The great thing about starting a blog is that it can usually be done for free. There are platforms available which allow users to post their blogs online, with the option to monetize with ads. This means you can start earning without investing anything up front. However, the downside to these platforms is that they are limited in terms of design and functionality. If you want to build a blog that really looks professional and is taken seriously by visitors, you may have to invest some cash. Since this is a business investment, how can you get a loan approved to finance your blog?
Prove You Can Make Money
As is the case when applying for small business finance, your success will be dependent on whether you can convince a lender that you will get a return on your investment. In order for them to consider your blog a business, you need to treat it as such. Build a business plan showing realistic forecasts. Have you had financial success from blogs before? If you present a convincing, original and exciting idea, backed up with a track record of profitable blogging, then you are in with a decent chance of securing that loan.
Look For Short Term Loans
Taking out a small, short term loan is always easier than applying for something long term. Since many traditional high street banks don’t consider a blog to be a real business, you may be better off seeking out a cheaper temporary loan company. They will do less in depth credit checks and aren’t interested in a business plan.
Since they will lend to almost anyone, you should only approach this kind of company if you are 100% certain you will make the profit to pay it back. If seeking a traditional loan fails, short term lenders could provide that vital cash injection.
Consider Expanding Your Services
If you are serious about building a business, consider expanding your site. While the blog will be the main feature, you can provide other services to convince a lender this is a real business. If it’s a travel blog, consider designing a flight search engine. If it’s a music blog, sell access to online lessons. Anyone can set up a merch store. By broadening your blog, it shows you have more ways of creating revenue than just from written content.
Getting a business loan for a blog is difficult, but not impossible. If you are sure you require extra investment to take your blog to the next level, then put together a business plan and approach lenders. Short term lenders may help, but consider expanding your services to increase your chance of success.