Funding. It’s a scary word for early and mid-stage ecommerce businesses alike. Despite this, it’s an incredibly important step of building any online business. If you want to find more success than ever, here are 6 ways to grow your ecommerce scale-up with funding.
Go for high return investments
If you have only a small amount of funds to burn through, you should focus on finding the smallest amount you can invest that will greatly impact your business. Some examples of this are working on SEO, starting off in Google Shopping, and connecting with influencers for marketing purposes.
Seek out a traditional business loan
The business world isn’t like it used to be. But some things never change. Traditional business loans are still as strong as ever for new companies, and if you want to grow your ecommerce shop, we recommend starting by trying to get one. This works best if you already have some revenue or investors, but it can work for brand new businesses too.
Crowdfunding
While it may not be as reliable as a more traditional method of finding funds for your business, crowdfunding can really help you get established in the world of ecommerce. While most business loans require you to demonstrate some level of established success, crowdfunding generally works more on the strength of ideas. If you’ve got a great idea but not much experience, a site like Kickstarter might be the place to go.
Invest into marketing
Okay, you’ve got some money that you can use to grow your business. But now what should you do? One common step is investing that money directly into marketing in the hopes of growing your business. Email campaigns, targeted Internet ads, and more can get more eyes on your shop – and more eyes means more dollars.
Innovate your technology
If you want to compete with the other businesses in your niche, you’re going to need to stay level with them in terms of technology. Once you have funding, a great place to spend it is on tech. Find great technology platforms to manage your finances, inventory, and anything else. You’ll need those platforms once business is booming!
Build out your team
This should be the ultimate goal of finding funding. If you can use the money you have secured to build out a successful and synergistic team, the sky is the limit. Hiring like-minded individuals who are great workers will create a feedback loop of growth that will really help push you and your business through to the next level.
