• CIMB Insights
  • Solutions & Products
  • Digital Banking
  • Promotions
  • Help & Support
  • Quicklinks
CIMB Insights
Solutions & Products
Digital Banking
Promotions
Help & Support
Quicklinks
Scale Up
Manage My Business
Financial Lifestyle
Newsroom & Awards
Solutions
Loans & Financing
Cash Management
Trade Finance
Treasury
Financial Institutions Group
Latest Promotions
Special Promotions
Events
Rates & Charges
Regulations & Policies
Ways to Bank

Online shops like Lazada, Shopee, and Amazon have made it easier to start and grow an online business. With lower start-up costs and greater flexibility compared to brick-and-mortar stores, online stores are becoming a popular way to run one’s own business. Before you click to register that new domain name, you need to consider ways you can manage your business, overhead and payments.

 

From raising capital to managing costs, here are some financial tips to help you grow a successful business.

Get funding

The cost of starting and running your business depends on what you’re offering. You might also need to consider costs for email and social media marketing, creating a website, shipping and delivery. 

 

To keep your starting expenses low, try renting instead of purchasing your equipment, and negotiate with vendors on price, grace periods and late payment penalties.

Manage your cash

For your business to thrive, it’s important to maintain a healthy balance between what you spend and what you make. You can do this by reducing debts and keeping fixed expenses low. Start building an emergency fund early, and track your cash flow so you can plan ahead on payments and expenses. If you’d like to learn about managing cash flow, see our tips here.

 

Arrange payment options

How will your customers pay you? How will you pay your employees, suppliers and bills? Depending on your business and partners, you might need more than one method of payment. Offering your customers their choice of payment method also makes it easier for them to do business with you, which makes them more likely to come back in the future.

 

If you’re not selling via an existing e-commerce site, you can consider bank transfers, credit and debit cards, or e-wallets, apps and third-party payment gateways. You also might want to set up a bank account just for your business, like a CIMB BusinessGo Current Account.

Look into insurance

It’s never too early to get protection for your business. Insurance can help if your business equipment gets damaged, or if your employees fall sick. It can even cover you if a customer cannot pay, or if your vendor does not deliver what they promised. CIMB’s partner insurance options can provide peace of mind while you focus on your business. Check them out here.


Interested in starting your own e-commerce business? Let us help.

#Entrepreneur #Financing #SME #Corporates

You may also like

Related products for you

You are about to enter a third party website & CIMB Group's Privacy Policy will cease to apply.

This link is provided for your convenience only and shall not be considered or construed as an endorsement or verification of such linked website or its contents by CIMB Group.

 

CIMB Group makes no warranties as to the status of this link or information contained in the website you are about to access.

 

Do you wish to proceed?

Yes, please proceed