Canada’s creative economy is growing. Yet compared to their counterparts in the technology sector, creative agencies often struggle to find adequate sources of financing and working capital. While there are ample funds available for tech startups via investors, crowdfunding and grants, small businesses in the creative industry (such as graphic designers, photographers, digital agencies and advertising firms, to name a few) have traditionally had to go through big banks to apply for business loans. This lengthy process would often result in rejection, leaving small shops out to dry.
The funding landscape in Canada has changed in recent years and creative agencies can now access funds quickly through reputable online lenders that specialize in the needs of small businesses.
So, what can a creative agency do with a small business loan? We have a few ideas.
Find Your Don Draper
In the creative economy talent is your greatest asset, so when opportunity knocks, make sure you have assembled the team you need to meet your clients’ expectations. A creative guru or reputable strategist can help bring credibility and buzz to your agency; a sales wizard can exponentially grow your business. Whatever your needs, finding the right fit for your small business can be a lengthy process, often requiring support from a recruitment or executive search firm. Once hired, the new recruit needs to be trained. It may take a few months before you really see the return on your investment – this is where small business loans can come in handy.
Invest in State-of-the-Art Equipment
The creative industry is constantly evolving thanks to advancements in technology. Tech can be an incredible enabler, allowing you to take your service to the next level. But falling behind and working with old software or equipment can make it even harder to compete with the agency next door that has all the latest gadgets. Agencies can leverage small business loans to invest in digital cameras, video equipment, up-to-date hardware and game-changing software to snag those big accounts that will help your business grow.
A creative agency needs a space that showcases its culture, aesthetic and talents. A modern, cool, collaborative workspace has become synonymous with the creative industry and for good reason. Creative spaces not only make a good impression on clients and prospects, but can help attract top talent and keep them engaged. A small business loan can bring your vision to life when put towards real estate, renovation, design and décor.
Get the Word Out
As a creative agency, you have the ideas, talent and know-how it takes to get people talking about your business. But marketing takes time, money and manpower – resources that most small businesses are short on. For this reason, agencies are notoriously bad at promoting themselves, even when promotion is right in their wheelhouse. A small business loan can make all the difference, giving your creative agency access to the resources it needs to show your potential clients what you’re really capable of.
Exploring Your Funding Options
Want more information about your options to get the cash you need to grow your creative agency? Check out our simple guide to small business funding options. If you are interested in getting an offer for an online business loan (with no obligation) from Lendified please click the button below. Our application takes less than 10 minutes to complete and our loans are more affordable than other alternative financing options.