Most of us have needed a boost at one point in time – something mechanics know all too well. Similarly, most small business owners find themselves in need of capital every now and then and the auto industry is no exception. Auto repair shop owners can now get business loans online to fuel growth. Here are some examples of how additional capital could help jumpstart your business.
Supe Up Your Marketing
Although marketing and promotion can be costly, when done correctly, the return on your investment is well worth it. Raising awareness about your brand and services is essential to retaining existing customers and reaching potential new customers. Traditional channels like radio and newspapers are effective, but can be expensive. It may be worth trying new channels such as social media and search engine marketing. Today’s consumers are much more likely to do research online before taking their cars into the shop, so YouTube videos and blog posts showcasing your expertise can help build awareness, trust and credibility. With search engine and social media ads you can target audiences in a specific geographic area to ensure your message is reaching the intended audience.
Expand into Used Auto Sales
As a trusted mechanic and auto care expert, it should be fairly natural to go from fixing cars to selling them. With an online business loan, such as those offered by Lendified, you could purchase unwanted vehicles from customers and any parts or supplies needed to quickly improve the car’s condition before selling it for a premium. In your dealings with customers, you’re sure to come across situations where a customer opts to sell their car rather than further invest in repairs. By taking the vehicle off their hands, you’re not only doing your customers a favour, you’re also leveraging existing skills, resources and relationships to source additional revenue.
Cash Flow for Speed Bumps
During slow times it’s not unusual for auto repair shops to run into a cash crunch. Unfortunately, even as business picks up, being tight on capital can make it difficult to take advantage of new opportunities. Meeting increased demand often requires investing in more staff, extended operating hours additional supplies, and more. It can be hard to take on these costs when capital is low, especially if you’re still carrying debt following a lull. An online business loan can help you bridge the gap and consolidate debts if needed.
Sell Seasonal and Themed Auto Care Kits
Selling creatively packaged “auto care kits” is a great way to lift the sales of auto shops. Online business loans can help with the costs associated with buying merchandise, packaging products and any promotional efforts. Here are some ideas you could try at your shop:
- New Driver Emergency Kits – Perfect for teenagers or the new driver in your life, these kits often include essentials like jumper cables, flares and whistles.
- Winter Care Kits – These are popular holiday gifts and include items like antifreeze, windshield washer fluid, and back-up cold weather essentials like gloves and a toque.
- Summer Road Trip Essential Kits – Sell bundled items targeting vacationing families with road travel necessities like maps, compasses, sunscreen and more.
Got Another Brilliant Idea?
As a driven auto repair business owner, chances are you have many ideas of how to take your business to the next level. Lendified’s online business loans can help you capitalize on them. Our easy application takes minutes to complete, our loans have better rates than other alternative lenders, and we offer expert support throughout the process. So what are you waiting for? Apply now and get a no-obligation offer for the capital you need to shift your business into high gear.