5 Ways to Utilize Small Business Auto Loans
Although your business may currently be successful, it is important to consider pursuing new auto business ideas. Now that you’ve received a small business auto loan, you can implement these ideas and hopefully increase your business’s sales. Here are our five suggestions for using an auto loan for business growth.
1. Expand your space: If you don’t have enough room to fix your customers’ vehicles, you’ll have to turn some patrons away. This is why using your auto loan for business expansion can be a profitable opportunity. You’ll have a larger repair space to work on vehicles, and will be able to take on more customers at one time.
2. Offer more services: Maybe right now you offer certain auto repair services. You could expand into other areas, such as repairing trucks and larger vehicles, handling electric repairs and replacing mufflers, just to name a few examples. Ask your customers if there are any services they need that you don’t offer. Since 80 percent of common auto repairs are related to durability, there may be simple services that you can add to your repertoire, like replacing spark plugs or oxygen sensors.
By expanding the services that you offer, you’ll be able to gain new customers. If you have limited services, your customers may choose an auto shop with more options. Don’t risk this!
3. Update equipment: To perform your services, you’ll need certain equipment and tools. Without these tools, you can’t repair brakes, align tires and perform other services. If you are apprehensive to pay for new tools and equipment, you could try leasing instead. This way, you’ll still have high quality pieces, but you won’t be spending as much.
4. Start marketing: Spread the word about your auto repair business by focusing on marketing. Create a Yelp profile, send out direct mail pieces and schedule social media posts. Trying new auto business ideas related to marketing can help you continue to expand your customer base.
5. Hire more employees: Have additional mechanics and other personnel available to serve your customers. With a larger staff, you can effectively handle more business. Plus, your existing employees won’t feel overworked. Having small business auto loans to use for payroll will allow you to invest in your business’s future.
Use small business auto loans to enhance your business’s services. Whether it is expanding your space so you have more room to work on vehicles or putting more focus on marketing, there are a variety of ways that you can improve your auto business. Have other suggestions for auto business owners? Let us know in the comment section below.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.