If Your Business Had a Million Dollars: Dream Upgrades for Entrepreneurs
Imagine that your business had a million dollars of working capital available to be used however you wanted. What would you do? As you dream big for the future, consider how these four upgrades would benefit your company.
Transform Your Physical Location
Remodeling your store with more intuitive product placement, easier navigation and better lighting improves the customer experience.
When customers feel comfortable shopping, they’ll come back more often and stay longer during each trip. If you run a restaurant, a million dollars could fund an extensive renovation that includes new furnishings, outdoor seating, a more efficient kitchen and an updated menu.
These are also incentives to keep customers coming back and to share the pleasant dining experience with their friends.
Expand Your Reach
Pushing into new markets with a second location is a dream that many business owners have.
Opening up another storefront brings your brand to a whole new community with different demographics and fresh opportunities to market your products, services or eatery. It also increases your visibility online as you add a second set of location-based keywords to your content, and it shows that your company is doing well enough to expand.
People who were unable to visit your original location because of distance or time will come to check out your new establishment, bringing friends along to see what you have to offer.
Market Like a Boss
With a million dollars at your disposal, you could outsource your marketing to an agency with more time and resources than you have in house.
These marketing experts are able to develop the dynamic omni-channel strategies necessary for companies to compete in the modern business world. These strategies include:
- A streamlined website with a mobile-friendly adaptive layout
- An active presence on all major social media outlets
- A/B testing of every campaign
- Consistent engagement with customers
- Incentives such as giveaways, customer loyalty programs and location-based discounts
- A branded app for shopping on the go
Having someone else handle all of these avenues ensures that you never lose an important opportunity to connect with customers due to bring too busy with the other demands of running a business.
Make Smart Investments
Even big dreams should have a practical element. Though it would be tempting to put every last dime of your million dollars into improving your business, it’s smarter to set aside at least a small chunk for the future. You never know when you’ll need to hire a new employee, buy inventory in bulk or need working capital for any number of things.
How to Get a Million Dollar Business Loan
It’s not impossible to put a million dollars in the bank to start on all of these exciting projects. While many banks are hesitant to loan money to restaurants, retail shops and other local businesses, alternative loans are an attractive financing option.
At ARF Financial we have over a decade of experience providing business loans to local companies. We work with banks to get you approved in just a couple of days. For loan amounts up to $725,000 no collateral is required.
Contact us today to talk with a business loan consultant who can answer your questions and help you start the application process (very minimal paperwork is involved).