Business & Education
Grow your Engineering Consulting Firm with an Engineers’ Loan
ASSOCHAM estimates that the Indian consultancy services market will grow at a CAGR of 30% to become a Rs. 27,000 Crore industry by 2020. The Tier I cities are home to 6,000+ consultancy firms with 25.7% belonging to Delhi, 25.5% to Mumbai, 12.1% to Chennai, and 9.1% to Kolkata.
Engineering consulting firms are among the largest number of such firms. Numerous small-scale consulting companies are also emerging with graduates preferring to venture out as consultants instead of a salaried job.
Helping these individuals succeed in their business are leading financial institutions and NBFCs offering personal finance for engineers. Qualifying for a loan for engineers is also hassle-free thanks to the easier online approval procedures.
Some of the ways a loan for engineers can help you grow your consulting firm:
- Invest in marketing
You may have already witnessed some competition when starting your consultancy firm. The best way to stay ahead is effective marketing strategies.
Marketing your company both online and offline can help it reach the target customers. Hire a digital marketing firm that can make your website reach the target audience and clients through social media and search engines. A brand marketing or branding agency is essential for offline as well as online marketing.
It is vital that you do not invest via the DIY route. Reaching target consumers requires just as targeted functions. You have to constantly keep investing in both offline and online marketing to get the deserved results.
It is advised not to utilise your business’ working capital for marketing. Instead, utilise an engineer loan for the necessary financial assistance. The latter will create a fixed monetary obligation while helping you out with a lump sum of funds to wholly initiate your marketing and branding strategy.
- Expand to a bigger location
Expanding to a bigger and more prominent setup automatically helps your company to attract more clients. You also get to hire more employees and grow your operations to a larger radius.
A large and well-maintained office space vouches for your firm’s capabilities to deliver effective and efficient services.
Also, you can open another office if you already have a larger space. Targeting new markets and regions is another exceptional way to grow your engineering consulting firm.
A loan for engineers can help you out by supplying the necessary capital to lease or buy the office space. You will also need the funds to purchase new equipment, furniture, etc.
- Recruit more employees
It is about time that you hire more employees if you already have opened a new office. A large workforce can help you generate larger output in tune with the additional operational expenses. You can bring in more clients, increase revenue and expand your operations in the long run.
Hiring and training employees can call for a substantial investment, which an engineer loan can provide. Leading financial institutions like Bajaj Finserv offer Loans for Engineers of up to Rs. 30 Lakh with 24 hour disbursals post approval. Enjoy their relaxed eligibility criteria as well as the minimal documentation requirements.
- Implement new technology
Taking help of efficient software and tools is another way that can help your engineering consulting firm to grow. More and more companies are tending towards introducing data-driven, decision-making, and data analytics software to make their operations more accessible. Engineers should also take big data analytics seriously as it can prove helpful in the growth of your firm.
Using a professional loan can deliver the funds to help you take advantage of all the points mentioned above. These loans come with competitive rates of interest, helpful for small businesses to easily repay the amount.
You also need to provide a few documents like your engineering degree certificate, KYC documents, bank account statement of the last 3 months, and proof of business documents.
The last two requirements of an engineer loan are a credit score of at least 750 and a minimum business vintage of 3 years.