Sometimes expanding a new business means moving into a fresh location. Some fields and careers flourish in specific regions of the country, when there is more business. If you are planning to relocate your business, a business loan is a good way to open up enough monetary funds for the move. Here are some ways to use a business loan to solidify yourself in your new area.
If you are relocating, chances are good that you will need a rental deposit and rent money while you resettle. If you have a career that allows you to work from home, such as writing or photography, a live-work space is a great way to take care of business set up and living quarters. If your business needs a new storefront, make sure you budget for your personal home expenses and your commercial storefront so that they are manageable. Conventional wisdom says to use 30% or less of your income on rent alone, however, if you need a storefront space, you should use less on your personal home so that you have financial wiggle room to invest in the commercial lease.
Relocate your equipment professionally
If you are transitioning to a new state with a large inventory or work equipment, you should have the equipment moved professionally. Professional movers can adequately wrap and transport your inventory or equipment so that it will make it in good condition. Safe transportation is likely the only method that will be protected by your insurance, therefore it is best to use your loan for equipment transportation.
Transforming your advertisements
Whether you have a professional web page or quality print advertisements, you will need to transfer your advertisements to your new location. This means optimizing a fresh website for your new location and changing all of your online review and advertisement info to your brand new address and phone number. If you have printed advertisements with your old location information, these will all need to be changed immediately. You may also need a street team in your new location to hand out advertisements to generate a buzz. No matter how you perform your advertisements, a portion of your business loan will need to go towards making these changes.
Put money into business referrals
One of the best ways to tap into a new city market is to use businesses that are already in the target area. Soliciting referrals from related businesses is a great way to build up your career in a new city, but it will take making an investment, including paying for advertising space at their business. Your business loan will help you make small and large gestures in your new town to get your business in the black.
To learn more about business loans, contact a company like Bank & Trust Company.