Business rebranding is a strategy which can be highly effective and help a business to find new levels of success. There are numerous reasons why a company might decide to rebrand, such as to shed their previous reputation, to appeal to a new demographic, to form a new identity or simply to breathe new life into the company. No matter the reason for the rebrand, it is a strategy which can be costly when you factor in expenses such as hiring designers, market research, photography, copywriting and digital marketing to name a few of the main costs that rebranding usually involves. With this in mind, here are a few of the best ways to fund your business rebranding strategy.
Investing In Profits
One of the simplest ways to fund a rebranding strategy is simply to invest profits back into the company. Reinvesting in the business can be an intelligent idea because often it is useful for taking the business to the next level and means that you do not have to give up any kind of control or get approval as it is the business’s own money.
One of the more obvious ways to get the funding needed to rebrand is to find investors. Investors can provide significant backing if you can demonstrate how the rebrand will be successful and help them to make money back from their investment, plus often an investor will bring their expertise or resources to the table which can be of huge help. Of course, with this option, you will be giving up some control and/or equity in the business, so this must be considered.
Loans for small businesses are perfect for rebranding strategies because they can provide quick and easy access to sums which are large enough to cover the costs without giving up any kind of control or equity. There are different types of small business loan, so you should be able to find one which suits your business with easy-to-manage repayment terms. As business loans can be secured or unsecured, you always need to work out what is best for your company.
A more modern option and one which can be highly effective is crowdfunding which will involve asking for donations from online investors who can invest as much or as little as they’d like. This could be in return for shares, deals, early access or any other kind of perk and it is effective because it allows lots of people to get involved which means that it is also a useful strategy for raising awareness and excitement. As an already established business, you should be able to get donations from your existing customers if you can incentivize them.
These are your greatest options when it comes to funding a rebranding strategy each with their benefits. Rebranding is a common strategy and can be for any number of reasons, but many costs will need to be covered, so finding the best way to fund this strategy is key.