In recent years, Singapore has risen to become one of the most tech-savvy countries in Asia. The country has consistently placed in the top 10 of the Waseda-IAC International Digital Government Rankings which highlights countries that work towards fostering digital innovation in all sectors and industries. Singapore has evolved into a world-class technology hub that has a booming e-commerce industry that is only expected to grow in the coming years.
Just two years from now, Singapore is expected to have approximately 4.11 million e-commerce users. Revenue from the digital marketplace is anticipated to grow to 5 billion USD by 2021 with electronics as the leading product category. With technology continuing to evolve into an important tool in our everyday lives, small and medium-sized entrepreneurs (SMEs) are moving online to reach more people.
For most entrepreneurs, acquiring a business loan in Singapore is a challenge that is hard to overcome. However, it is imperative in order to further grow and develop the business. With the online retail boom showing no signs of stopping, securing funding for your online store gives you the opportunity to take advantage of this.
How to Get Financing
- Improve Your Business Plan – Your business plan does not have to be complicated. The purpose of a business plan is to address the key factors, obstacles, and possible solutions to your business. In keeping it simple and straight to the point, you are giving yourself a clear look as to what you should focus your efforts on in order to improve your business. This will also help you decide how much you will need in funding and how to allocate it properly.
- Provide Quality Products and/or Services – Part of ensuring the success of your business is providing your customers with high-quality products and/or services and sustaining this. Creating a strong customer base is making sure that they are happy with what they are purchasing from you. This, in turn, allows you to grow your business as it establishes a reputation centred on quality and consistency which fosters trust and loyalty.
- Set Realistic Goals – There is nothing wrong with dreaming big for your business. However, setting realistic short term goals allows you to focus on the areas that need the most attention. For new businesses, problem points are common and numerous. In choosing to address these, you are lessening potential troubles your business may face in the future. It also gives you a clearer picture of how much funding you will need.
Where to Get Financing
These days, there is no shortage of where to get funding for your online business. However, not all of them are compatible with your needs. In assessing your business and what it will need financially, you can make an informed decision on where to get funding.
- Personal Savings – This is a popular choice for SMEs as it has fewer complications than other options. Aside from the absence of elaborate applications and high-interest rates, there is also the advantage of keeping your business solely yours. However, this option does present the drawback of significantly denting your savings or retirement fund.
- Credit Cards – This is a viable option if you have several credit cards. While this gives you the freedom of still using your own money without having to sacrifice your savings, there are plenty of problems that might arise along the way. One of these is when your interest rates are high and your revenue only allows you to make the minimum payments.
- Licensed Moneylender – A licensed moneylender often tends to favour SMEs over bigger companies. In Singapore’s highly competitive market, this option gives you the chance to get a loan that will help you with your business. Capital Funds Investments is meeting this demand by giving Singaporean SMEs business loans that will sustain the growth and development of your online business.
Capital Funds Investment understands the important role SMEs, particularly those working with the e-commerce model, play in the country’s economy. That is why we offer quick and easy financial solutions that are aimed at supporting and sustaining small and medium business ventures. We work closely with clients to find the best solution for their needs.
For more information about Capital Funds Investment and our business loans, call us on (65) 6281 7736 or send us an email at email@example.com.