E-commerce has a lot of potential in Malaysia. There’s zero doubt about that. But even with this, it isn’t uncommon for eCommerce and online sellers to struggle a little with getting the ball rolling. So, if you want to get business loans to boost your online business, follow these three (3) simple steps:
Step One – Attend To The Legal Affairs Of Your Online Company
As every Malaysian knows, legalities are essential in the country. Because of this, you need to make sure you’re very clear on the specifics of what type of online business you’re running. In addition to the above, you should also ensure a good picture of the local market. Along these lines, one thing you should be intimately familiar with is the debt collection law in the country. Finally, ensure that you have any license or permit necessary to run the type of online business you’ve set up.
Step Two – Prepare a Clear And Concise Business Plan
Even family members will be hesitant to extend you a line of credit if you don’t give the impression that you’re well put together and have a clear idea of where you’re going. It goes double for corporate finance institutions. Consequently, it would help if you had a detailed and specific business plan. But having said that, it can be challenging to prepare a proper business plan. To help with this process, you can start by putting down all your thoughts and ideas for the online venture as well as your short and long-term goals for the virtual enterprise. It can help you get a clear sense of where you will go so you can prepare a more constructive business plan.
Step Three – Start Knocking On Doors
Now that you’ve defined your brand and have a good business plan handy, the next thing on your to-do list becomes finding the best business loans for your enterprise. One of the most practical and efficient ways of doing this is by looking at what funding opportunities the government is offering. Five (5) fantastic funding schemes we love are;
- The TEKUN Financing Scheme.
- Soft Loan Schemes for Services Sector or SLSSS.
- The Tambung Pembangunan Pengangkutan Awam Scheme or TPPA.
- Tabung Usahawan Siswazah or TUS Scheme.
- SME Emergency Fund Program or SMEEF.
However, as many of these programs tend to have a long waiting list, they aren’t always ideal for online businesses that need the influx of cash as soon as possible. So alternatively, you can use the FinCrew Small and Medium Enterprise (SME) Loan Comparison tool to get a rundown of what options you can access more quickly. It’s simple to use, delivers excellent results, and it’s completely free!
Getting your online business rolling can take a lot of resources. But now that you have better ideas to get more funds, we hope you have an easier time with the affair! See this for more help on securing outstanding SME business loans in Malaysia!