Upgrade Your Business Space with Small Business Loans
Does your office space or boutique need a makeover? Are you considering moving your business to a bigger space or hiring more employees? If your answer is yes to any of these questions, then you should consider the benefits of upgrading your business space with the help of small business loans. Loans make it possible for you to buy new commercial property, retool your business with new technology, and make essential renovations. So, whether you’re expanding, looking into business relocation, or upgrading equipment, check out the ways small business loans and business lines of credit can help your business achieve its full potential.
Expand to accommodate new employees. If you’re growing, you’re probably going to need new employees to keep up with that growth. And that may mean moving a business to a bigger space or upgrading your current office with a new computer server and more cubicles and furniture, not to mention higher payroll. According to StartUpNation.com, a new small business computer server can cost anywhere from $1,000-$6,000, depending on your needs, and an IT firm to handle your server can cost $100 a month per user. So, if you have 15 new employees, that’s $1,500 more a month in computer maintenance costs. Don’t let these new expenses stop you from taking advantage of new business opportunities and expanding. Contact your bank and see if you qualify for a loan or a business line of credit to handle the new expenses that come with expansion.
Move to a better location. Do you think a bigger space, cheaper rent or a heavier trafficked location would help your business grow? Is there a more attractive space that would bring in new, qualified employees? It might be time to consider business relocation. For some businesses, like doctors, lawyers, shop owners and restaurateurs, location is everything. But sometimes the most prime locations are also the most expensive to lease or buy. Looking into small business loans can put moving a business into a pricey area within your financial reach.
Renovate to impress. Depending on your industry, how your business looks and feels can mean the difference between success and failure. Professionals like doctors, lawyers and accountants need an office space that makes clients feel comfortable and portrays the business owner as authoritative and trustworthy. For retailers, having the right displays, lighting and décor is important when attracting customers. Likewise, if you run an ad agency, architectural firm or graphic design business, you want your costumers to know that you have impeccable taste the moment they walk through your door.
According to Remodeling Magazine, the average office renovation is about $187.50 per square foot. So, if your office or retail space is 2,000 square feet, expect to spend upwards of $375,000 on a complete remodel. Most small business owners won’t have this cash on hand and need a little help getting their space in tip-top shape. If you’re looking to renovate your space, contact your bank and see what small business loans are right for you.
Stay relevant with the latest technology. If you’re looking to upgrade machinery or equipment, a business line of credit or working capital loan can help finance latest and greatest technology for your company. From businesses in the medical and research industries to manufacturing, repairs, or education, you need to update equipment regularly to remain competitive. New equipment and technology is a big investment, especially if annual advancements are constantly expanding the field. Whether you’re planning on buying, leasing or renting high-tech equipment like a laser, car lift, microscope or software there are plenty of small business loans to help you maintain your competitive edge.
Learn more about expanding a business with loans. Ready to take things to the next level? A small business loan can cover the cost of expanding a business physically so that your primary source of income can be channeled into everyday costs and keeping your business growing. Before you start shopping for small business loans, you should consider why you’re moving and what your development costs will be so you can choose the right term, rate and amount you need. Then, speak to a small business lender to find the right loan for your company.