So you’re ready to grow your business. Whether that means hire your first employee, increase production, or expand to a second or third location, you want to take the next step. Accessing business advising, leveraging working capital loans and tapping into networks are three basic strategies to deploy as you grow your business.
1. Access Business Advising
Accessing local advising resources can be a major asset to small business owners. Entrepreneurship can be lonely, and having a trusted advisor who has your best interests in mind can be a game changer. With the right advice, business owners can identify areas where their business could use improvement or capitalize on opportunities and develop strategies for increased success.
Local advising resources often come in the form of nonprofits and government agencies that specialize in working with small businesses. These resources are often free of charge, making them an invaluable asset for entrepreneurs hoping to grow their businesses. Staff at these organizations are happy to sit down with any business owner to talk about their unique situation.
- Small Business Development Centers: Small Business Development Centers provide counseling and training to small businesses including working with SBA to develop and provide informational tools to support business start-ups and existing business expansion. Find your local Small Business Development Center.
- Local Economic Development Authorities: A local economic development authority is a nonprofit corporation that connects businesses to resources available through government and non-profit organizations. Economic development professionals offer guidance and resources to business owners to revitalize communities and promote a thriving economy.
- Entrepreneur Fund: We pair small business loans with strategic advising. This unique combination of services is what enables us to get to know you and uncover the best options for your business, and not someone else’s. We work alongside local resource partners and banks to fill the gaps that exist to grow your business.
2. Leverage Working Capital Loans
Working capital loans are one of the most powerful tools available to small business owners. These loans offer access to cash that can be used to fund a variety of projects and investments that would otherwise be out of reach due to limited funds. By leveraging working capital, small business owners can make major investments in their businesses and position themselves for growth.
Working capital means investing in your operations, such as equipment or workforce, to support business growth. It can be challenging to access these types of funds by traditional lenders. EFund is a leader in providing access to working capital loans based on the unique needs of the business.
EFund Client Working Capital Case Studies
Each of these clients was able to leverage a working capital loan to grow their business. Learn more about how it helped them get to the next step by reading their story.
3. Tap into Networks
Make meaningful connections! By tapping into already established networks or connecting with a mentor, entrepreneurs can gain access to information that would otherwise be difficult to access. Opportunities to make meaningful connections could include joining a business mastermind group, your local Chamber of Commerce, or an association for your business’s industry. If someone has knowledge you’d love to tap into, ask if you could grab some coffee and chat. You’d likely be surprised by the number of people who are willing to help entrepreneurs be sharing their experience, advice or helping to make another connection.
Our EFund team has strong relationships with resource partners, entrepreneurs and business experts across northern Minnesota and Wisconsin. We regularly make introductions for our clients to others who have the expertise they are looking for to reach their goals.
At the Entrepreneur Fund we know every business is unique, that’s why we work alongside business owners on customized approaches to help move them towards their goals. We are dedicated assisting business growth by providing access to free strategic advising, working capital loans and helping to make meaningful connections. Contact us today to grow your business.