You’ve recently got a bounce back loan and you’re wondering what should I be doing with this loan? You’re probably cautious as to what you are going to do with your bounce back loan money.
Well, you’re in the right place.
Read this blog for some tips and advice.
Click above to play my video on what to do with your bounce back loan.
A recap on bounce back loans, bounce back loans are there to help people during the pandemic, the loans range from £2,000 to £50,000 or up to 25% of your yearly turnover.
The government has made it clear that you can use a bounce back loan to support your income which makes these loans very different. It is intended to provide working capital, to keep your business afloat during these trying times.
If you’re a startup business, you can do it on your projected sales. Normally, you’d have to put your house or car up as a personal guarantee but there’s no risk for you because the government has backed these. This means the loans come out fast to you (As quick as 12 hours), as a business owner, you get a year payment free, so you don’t make any payments for a year. This gives you the breathing room you might need right now.
A year after you take the loan is when you start making payments. You have 10 years to pay it back, this makes these loans very affordable. The total term would be 11 years (one-year payment free and 10 years to pay it back).
Note: While the loan is government-backed, your business will be responsible for the repayment of the loan. You should never borrow more than you need and you shouldn’t consider getting the loan if you know you won’t be able to repay it. You shouldn’t be buying new MacBooks you shouldn’t be buying new vans for your business. That’s not really what they’re for. They’re intended to get your business kick-started and growing again.
Pro Tip: You should focus on getting the marketing sorted in your business. Maybe you’ve held back on spending on things like Facebook ads, and Google ads, and all sorts of marketing strategies.
Marketing is one of the most important things that you need to do to keep trading.
People need to know you exist, people need to know you’re the best at what you do in your industry.
And if you’re invisible, then you’re simply not going to be on their radar they’re not going to be aware of you guys. You’re not going to get the leads, and ultimately, you’re not going to get the sales.
As a business owner, figure out marketing strategies. Start investing the loan in learning Facebook ads, Google AdWords, Email marketing, YouTube, Social Media strategies. This is going to help your business thrive.
Get yourself known. Businesses that market themselves hard during downturns are the ones that grow into millionaires. This is your chance to show up. And this is a big opportunity. If you want a FREE Physical Copy of Expert Mastery to show you exactly how to do that click here.