Are you considering a retail business loan?But not sure how to use the funds to grow your company? If so, keep reading.
Whether you are starting a new retail venture or taking your existing business to the next level, retail business finance lets you cover numerous expenses without difficulty. Stock your shelves, join the e-commerce wave, or open a new store. With retail financing, you can reach your business goals easily. Here are a few ideas to help you get started.
1. Purchase inventory
As a retail business owner, you must stock up your shelves to maintain the demand and supply ratios. Depending on the nature of your business and the products you sell, you might need to restock your inventory more frequently. Even if you sell goods like clothing that don’t have a short shelf life, you still need to stock according to trends, seasons, and more.
Hence, if you’re borrowing a loan for retail shop, buying your goods and equipment first is a great way to use the funds.
2. Hire more staff
Are you struggling to handle the shop on your own or have employees that are working overtime? Then, you can use a business loanto hire more staff and distribute the workload accordingly. The more helping hands you have, the better will be your business productivity and operations.
Additional Read: How COVID-19 impacts your business
3. Revamp your retail store
Did you know that a bland décor or shabby appearance of your store can affect your sales? That’s because the interiors and exterior of your shop creates the first impression in your customer’s mind. With a retail loan, however, you can give your store a makeover and kick things up a notch! Be it a new wallpaper, a paint job, or adding a new display, you can create a whole aesthetic that resonates with you and your business.
4. Open a new branch
If your business is booming and you cannot serve your customer base from a single location anymore, it might be time to expand. Although the thought of opening a new branch can seem a little intimidating at first, it will inevitably help your retail business grow.
Besides, most lenders are offering competitive business loan interest rates nowadays. So, why not take advantage of easy retail finance?
5. Invest in marketing
Consider this: Nearly 94% of people purchase from a business they follow on social media. Whether it’s social media or paid advertising, strategic marketing is the easiest way to attract new buyers and build a long-lasting relationship with your existing customers. If you want more customers to find you, you must start investing in well-planned marketing campaigns.
You can market your brand on various digital platforms. Or, run multi-channel campaigns to maximise reach and boost your sales. But if you require professional help, outsourcing a marketing agency can also help.
Over to you
Now that you know some of the best ways to upgrade your retail business, it is time to find a credible lender to get the required funds. With Tata Capital’s customisable business finance solutions, you need not look anywhere else. We provide easy business loan eligibilitycriteria, extended loan tenures, and structured EMI plans to help your business thrive.
So, get in touch with us today!