Finding funds for your marketing efforts can be a difficult process, but it’s an important part of any business. Whether you’re looking for medical practice loans, manufacturing loans, or inventory financing, it’s wise to know your options before you commit to any one lending model. You probably have more choices than you think. If you’re running a small business and you want to maintain steady growth, then follow our simple guide to learn about how you can get funding for your marketing.
Understand Big Bank Challenges
First off, it’s wise to be aware of the many challenges you face when trying to receive funding from a big bank. Banks like to see that you have an established business model or some sort of credible lending history. Even if you have had success as a small business early on, it can be difficult to prove that you’re a viable choice from a lender’s perspective. If a big bank has no way to establish your use of credit on paper, then it’s unlikely that they will be willing to provide you with a loan.
Explore All Your Options
Marketing funding is a confusing subject for most business owners. This is no surprise, as running a small business is full of complex roadblocks and details that require constant care and attention. But it’s never a good idea to neglect at least exploring your options when it comes to trying to get funding for your marketing. Making the right choice can have enormous returns and make up for much of the time spent on developing advertising campaigns. Lots of businesses think they must consult with a big bank to receive the proper funding, but that’s not the case anymore. As it turns out, alternative lenders approve 56.7% of requested loans, while big banks only approve around 26.9% of small business loans. When you consider this significant gap, it becomes that much more fruitful to find other ways to get funding for your marketing. Don’t make the mistake of thinking that the big banks are the only way forward for your business.
Have a Clear Financial Picture
When you’re seeking funding, you benefit from outlining a clear financial picture of your business. If you don’t have an unclouded summary of all of your finances, then it’s more difficult to find ways to get funding for your marketing. When you’re generating your financial reports be sure to include everything. This means crunching the numbers on every detail: payroll costs, marketing funds, utilities, startup costs, rental fees, and expenses associated with any materials necessary for running your business. From there, you can work on calculating income and cashflow. No element should be overlooked when you’re assessing your financial standing. Establishing a clear financial footing prepares you with the information you need when looking for loans.
Define Your Marketing Goals
Once you’ve got your finances in order, you can define your marketing goals. Most small businesses find it helpful to perform at least some type of market research so there is no confusion as to who the target audience for a product or service is, where that audience places their attention, and how your business plans to get your message delivered to them. Often this process can illuminate potential holes in your marketing strategy, and help you clarify the best path forward as you attempt to get funding for your marketing.
Now that you have everything in order, you can begin the process of finding a loan. It may be a good idea to consult with other small business owners in your area. It’s important to find a company that is willing to work with you to achieve your goals. If you’re ready to seek funds for your marketing, then contact us today.