All successful businesses once started as a seed of an idea in some inspired entrepreneur’s mind. Through the founder’s effort, dedication, and skillful handling of finances, that same idea was able to grow and bloom into the thriving business that it is today.
This scenario is certainly what many aspiring and current entrepreneurs visualize when it comes to their own business ideas. While not everyone may have the immediate resources or knowledge to launch their business idea, there are numerous opportunities available to help turn their vision into reality. For example, a business loan from a trusted banking partner can provide the necessary funding to get started. With careful planning and support, it can become a powerful tool in achieving success. Indeed, given the right strategy, dedication, and a strong support system, even the most ambitious ideas can be transformed into real businesses.
How exactly do you set your small business idea on a path toward success? Here are some tips you can follow to help you create a profitable venture.
1. Conduct Market Research
Not every idea that you come up with will be marketable or even feasible. To determine which is which, do your research first on the industry you’re trying to enter. This will clue you in if there’s a viable market for your business ideas—whether or not the industry is already saturated with what you want to offer or if your idea actually fills in a gap. The findings of your research can then help you gauge whether your current business idea just needs some tweaking or if it’s time to brainstorm a completely new one instead.
2. Secure Funding for Your Business Idea
After fine-tuning your idea through market research, you’ll next have to secure the capital needed to get it up and running. Funding can make or break your business idea, so it’s important to explore your financing options thoroughly to find one that suits your needs. Small businesses, in particular, also encounter various hurdles when applying for business loans, such as the difficulty of getting approved, which is why Maya Flexi Loan can be the perfect solution to your financing needs.
A hassle-free credit line from Maya Business, Maya Flex Loan lets you unlock up to PHP 2 million to finance your new business idea. Applying can be done directly through your Maya Business Manager dashboard, which means no paperwork to deal with and approval within just a few minutes. The Maya Flexi Loan funds are then transferred directly to your Maya Business Deposit account so you can access it right away.
At Maya, we also understand that you’ll want to focus on making your business grow soon after you’ve gotten your loan approved, so we’ve made repayments much more convenient and easier on the pocket. Thanks to our borrower-friendly rates, you also wouldn’t have to worry about exorbitant fees taking a chunk out of your budget. What’s more, you can set up automatic payments through your Maya Business Manager dashboard to avoid missing payment due dates.
By finding the right financing option, you can ensure that your business idea can hit the ground running without you having to break the bank.
3. Set Clear and Realistic Goals
Setting goals for your business lets you determine whether or not your ideas are effective, allowing you to make necessary adjustments or change your strategy altogether. Your goals should be clear, realistic, and bound by a timeframe. For instance, you may set a goal for your new product to sell at least 50 units per week. Setting such a goal gives you a clear idea of what you’re trying to achieve and how close you are to doing so. Similarly, if your business idea consistently fails to meet your goals, then you can use that as a basis to cut your losses early on.
4. Test Your Idea Before Full Implementation
Even if you do have the funding, not every idea should be fully implemented right off the bat. In some cases, testing your new product or service with a small group first—it could be your family, friends, or a focus group—enables you to discern if it’s something customers will actually want to pay for. Moreover, trying out your business idea with a small group first gives you invaluable insight into how it could still be improved. This allows your products or services to be at their best possible versions when you officially launch them.
5. Take Actionable Steps
Planning, testing, and mapping out goals can only go so far—you also need to take actionable steps to ensure your idea doesn’t just remain on the drawing board. Register your new business and get all the paperwork done; hire staff, purchase the new equipment you need, get the keys to that place you’ll be renting for your store, and ready the social media accounts and marketing peripherals needed for your business’s launch. Doing such things can also give you a motivation boost as you see the physical manifestations of your dream turning into reality.
Fund Your New Business with Maya Flexi Loan
Through Maya Flexi Loan, you can give your business idea the financial backing it needs to make it a reality. Sign up for Maya Business to explore the various financing options available to you—as well as our other business solutions.
Signing up qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. You can enjoy personalized loan offers based on your average sales from the Maya payment solutions that your business is already using, ensuring that the loan matches your financial means and needs.
Moreover, frequently using Maya for your wallet and card payments can even net you better loan offers in the future.
Having a Maya Business account also lets you open a Maya Business Deposit account, which can give you a 2.5% per annum interest rate. That’s a total of PHP 25,000 in interest earned per year if you have a PHP 1 million deposit. Another advantage is that you’ll be able to send money to suppliers and other vendors for free via InstaPay and PESONet, which helps you save more on transaction fees.
Sign up for Maya Business today and let our business solutions help make those business ideas of yours a blooming success.
