How to Get Loan For New Business | Personal Loans

Before taking the leap, ask yourself some important questions:

You need to find out how much you're willing to sacrifice before you start a business!

You may have an excellent idea, but others may do too. Therefore, market research is a must.

Find out if there are any competitors in the market. If so, what exactly are their businesses and how do they operate? What are your advantages and disadvantages?

If there aren't any close competitors, think about why. Is there any market potential? Is the target customer group not large enough? Is there not enough profit to sustain the business?

Capital is crucial to starting a business. For small and medium-sized enterprises (SMEs), expenses should be closely monitored because every dollar counts.

Budgeting starts with costs. It involves the calculation of cash flow from stock orders to monthly operating expenses, such as inventory, rent, wages and overhead costs. By comparing the investment with the expected return, payback period, credit and liabilities, you can assess the feasibility of your business idea.

Take a start-up business as an example. Monthly rent for a private office in a co-working space can range from HKD5,000 to HKD20,000, depending on the size and the location. The monthly cost of employing a junior officer is likely to start from HKD12,000. Together with computer equipment, stationery and other miscellaneous costs, the running costs can exceed HKD350,000 a year. Inventory, advertising and promotion costs are also significant, bringing the total cost to HKD600,000 or even more in the first year.

A good idea is essential when starting a business. If you think your idea has potential, take the leap and do something about it before it's too late.

Starting a new business has never been easier. Running an online shop is a great way to get started. However, even though it’s not brick-and-mortar, expenses such as business registration, imports, online presence, shipping, advertising and administration can be daunting.

If you don’t have enough cash, you may have to wait until your savings have grown. The opportunity to turn your brilliant idea into a fortune may just slip away. Worse still, someone more prepared may beat you to it.

Some may think of SME loans, start-up business loans or other business funding methods. But these kinds of loan schemes usually involve complicated application procedures and longer approval times.

Applying for a personal loan from a bank can be a good alternative. Take HSBC’s Personal Instalment Loan as an example. It's possible to get approved and withdraw cash in just a minute. You can borrow up to HKD3 million. If you need extra cash, simply redraw the repaid amount at any time without having to apply again. For details, please refer to the product page.

To find out more about personal loans, feel free to call us on (852)2748 8080, or apply online now.

To borrow or not to borrow? Borrow only if you can repay!