Diwali is the perfect time to expand your business and get Maa Lakshmi’s blessings. So, how do you plan to do it? How will you fund business expansion this festive season? Well, A Small Business Loan can provide the necessary funding to help you handsomely invest in your business this Diwali.
For e-commerce websites, Diwali is the ideal time to strengthen its online presence by expanding its product portfolio to pull more customers. Many store owners offer discounts and spend massively on in-store promotions. You must have already done all this and waiting for customers to come. If yes, then you are on the right path. However, with the massive explosion in demand around Diwali, almost every competitor must be doing the same. So, you must do something different to stand out and grab the crowd’s attention. Below, you will find a few ways to double your business revenues this Diwali and learn how an SME Loan can fund the related expenses.
Ways to Expand Your Business on Diwali
Every small business owner wonders how they can enhance their business and benefit the most from the festive season. Here are the top tips to prepare your business for the upcoming demand boost.
Add More to the Product Line: Adding more products and services to the existing product line can considerably help double your business, especially those widely in demand during the Diwali season. For instance, the most commonly sold products during the festival season are sweets, lights, gold and silver coins, furniture, electronics, dry fruits, idol statues, and decor. As a gifting company, adding Diwali greeting cards and personalized gifts to the product line is also a good idea. Although the strategy sounds simple, executing it requires considerable capital that is easily attainable with an unsecured SME loan.
Enter New Territories: The idea is to market the business to new areas and sell to new customers. Retail business owners might consider opening their outlets at newer locations. However, since doing that will require a significant amount of time and investment, opt for a business loan to cover the expenses and reap the benefits.
Target New Customers: Conduct customer-specific research based on age, location, and gender. Invest in marketing the business to attract new customers. Remember, satisfied customers will result in repeat orders and referrals. However, marketing requires an investment that an SME loan can easily fulfill.
Open to New Delivery Channels: Launching or revamping the business website is an excellent way to expand business on Diwali. Taking full advantage of web designing and SEO can help increase sales and grow the business. Opening new delivery channels and accepting more payment methods will benefit the company. For instance, many businesses have started delivering fresh flowers, fruits, and vegetables to customers’ doorsteps within minutes. So, open new delivery channels and reach wider areas to expand business with funding from a
Small Business Loan.
Acquire Another Business: No occasion other than Diwali is more auspicious for acquiring another business. Apart from diversifying the product line and opening up new delivery channels, acquire another small business to reach new markets. An SME loan can help plan the acquisition at each step and improve the company’s financial condition for the best utilization. For better management, use a Business Loan EMI calculator, which can help you make a robust repayment plan and pay off the loan without stress.
Hire Part-Time Workers Before Diwali: Businesses in the retail sector often hire additional staff before Diwali to handle the growing rush. Since customer footfall increases significantly due to lucrative sales and offers, hiring an additional workforce is a good idea to attend to customers conveniently. So, fund new staff hiring with a Small Business Loan and put your mind at ease during the high-pressure time.
Take a Small Business Loan to Get the Funding Right
Diwali is a great occasion that helps blossom the business. However, after selecting the best ways to expand business this Diwali, the next important thing is arranging the finance. After all, a lack of funds should not stop an SME owner from growing their business this Diwali. In such a scenario, the most lucrative funding option would be to take a small business loan.
Lending institutions like Clix Capital offer easy SME loans to small and medium-sized businesses. They offer loans with simple terms and conditions, and their approval and disbursal process is faster.
Benefits of Taking a Business Loan This Diwali
A business needs to invest money to make more money. It is valid to a great extent, as a business’s growth heavily rests on the capital it invests in skilled staff, inventory, equipment, and marketing. However, how can a company invest money until it grows? The answer to this peculiar problem lies in a Small Business Loan. Let’s look at the top benefits of using this financing route.
- Easy and Convenient: Thanks to online loan procedures, technologically advanced loan providers like Clix Capital can help you avail of the fund at the right time in a quick and convenient manner.
Reasonable Interest Rates: Most lending institutions offer competitive interest rates on small Business Loans, keeping the repayment easily manageable.
- No Profit Sharing: Equity investors expect a return on profits that the business makes during Diwali. A Business Loan provider does not share any profits. The SME can keep the profits and pay back a fixed amount to the loan provider. Use a business loan EMI calculator to anticipate future EMIs and manage them responsibly.
- No Collateral Requirement: SME loans are accessible without collateral, which makes them an attractive option for small business owners with no assets.
Want to break all barriers with a Small Business Loan this Diwali? Apply for a loan online without any collateral. Be assured of easy eligibility and structured EMI payments to grow your business with customized Business Loan options. So, go ahead and make this Diwali more auspicious and prosperous with an SME loan and expand your business!