Wouldn’t it be great if you could go to your bank and request a lump sum of money to jump-start or grow your business? Once upon a time that was possible, but these days, banks are reluctant to loan money. It doesn’t help that the downward turn in the economy caused a lot of people to go into debt. And when that happens, bad credit scores rise.
If you’re dealing with issues with getting funding for your company, then there are some things you can do to help.
Host a Fund Raiser
If you’re like most Americans, you held at least one fund raiser during your youth. You can take those skills and put them to use in the real world. Try hosting a community event, inviting families and businesses to attend.
It can be a festival with baked goods, drinks and other items for sale, which can go towards your fund raising.
Offer a Promotion
One way to help drive business for expansion is to offer a great promotion. This could be a BOGO event, discounts or cross-promotions with other local businesses. Research your market to see which products or services are the most popular. These are the items you want to put on sale.
Use the Web to Market Your Brand
The internet is a powerful tool when it comes to boosting your brand. Social media, paid ads and even content marketing can do wonders for raising your revenue. All you need is a solid strategy. Better yet, it’s a good idea to combine all three methods to maximize your results.
Take Out a Paypal Business Loan
If you do majority of your business on Paypal, or earn at least $20,000 annually, you can qualify for a working capital loan. How much you earn per year will determine how much of a loan you can get. However, it’s a great way to get money fast. You get an answer right away and can get funding within minutes.
You can use the funding to buy more goods, hire more employees or advertise your business. Whatever you need for your business, you can cover it with your Paypal loan. And what’s also great about it is that you pay a percentage of each of your Paypal payments towards the loan until it’s paid off. You can choose 10%, 20% and 30%. The lower the percentage, the higher the fee for the loan. But all are pretty reasonable compared to many bank loans.
Improve Your Credit for a Bank Loan
If you’re like most people, your credit score isn’t that great. This means you won’t get approved for a bank loan. Focus on paying off debts, so you can raise your credit score. This way, you will increase your chances of getting a bank loan. You can do this whether you’re selling sportswear from brands like Oakley or offering carpet cleaning services.
Increasing your business’s capital doesn’t have to be a big mystery. Give the above options a try to see how you can expand and grow your business sooner rather than later.