How To Nurture Online Business In Current Scenario?
There’s no better time for online entrepreneurship than now. Today’s technologically advanced world and increasing digital/internet penetration have created a conducive environment for businesses to go online and thrive. Reasons why the current scenario is favourable for starting or taking your business online:
Positive government policies
The government is giving an impetus for online businesses to flourish by enacting favourable policies. Through proactive measures such as the ‘Vocal for Local’ and ‘Make in India’ initiatives, the Government is offering a much-needed push for local and small and medium enterprises (SMEs). If you are looking to foray into an internet business or expand your operations and scale-up, now is the perfect time to do so. And for financial support, you can avail Business Growth Loans at affordable interest rates from HDFC Bank.
Ongoing digital transformation
In recent years, with high-speed internet available at reasonable costs and more and more people getting acquainted with the perks of technology, what we’re experiencing can be described as a digital revolution. Smartphones are no longer expensive and have become ubiquitous, and internet usage is no longer limited to urban cities. Thus, you can have access to a wide consumer base by having an online presence for your business.
The digital revolution is the main contributor to a paradigm shift in consumer behaviour pattern. This is largely driven due to the convenience that e-commerce, online services and digital payments offer—just a click of a button from anywhere to meet all your needs. And with everything that has happened this year, being safe and healthy is paramount for consumers. So, they prefer to simply log on to their computers or smartphones and opt for doorstep delivery for most of their needs. Thus, by taking your business online, you can earn the trust of your consumers and increase your reach.
Having complete freedom to experiment and be creative is one of the most fulfilling benefits of running your own online business. Whether you are great at marketing, or adept at graphic designing, you have the opportunity to easily channel your expertise on a digital platform, and with fewer restrictions.
The future of work is evolving at a rapid pace. Easy availability of high-speed internet and sophisticated technologies are continuously making many manual and traditional jobs redundant. Thus, the advantage of starting your own online business is that you can always have a fallback plan if your job runs the risk of becoming obsolete.
Flexible working hours
With a digital business, you can enjoy maximum flexibility and have adequate work-life balance. The internet is available around the clock, so you can create a work schedule that is convenient for you. You can also choose to work full-time or part-time. As long as you own a computer and have internet access it doesn’t matter where you are, you can run your online business from anywhere in the world.
Since your income is not determined by an employer, running an online business allows you to control your income. You get to determine how much you charge for your products and services. You can often eliminate some huge overheads associated with an offline business such as rent, store security, utility bills etc. This way you can maintain more consistent margins with a less upfront cost.
Business Loan – A viable funding option
Lack of capital is a major factor that holds people back from running their own dream businesses or taking their venture online. However, setting up your online venture is feasible with financial help from HDFC Bank. You can avail a Business Growth Loan up to Rs. 40 lakhs or Rs. 50 lakhs in select locations without any collateral, guarantor or security.
You can even transfer your existing Business Growth Loan to HDFC Bank at low EMIs, affordable interest rates - 15.75%* for existing loan transfer and at a processing fee of 0.99%. And on a Current Account, you can enjoy an overdraft facility of Rs 5 lakh to 15 lakh* and pay interest only on the amount utilised. So, apply for a Business Growth Loan with HDFC Bank where we trust you to scale new heights this new year.
Read more on things to know when starting a business here.
*Terms and conditions apply. Business Growth Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.