Financing your small business marketing - 5 options you may not have thought of
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Financing your small business marketing - 5 options you may not have thought of

  • Highlights

  • Fund your campaign with an easy online business loan

  • You can also use a personal loan or business credit cards

  • Ask your investors to finance large-scale marketing efforts

  • Plan your strategy carefully, making sure you know the ROI

Marketing your small business in the right channels can have a huge impact on your bottom line. It not only creates awareness about your business, but also connects you with potential customers. These leads can be invaluable in helping your business reach its next stage of growth. When looking for marketing finance, choose a source that makes the process easy and fast, and gives you a cost-effective repayment solution.

To help you get started on the right foot, take a look at four financing options that you may not have considered.

Business loans from online lenders

If you have a few years of experience under your belt, taking a business loan from an online lender is the best way to fund small business marketing. More often than not, these loans are easy to apply for, offer you a high loan amount, and have flexible repayment terms.

Also, there are no limitations on how you can use the loan amount to fund business marketing expenses. So, if you own a candle-making company, you can use the help of this loan to commission a décor blog, have a social media team, and create relatable content for your consumers on your website. You can also hire a marketing manager to come up with smart strategies to help your business gain visibility in both digital and print media. A trustworthy lender that offers loans to small businesses is Bajaj Finserv. Their Business Loan allows you to get a high loan amount at a nominal interest rate, with a flexible tenor, and a Flexi loan facility. Using the Flexi loan, you have the option to withdraw funds from the total amount sanctioned to you as and when the need arises. You can take a part of the loan at the start of the tenor, and then withdraw more when you feel that you need more funds. The great benefit of using this loan is that you are only charged interest on the amount that you use. The rest is interest-free. This amount is available to you without restrictions, and will only be charged interest as and when you use it. Besides, you also have the option to repay the loan in the form of EMIs that consist only of interest. And, you can choose to repay the principal amount at the end of the tenor. This ensures that your monthly outflow states to a minimum and the loan is more affordable for you.

Personal loans

If you have a mix of expenses to take care of, you can also consider a personal loan. For example, if you have to rain-proof your house as well as hire a social media strategist for your business, you can use funds from this loan to do both. Personal loans also offer you a substantial loan amount along with a nominal interest rate and long tenor. Like business loans, personal loans are also easy to apply for, and are unsecured, so you don’t need to worry about collateral. If you are starting a new company or have been in business only for a couple of months, this loan is a better option. This is because you do not have to submit any business vintage to get access to funds. The easy eligibility means that you only have to submit a handful of documents to finance your personal and/or professional needs.

Business credit cards

If you are starting your marketing activities on a small scale, a business credit card is also a convenient source of finance. You can use it to pay marketing consultants, and to fund costs of creating marketing material such as ads, brochures, digital banners, and emailers. The benefit of using business credit cards is that you can fund small, unpredictable needs as they arise without any hassle. For example, you can use a business credit card to pay for small business expenses such as travel tickets if your team has to travel to conduct market research. You can also use this card to make small purchases such as laptops or external hard drives for the team. This is beneficial as making these purchases via credit card allows you to collect points, gives you cashback and access to special discounts. But, only opt for this form of finance if you are sure that you will be able to repay it. Credit card balances have a tendency to pile up and if you struggle to pay them, they can lower your credit score.

How To Get Small Business Finance From Bajaj Finserv

Investor funds

If you need a large sum of money to fund your marketing activities, you can consider seeking investor funds. Also, if you are working on an expansive marketing plan, say for the next 5 to 10 years, you will need a huge sum of money to bankroll it. In such a scenario, investors and venture capital firms can come to your rescue. You can also use funds from investors for big-ticket marketing activities such as hiring a third-party marketing agency and paying their retainer. Also, the funds can go towards sponsoring and/or participating in an exhibition such as the Art & Design Fair International or HGH India. All you must ensure is that you have a unique business model, revenue projections and can show how your business will grow from strength to strength to secure investor funds. Using a mix of these options will help you fund direct and indirect marketing strategies to take your business to the next level. As long as you are able to avoid over-borrowing, a mix of these options will help you implement all elements of a marketing plan for measurable results.

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