Growing a small business goes beyond the business itself – it requires the input of the customer community. While finding business funding does involve research and business plans, it is essential to stay aware of the needs of your consumers. Consider the following three secrets to finding better business funding options, while also building a thriving small business:
- Know who your business serves
The most successful businesses are those who focus on the people and communities they serve; their value proposition. What is your business’ value proposition? Is your business’ plan to help people save time or money? Or both? Is your aim to improve consumer convenience? Defining your business’ value proposition will help your business in many ways; such as, writing a stronger business loan application and boosting advertising efforts. Ultimately, focusing on what you want to offer – rather than simply what you want to sell – will help you gain powerful PR traction and qualify for great business loan options.
- Focus on your industry
It can be tempting to try to meet the needs of a wide range of consumers. But trying to be everything to everyone is never a good idea for the established business or startup. If you want your business to thrive, you will need tofind your niche and focus on a specific community or user group; this allows you to build your business around your best customers. Try to avoid diversifying too early. Instead, spend some time in your customer community, and ask them why they choose to buy from you. Before you devote all your time to growth and expansion, make sure you have nailed down the features and benefits of your products/services.
- Think outside the box
Crowdfunding has definitely changed the ways businesses seek additional working capital. While it is true that crowdfunding does allow for community involvement in your venture, this unpredictable financing option is not always the best option. It requires a lot of strategy and is far from being a ‘no strings attached’ alternative to traditional funding. Do not be afraid to think outside the box when seeking business funding. If you have struggled to find a traditional lender willing to work with you, alternative small business funding sources like First American Merchant offer quick cash solutions for your growth needs. In fact, your business can secure funds in as little as 24 hours.
Finding better business funding options can be a challenge, especially for small businesses and startups. To secure the financing you need, focus on your business’ vision first, your customer community second, and then seek the financing option that best suits your business’ situation and needs. Being aware of your local community will help you build a competitive business that can more easily find flexible financing options.