Even the most successful businesses have rough years. Regardless of whether you built your business up from nothing or if you’re in the process of establishing yourself as a significant business owner, you still may need help every once in awhile.
When your business needs some short-term financial help, make sure to think creatively. You may have more options that you’re aware of.
People love to support local businesses, so make sure your community knows about you. You need to have a strong presence on social media.
- Do you have a business Facebook page?
- Do you connect with other local businesses via Twitter?
- Does your business have an Instagram account?
These are just three of the most popular social media platforms, and you should definitely have a presence on them. By establishing a constant presence in your community, your business can have the exposure it needs to thrive locally, before setting out for the global stage.
Philanthropy is a wonderful way to help the world and in return, get some recognition as well. To ensure that you are making your business well known and appreciated, make a few donations to get your name out there.
Do you own a coffee shop? Consider donating some coffee to the teachers at your local elementary school? Work with the school to make sure your generosity is noted on their website, so that all the parents will see it. Alternatively, if you run a veterinarian practice, partner with the local humane society. They’ll gladly accept donations of food, leashes, or other useful items. Again, ask them to include your gifts on their website, and you’ll be reaching a larger audience.
Additionally, let your business employ a few volunteers on a monthly basis at the local community center. With a little effort, your business will be out in the community and it will have acquired a great deal of goodwill and, hopefully, new customers.
Grants and Tax Breaks
There are grants and tax breaks available to employers who hire certain categories of employees under specific conditions. Be sure to research the details, but your business could benefit in many ways if you hire:
- Individuals with disabilities
- Homeless individuals
- Low-income young adults
Of course, you want to hire the best possible employees. It’s even possible that you’ve already hired someone who makes your business eligible for a hiring grant. It can’t hurt to do a little research and find out.
Think very carefully before you take out a loan against your business. Make sure that you’ll be able to pay it back within the timeline. Also, ensure that you’ll be able to cover the monthly payments. Remember that banks and independent loan companies are in the business of making money, so you will be charged interest—you will end up paying back a fraction more than you borrowed.
If you’ve crunched all the numbers and determined that your business needs a short-term infusion of cash, you can apply at your bank or an independent loan company.
Whichever route you chose, make sure to read the fine print. If the terms of the loan work for you and your business, the next step is to take a few minutes and fill out an installment loan online application. That will get your loan process started.
Consider Your Business’ Long-Term Goals
All businesses will have their ups and downs. If you’re in it for the long haul, you’ll need to change up your game occasionally. That may mean better publicity or a small influx of cash, but whatever you choose for your business, your hard work and dedication will surely pay off in the end.