I read an article the other day that really caught my attention. The article asked ‘What would you do with a 10K loan’ and it got me thinking… Business loans don’t always have to be six figures to make an impact – £10k can go a long way for a small business.
A small loan invested wisely can provide a significant boost to your company. So here are 5 ideas on what you could do with a 10k business loan.
- Buy new equipment – Investing in upgraded equipment can boost production and reduce costs. Do you need a new printer to cut your production time in half? Could you benefit from purchasing a new computer so things can be processed faster or would you benefit from some new software to increase your competitive edge. Whatever it may be, new equipment can create opportunities and bring in new business.
- Open up a new shop or office – Many small businesses operate from small offices or tiny shops and could really benefit from a bigger workspace. A 10k loan could help you rent a new space or you could also use a £10k loan to help refurbish an existing shop or office to enhance your current situation.
- Invest in marketing – £10k could help you raise awareness of your company and what you offer. Could your business benefit from a new website to advertise your products or new marketing campaign to increase your brand awareness?
- Pay for staff training – If your business is growing, I would really advise that you invest wisely in yourself and your staff. Very few businesses take off without a workforce – to make the real money, you need to have people working for you, however this can be costly if you don’t get it right. You could use a 10K load to train existing staff or even recruit new staff. Personally I have always found that quality employees are very valuable. If they are good they will deliver many times their cost.
- Buy new stock – If your business involves retail then investing 10k in buying new stock could be the option for you. By investing in extra or new stock can increase your profits which will mean making more cash for future investments.
Those are a few ideas for you. But now I ask, what would you do with a 10k business loan and how would you invest that money to get the best value for your company?