now that the business is getting set for a resumption, the customers need to know this. Also, perhaps there are many new potential customers out there now. Getting the right word out to the right market enough number of times for enough people to act on it, is an absolute must. When restarting a business, consider targeted and lower cost-per-engagement and cost-per-conversion modes of marketing. Trending modes at the time of this article’s writing are social media ads and influencer marketing and these work great for many B2C businesses. B2B businesses tend to benefit from social media and search engine ads more than many other forms of advertising.

Renewed Strategy

Everything is changing in the business environment and the old company values, goals, objectives, management techniques and hierarchy might need careful scrutiny and perhaps even a complete overhaul to suit tomorrow.

Financial Situation

Cash rotation, liquidity, and all the other financial basics of a business need to always be closely watched and that probably should never be overlooked. However when using financing options, avoiding a loan bigger than fixed assets can repay in case things don’t work well, is a financial mistake one absolutely needs to avoid making.

Financing the Revival of Your Business

When restarting a business, conventional loans are not much of a choice because the immediate past of the business must have records that may not help with such a loan. However, there is no harm in giving a lower interest conventional loan like an SBA loan or a bank loan.

The other option is an alternate business loan. At Business Advance Funding, we offer flexible options for financing businesses across a wide range of industries and you’re welcome to use our application to get in touch with us for a competitive deal for financing a revival plan of your business.

Valuable Planning Tips for Small Business Expansion

You own a small business and it is doing outstandingly well. Nevertheless, as a business owner, you certainly want to take it to next level by expanding into newer markets, bringing in new products or services, opening up a new location, buying new equipment or machinery, hiring added staff, reinvesting in your business, etc. Odds are that you might need financing for business expansion. There are several funding options such as banks, credit unions, online lenders, etc. available for small businesses. It is understandable that bad credit and rigorous loan requirements are making it tough to avail business expansion loan from conventional lenders for many. However, there are many online lenders catering to the expansion financing needs of small businesses.

Establish smart decisions for your small business expansion by following below tips.

Verify the readiness of your small business for expansion – Take an objective view at your existing business profile for a sincere assessment. Test out whether your business has the necessary cash flow to sustain the debt because a lender would like to ensure your loan repayment capability before offering business expansion loan to you. Realize that any small business with a good credit profile has higher chances of discovering success with lenders.

business expansion

Brag a great and well-run business plan – An efficient business plan includes unambiguous details about how you will use the approved funds for your business growth and how you will repay the loan responsibly. A clear, viable and convincing plan increases your chances of securing financing for expansion effortlessly. However, if you already have a business plan set in place, make certain to revise it.

Make a right decision on business expansion funding – Small business lending has undergone a sea change in the recent years. Earlier, banks were the solitary lending option. However, today many direct lenders online are offering small business expansion loans at affordable rates, speed and convenience. Unlike traditional lending, online lending is flexible and comes with fewer and simpler loan requirements, higher approval rates and faster funding.  Minimum one year in business and monthly revenue of $15,000 should make you find access to business financing online. Moreover, with no requirement of collateral and perfect credit score, you can easily avail funds up to $2M within 24 hours.

Associate with other brands and businesses – Collaborating with other brands can help your small business spread out more rapidly. Although your business can carry on well on its own, an alliance with a familiar brand allows you to tap on their aggressive and already established strategies. Thus, helping your small business flourish easily.

Connect with your customers on social media – Collaborating with all your customers on various social networking sites can eventually build incredible brand recognition for your small business. Putting up your business events, holding contests, offering discounts, replying to their tweets, posting videos of your gratified customers, etc. can step-up your business’s fan base and make customers feel more welcoming to your business.