Every small business owner dreams big, whether it’s a wish to double their revenue, franchise their business, or to open a new location. But too many business owners write off their dreams as unachievable or unrealistic without developing a strategy to actually make those dreams come true.
An important aspect of planning for expansion is to have access to the capital you need to implement your plans. Keep in mind that if you don’t have enough capital to start chasing your dreams yet, that doesn’t mean that the dream is out of reach. Rather, it means that you need small business funding to get the process started.
Here’s what leveraging business capital can do for you and your dreams:
#1: Get Off on the Right Foot
Once you’ve decided that your business needs to grow, you have to get the ball rolling. Business plans cost time and resources to draw up, and then executing those plans can be even more costly to your business. If you start the process without having access to adequate capital, you could be handicapping your business’ future growth and setting yourself up for failure. Avoid falling on your face by seeking out small business funding as soon as you make the decision to go after your business dreams and goals.
If you’re balking because you’re still early into the dream-chasing process and you don’t know how much capital you’ll need, don’t worry, just take action. A business line of credit remains available to you until you need it, and you don’t pay fees on funds that you haven’t accessed. For businesses with unpredictable futures, this could be the perfect safety net while you figure out the next steps.
#2: Afford the Tools You Need to Meet Goals
With every dream comes a set of goals and tasks you need to accomplish along the way. Perhaps you want to double your revenues with a new, aggressive marketing campaign. With that lofty goal comes many subgoals, such as consulting with a marketing professional, investing in marketing and design software, and a budget for paid social media and paid advertising. Rather than going bare-bones to meet your budget, you can use a small business loan as a cash bridge to afford the tools you need without affecting the day-to-day operations of your business.
#3: Assign Roles & Responsibilities
It’s common for entrepreneurs to have a “do it yourself” mindset, especially when so many small businesses come from bootstrap origins. But there are only 24 hours in a day, and you can’t spend all of them on small tasks that take away from the rest of your business operations. Don’t be afraid to ask for help. The tasks that you keep for yourself will be done with better quality if you aren’t overextending yourself, and delegating allows you to play to your team’s strengths by giving tasks to the team members you know will do an excellent job.
Taking out a business loan can give you the capital needed to hire additional team members or contractors with the expertise that you need. In addition to wages, you’ll need to pay for advertising a job position online, background checks and other HR costs, and the cost of training the employee. Bringing on new team members with on-point expertise doesn’t have to be a drain on your finances with the help of added capital.
#4: Take Hold of Big Opportunities
Life tends to bring in big opportunities when you’re the least-equipped to take advantage of them. Instead of staring longingly at that perfect storefront with a “for lease” sign, snag it while it’s still available! You never know when the ideal growth opportunity will show up and give you the opportunity to get much closer to your small business dreams. Having a business line of credit on hand can give you the flexibility you need to put down a deposit when time is critical, so you aren’t left in the dust while a competitor takes the opportunity you’ve been waiting for.
#5: Have the Flexibility to Change Tactics
Whatever your end goal is, you’ll want to periodically assess your efforts and see if you’re getting the results you want. Some business owners put off doing these important metric checks because they feel that they don’t have the working capital needed to change their approach if they find that it isn’t working.
There’s no sense in continuing to spend money on growth tactics that aren’t successful, so take advantage of a working capital loan to handle any adjustments needed. Maybe you’ll find that your marketing plan isn’t getting a high enough ROI and you need to focus more heavily on paid advertising, or that your new store location isn’t getting the traffic that you needed. With flexible capital on hand, you can change directions in an instant and make sure that you continue to keep moving toward that end goal.
Can you see how small business funding can become an integral part of making your business dreams come true? Mulligan Funding is here to help with an easy application process and quick approvals. Call Mulligan Funding at 855-326-3564 to discuss your financing options today!
The information shared is intended to be used for informational purposes only and you should independently research and verify.
Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.