We are now living in the age of startups. Every day, new small businesses are getting established around the world. The Internet has also made entrepreneurship a bit easier through continuous information relay and advanced communication methods. One thing still remains: all small businesses need capital. If you have a unique business idea yet you don’t have capital, you’re back at square one. To resolve this, you can try applying for a small business loan Singapore. Once you’re approved, you can now turn your ideas into reality.
Check out some of these evergreen business ideas that can help you maximize your loan:
DIY and Crafts
If you have the knack for making your own projects and selling them to people, a DIY business is meant for you. Back then, it’s difficult to set up your own DIY or crafts shop. Now, times have changed. You can create an online shop where you can post your creations regularly. Selling platforms like eBay and Amazon can also widen your reach. Even though the DIY industry is competitive, you can still leave a mark. Niche down your creations and you’ll be able to sell them better.
With more and more people getting pieces of action on the Web, content has become very important. Anyone can make a career as a content creator, but only few can build stable businesses. If you’re into the ever-changing realm of content, you should start building a content marketing firm. Since you can just make an online content marketing agency, your upfront cost won’t be too high. Your small business loan can definitely cover all your startup costs.
The Internet is so diverse that you can create anything you want. Small businesses thrive in the Web because of the free resources available. There are also hundreds of niches that you can discover, raising your overall chance of success. Online consultancy is a trending business idea that you can utilize. The process goes like this: you’re providing a service that can help people solve something. Whether your consultancy business is about financial tricks or homeopathic solutions, you will always have customers. Capital needed for online consultancy is not that big, so you can focus on other business aspects.
If you’re unaware of Cryptocurrency, then you should do your research. Cryptocurrency is the currency of the future. Not all industries are integrated with Cryptocurrency, but the trend is catching up. The most common type of Cryptocurrency is Bitcoin. With Bitcoin, you can pay for services even though your own money is untouched.
To start a Cryptocurrency servicing business, you need to obtain an online wallet. Bitcoin wallet, for example, is a very popular choice. Once you have a wallet, you can now offer your services and receive Cryptocurrency as payments. You can then trade your Cryptocurrency units for real cash or other services that you need.
Do you have other ideas that you want to add? Feel free to jot them down! Just make sure that your ideas can match up the total personal loan amount that you can borrow.
Loan consultancy has become a thriving business in the past years. Many people around the world, despite their knowledge, still struggle hard in managing their loans and finances. If you have considerable knowledge about loans and you want to help people, you can become an independent loan consultant.
But how can you become one? These following strategies should get you started:
Assess Your Loan Expertise
While you may think that you already know many things about loans, you still need to do a knowledge check from list of moneylenders in Singapore. By assessing your expertise, you’ll know if there are loopholes that must be patched up. On top of that, you should do your research to know if lenders have added new conventions for their products. Visiting loan forums and social channels will help you gain helpful information within an allotted time frame. You can also try talking to other independent lenders, consultants, and financial experts.
Establish Your Credentials
If you want to become successful in the loan consultancy niche, you need to establish your credentials. You can do this by setting up a blog or a website. Once you’ve done this, social media marketing is the next step. With the rise of social media, you can tap on a near-endless source of leads and content. Unfortunately, many consultants are also competing for the sweet spot. Don’t worry – there’s no need to defeat them all. You just need to corner a small portion of the market to ensure that your business survives. To properly establish your social media presence, you should rake brownie points in terms of authority and influence. Share valuable content as much as you can and sooner or later, you’ll be able to build your client base.
Secure Startup Funds
Since you’re building a business, you need to have a fund, to begin with. There are different sources of funds. You can ask your family and friends, or you can use your savings. Personal loans can really help because they have low interest and you can repay them within a short period of time. If you’re going to look for investors, you need to ensure that your presentation is spotless. Convincing investors is not an easy thing to do, especially if the niche is well-cornered.
Before entering the business of loan consultancy, keep in mind that the competition is high. You must improve your game by applying the best strategies for making your loan consultancy business competitive. When the time for expansion has arrived, make sure that you have the right funding and resources as well.
As a business entity, we are aware that proper planning when getting a business loan is important.
Without proper planning, the business loan Singapore taken may either be mismanaged where it will end up as a debt that causes more problems rather than a solution to the needs of the business.
Proper planning is critical to getting any loans such as personal loan, small business loan, even salary loan or payday loan. It is never wise to take on a loan without planning how to use and manage the loan amount. Planning starts in making sure that you get the loan you need. And one good way to make sure you get the personal loan Singapore is through understanding why licensed moneylenders in Singapore reject applications. Here are some of the major reasons but not limited to them.
Bad or No Credit History
Lenders often want to have a basis to trust a borrower that they will repay the borrowed amount together with interest payments. The best way for a borrower to prove that they are disciplined debtors who pay are proven by a good credit standing. Credit standing is records that show the debtors character when it comes to debts. They pay on time and maintain good relationships with their creditors.
When a financial institution or a bank needs to ensure that the personal loan is secured, a collateral is needed.
A collateral is a form of asset that is endorsed by the borrower to the lender. The lender puts a lien over the asset and gives them the right to sell the asset to recover the loss in case of borrower’s default on loan payments.
The point where the collateral is sold depends on the loan agreement. When the requirement for a collateral is not met, most probably, the lender will not grant the loan on this ground. Lenders would always want to secure their cash.
Low income and cash liquidity
Fast cash loan lenders will require a borrower to show sufficient data that the business is earning and enough cash flow is coming in.
They need to ensure that borrowers have sufficient cash every due date to ensure repayment of the loan is being made.
If business lenders see that more money is flowing out rather than flowing in, then it is highly possible that the loan will not be granted.
Lack of preparation and not knowing these reasons may cause your application to be rejected. It is very important, as personal loan lenders, to ensure that reasons like these are prepared for.
It will also give you, as a business owner, an idea on where your business is and what actions to take.