Your bounce back loan application got accepted AWESOME, now what do you do with it?
Keep reading this blog because I’m going to share exactly What Can You Do With A Bounce Back Loan.
The UK government has said a businesses must only use the loan to provide an economic benefit to the business (providing working capital, and not for personal purposes).
So no new Ferrari
I suggest being cautious with buying new machines and equipment in your business. Right now you need to be focusing on one thing primarily in your business and that’s your marketing.
Marketing is the most important thing that you should be doing as a business owner in 2021.
What’s going to happen is we’re probably going to go into a second recession, a double-dip recession, when we eventually come out of the first recession.
Things are gonna get difficult for business owners, and even ones that are doing okay today.
2021 is going to get harder because people are going to be off the furlough, which means there’s going to be less money to spend with businesses.
Just because there’s less money being spent doesn’t mean that our business needs to actually get smaller or retract.
You see, more successful businesses are made in recessions than at any other time. The key is to market your business so people will know you, like you, trust you and see you as the go-to expert in your market.
There is enough business to keep you trading very prosperously in 2021.
This loan is made to give a cash-flow boost to business owners who have been affected by the pandemic. Invest in learning Google AdWords, Facebook ads, getting a new website, creating a logo, getting leads and sales into your business.
Thats the most important thing you need to be doing right now.
Then the profits from new sales, you can invest in new equipment that you maybe want but are not essential.