There comes a time in every company’s journey where they take the next step to grow their business. Whether your company is product or service-based, business owners are always looking for new opportunities to expand their operations or expose their brand to new potential clients. This can be an expensive undertaking and involves a significant amount of financial planning.
Business owners that accept crypto as payment or own crypto as an investment have the opportunity to use their Bitcoin (BTC) , Ether (ETH), or Litecoin (LTC) to get USD funding straight to their bank accounts — all without having to sell. By taking advantage of collateralized crypto business loans, you can fund a business expansion without having to sell your cryptocurrency.
Fund New Products or Services with Crypto
One of the most popular ways to expand your business is by adding new products or services to your offerings. This not only creates an opportunity for attracting new clients, but also provides your existing client based with a reason to come back. Expanding the lifetime value of existing clients is an efficient and low-cost way to increase revenue over time.
However, it can be expensive to introduce these new offerings. For example, the costs associated with the manufacturing of a new product can go from tens of thousands to the millions of dollars. Likewise with services, the development of the resources to provide that new service can be similarly expensive.
By using your cryptocurrency towards a loan, crypto-holding businesses and business owners have the ability to get USD funding directly into their bank account without having to sell their crypto.
Expand Marketing and Outreach Operations with Crypto
One major priority for every growing business is maximizing the number of potential new clients that see their brand. For fashion businesses, this might involve hiring a new PR company and getting your products in the hands of celebrities and influencers to promote on social media. Influencers are a highly effective marketing channel for reaching new people. Personal endorsements go a long way in increasing brand-recognition. However, these campaigns can cost anywhere from $1,000 to over $1 million depending on the tastemakers you partner with. Being strategic with your budget is key.
Similarly, ecommerce businesses could be looking to boost the efficacy of their digital marketing ad campaigns by hiring a new agency. It’s important to consider the cost of hiring an agency within the context of your ad budget. Good agencies can charge anywhere from $3,000 to $50,000 per month on retainer alone. It’s important to have a health budget to go along with your agency to maximize the upside potential of their work.
Regardless of the application, businesses rely on their marketing departments to bring in new clients and generate the company’s bulk share of revenue. Funding your marketing expansion with a crypto-backed loan with BlockFi is a great to way access the value of your cryptocurrency without having to sell.
Finance a New Store Location with Crypto
It’s important for a growing business to be exposed to new markets. For brick and mortar businesses, a great way to get in front of new communities of people is by expanding the number of locations.
When you think of some of today’s biggest brands, they have stores in every major city in neighborhoods their target market lives or shops in. Determining where to put your next store involves a lot of planning and market research. It’s important to focus on client demand and get to know your client’s needs as much as possible.
Beyond that, finding a location that optimal for your employees and for your budget should be a priority. Use a real estate agent that you trust. Make sure your company’s lawyer looks over the paperwork. And, most important of all, make sure you can afford the expenses associated with this expansion.
Cryptocurrency-holding business owners are starting to use their digital assets with companies like BlockFi to get access to USD funding. By leveraging their BTC, ETH, or LTC, clients have the benefit of receiving funds directly into their bank account without having to sell their crypto. This maintains their ability to take advantage of the potential future upside value of their crypto investments while using the value of their crypto in the short term.
Applying for a BlockFi loan takes less than 2 minutes and does not involve pulling your credit score. If you have any questions about BlockFi or how our loans work, please contact us at firstname.lastname@example.org. We love hearing from you.