Getting A Business Loan To Improve Your Brand
When running a small business, there are a large variety of things you might want to take out a loan for. One of these is improving your brand in order to help your business grow. Building a strong brand is a very important part of running a successful business as it can help to set you apart from your competitors.
However, branding can be an expensive process which is why you will most likely need to apply for a loan to cover the costs.
What Will Branding My Company Involve?
There is a common misconception that branding is only about creating a logo, but in reality proper branding involves many different aspects. Branding involves everything from how your staff deal with customers to the style of the letters and emails you send out. Everything about your business contributes to your overall brand, which is why securing a strong brand can get pretty expensive.
Funding Your Branding Projects
It is likely that you will need to secure funding via a bank loan in order to cover the costs of improving your brand. The best place to begin is by coming up with a total figure for the cost of your brand improvement. Think about everything you will need. This might include:
- the cost of redesigning your company logo, stationary and website;
- purchasing staff uniforms;
- renovating your business premises;
- staff training;
- product development.
Once you have worked out an estimate of the cost involved you will have a better idea of how to approach the branding project. It may be that you wish to split the process up into more affordable stages I which case you will need to prioritize the tasks. You will then have a better idea about where to look for funding based on the total amount you need to borrow.
Smaller inexpensive steps might be best funded using a business credit card account whereas larger projects will require a bank loan. If this is the case, you will need to present potential lenders with a detailed plan of your branding process along with realistic projections about how this will impact your business. If a lender can see that the investment in your brand will improve your company’s turnover then they are more likely to approve your loan application.
What If I Have Poor Credit?
You may be in a position where your business has little or no credit history, especially if you are a new business. Sometimes banks and other traditional lenders see start ups and un-established businesses as a risk when it comes to lending and they will refuse loans. However, there are lenders who specialize in helping those with bad credit and they will be far more likely to approve a loan in those circumstances.
Branding is an important part of creating a successful business and it covers a diverse range of elements within your company. Building a strong brand reputation can be expensive, but well worth the cost. When seeking a loan to help with a branding project, it is important to have a clear plan outlining both the cost of the project and how the company turnover will be improved. This will support your loan application either with a traditional lender like bank, or with one specializing in bad credit loans.
Hugh Tyzack specializes in offering help to individuals who have bad credit and he is the founder and Managing Director of Loansforbad-credit.co.uk. Hugh enjoys writing blogs on the topics of loans, credit and funding and has been published on a number of popular websites. In his free time he plays piano and enjoys listening to a variety of music genres. You can find Hugh on Twitter @badcreditloans8 and on Google+ .
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Mark Montoya has been working in personal branding for more than a decade for hundreds of online and offline companies, small businesses and individual service professionals. His focus has been toward improving the way jobseekers find employment on the Internet. He has synthesized his expertise by helping job seekers obtain their ideal choice of employment over the Internet on his sites MyOnlineCareerSpace.com and MyOnlineCareerCoach.com, and through his books 101 Tips Every Job Seeker Should Know and The Ultimate Online Job Search eBook.
“It is the responsibility of the individual to reject the prospect of mediocrity and to strive for the betterment of society as a whole” ~ Mark Montoya