Business owners and entrepreneurs will most probably need extra capital at some point for scaling operations and increasing the size and scope of their businesses. If you’re locked in for making a killing in 2023, so are we! The opportunities can be endless with Business Loans. Whether yours is a small business or an established one, we’re here to help. Post-pandemic shockwaves are still felt to this day in the form of recession or inflation, and almost every business has suffered losses but now it’s time for recovering and scaling up, not looking down.
Before taking credit, businesses need to ask why and where the funding is required. This way, they’ll be able to allocate the borrowed money in the most effective manner. Also, when the right amount is borrowed, there will be a less burden on repayments and more judicious use of finances. Developing a plan keeping clearly defined milestones and timelines in mind over the next two, three or five years is the right way to go about it.
Assessing financial forecasts will give businesses the right projections of the company’s development overtime. Things like the cost of Production, Prototype Development, Research and Manufacturing, and other aspects have to be factored in for better planning with a Business Loan.
Here’s a little guide on Business Loans and how they can help scale up your business in 2023.
Where to Invest Your Business Loan
You can borrow an unsecured Business Loan of up to Rs 50 Lakh and use the amount for –
Product Prototypes and Market Research
You might need a prototype to test the product and gauge market viability. For this, launching a Kickstarter campaign for your business is a good idea. And this doesn’t come for free, you’ll need added finances without wagering away your business’s future. An unsecured Business Loan can help you test new product offerings and the waters you want to try them in. Since there is no collateral needed for an unsecured Business Loan, your assets will be secure from the risks associated with loan repayment.
Developing new products or services is vital for a business to remain successful and eliminate the risk of becoming obsolete. This is the reason most entrepreneurs and business owners like to diversify their range of offerings. But it doesn’t happen unless all the necessary research has been done. For instance, hardware products have a bad reputation of being difficult and overly expensive in their testing and development phases. A lack of planning is usually behind missing budgets.
When introducing new products, check their demand and the possible hurdles they may face. You can take a relatively smaller unsecured Business Loan for the same and avoid huge financial ramifications in the future. With Clix Capital, there won’t be much burden by way of interest on your borrowed loan and with our flexible tenure of 12 to 36 months, you can pay back the loan amount without any hassle.
Also read: Guide to Availing Business Loans and How to Use Them for Your Business Growth
Many businesses have returned to working from the office post-pandemic, and this has naturally increased the need for more employees. On the other hand, cash strapped businesses may be hesitant to hire, and could potentially miss out on growth opportunities. With a Business Loan, you don’t need to worry about the cost of taking on new employees and instead, add to your company’s profit.
A business needs working capital to pay its employees and manage other operational expenses. The shortage of working capital can be a do or die situation, especially for a small business. They can cope with the same using a Small Business Loan. Get a loan amount from Rs 5 to 50 Lakh based on the company’s minimum turnover and financial audit of the last 24 months. A business can meet a range of working capital requirements with these loan amounts.
Marketing & Sales
Almost every business uses marketing to boost its brand value and reach, and your company should be no different. Of course, you need funds to improve your presence in this competitive digital era. However, a successful marketing campaign necessitates a considerable financial commitment, which is something a Business Loan can help you with.
It will help you market your products with the help of digital experts, increase sales and improve your company’s return on investment (ROI).
Office Space & Admin Expenses
Are you looking to expand your business in need of expansion?
Are you looking to improve your office space, increase administrative utilities, better office amenities, buy more supplies like stationery, new laptops, get furnishings and buy other necessary items? If so, you may need some additional funds, and a Business Loan can help you with such improvements.
Use a Business Loan EMI calculator and see what EMI amount is suitable for your budget. This way, you can easily meet your expansion expenses without putting disturbing your savings or assets at risk.
While improving an office will need investment in various areas: it can help your company grow.
Now that you know how a Business Loan can help you scale your business in 2023, get one today with Clix Capital’s attractive interest rate offers, flexible loan tenure and a wide range of loan amounts.