If you want to really start growing your marketing firm over the coming months, there are lots of things you can do to generate more sales and profits.

This list includes things such as trying new marketing avenues, spending more time on sales, catering to a new target market, bringing on staff members or hiring contractors to help you handle the workload, and focusing more on customer service.

However, if you’re like many business owners or managers, you may simply need access to more funds to handle the expansion you want to see.

While it can be a little daunting trying to figure out the best way to bring in some more cash to your organisation, there are plenty of lending options and other business resources to take advantage of. Read on for some choices you might want to consider today, plus some tips for making sure you get the best deal for your venture sooner rather than later.

Financing Options

If you want more than just cash to grow your business, and would love to get some advice and support along the way, you might want to think about trying to land a spot in a business incubator in your local area. You can be amongst other similar services and gets hands-on tips from experienced advisers.

Another option is to find a partner for your organisation (someone who has complementary skills but the same drive and outlook) to take it to the next level. Or, you might want to look for an angel investor.

Though rarer than other investors, angel investors provide funds, with much lenient terms that focus more on a potential IPO down the road. Similarly, venture capitalists specialize in putting money into businesses which are considered to have both high-risk and high-growth potential.

Of course, if you simply want access to some funds for your expansion plans, then a short-term or long-term loan might be considered. You can approach any number of banks that cater to business lending, or you might want to check out some of the online lending organisations that have come onto the market in recent years.

A popular alternative to traditional business loans, online firms tend to be much quicker at looking over applications, and can sometimes be cheaper because they don’t have the large costs associated with brick-and-mortar stores.

Many online lenders can also be more open to newer businesses that don’t have much of a trading history or that don’t have lots of assets to utilize as capital.

If you run a wholesaling business or other type of venture whereby you bill goods or services to customers on account, you might want to consider invoice factoring.

This involves factors, specialist companies that work in the area, fronting you the money (typically 80 percent of the value upfront) on the invoices you have billed out but yet to settle. Factors take over the ownership of the bills, get payment from your customers, and then give you the remaining balance after taking out a fee for their service.

Other financing options that you might want to keep in mind include crowdfunding, whereby lots of individuals put small amounts of money in to back your particular project; business grants from the government and other organisations; and business plan and startup competitions that are run around the country by large corporations, universities, and government departments.

Tips for Getting Financing More Easily

If you decide to try to find a partner or investor in your firm, or want to gain access to a business loan or other type of investment, you must do the work to make this happen. For example, start by doing your research. Compare the various options available so that you can find the best fit for your company and the position you’re in at the moment.

Really analysing the available resources and doing your homework will typically make it easier for you to get a better deal on loan or investment terms, and ensure that you’re not committing to something you might regret later on.

It is also wise to sit down and determine exactly how you would use the funds if you received them. Most investors, lenders, and award and grant givers will want to see that you have a specific strategy in mind to follow, which is based on real ways to grow your business and generate sales.

Don’t forget that you should have all your related paperwork in place before you start applying for loans and the like.

You need to have a comprehensive and up-to-date business plan that analyses your business competition, areas of potential growth, likely threats and opportunities, and target market; as well as any available tax returns, bank statements, balance sheets, cash-flow statements, inventory lists, forward revenue projections, credit reports, and so on.