Anyone who has the wisdom in handling money is no stranger to how best use a loan. Using a loan to invest in more means money generation is the most reasonable way to maximize the money and mitigate interest. You can avail a land title loan or a business loan and improve your startup business in a lot of ways for the long term.
Acquire a Lot
Depending on your location, a 200k-1.5 Million pesos land title loan can afford you a lot big enough to host a commercial space or warehouse (some provincial location) or just small enough for a patio in the Greater Manila Area but regardless, you can capitalize on new space regardless of the lot’s size and your type of business.
One of the most common reasons for getting a business loan for startups is for expansion especially if they are trying to branch out. A business especially in retail and food service that is moderately booming in one location may find a great opportunity waiting if they offered it in a new location. You can also make this an opportunity to offer franchising if your brand has gotten extremely popular; you can use the loan to buy equipment or space for lease in lieu.
Equipment and Improvements
When a business is doing well, owners might fail to realize that the equipment that the staff is using might already need replacement. You can put up your land title for collateral to get a land title loan or get a direct business loan to make this investment. Alternatively, you can put the money into bonuses or salary increase as well as company gifts. Productivity in your staff either from using new equipment or having better working condition might be the game changing investment your business needs.
Marketing and Advertising
Providing good service and products can get a brand good reputation but that reputation may only spread through word of mouth. A budget of 1.5 million pesos dedicated to marketing and advertising alone can significantly increase the amount of business your get. Aside from tri-media ads namely TV, radio, and publishing, you can put your land title loan to good use with a digital marketing campaign—in a country like the Philippines where everyone is acutely influenced by social media, the importance of digital marketing is no longer a question. But you can also promote your brand through other means like sponsoring relevant events, giving freebies, tying up with brands, and funding business research all of which are good options for maximizing your business loan towards long term improvements.
If you are a business owner, what other means of expansion or improvement are you thinking about getting for your venture?