Starting a business is challenging as you will need to prepare many things including a budget plan and working capital.
Everything is changing very quickly so you will need to stay up to date with the latest business and marketing trends so you can keep ahead of competitors and take your business to the next level.
Doing what you love
Before starting a business you need to know a lot about your particular field. If you have chosen to turn something you love into a business, that is a great start, as it means you will have passion and knowledge. Chances are you will also have a good network that you to tap into for information and introductions. These are all important ingredients for success.
Funding your business
If you want to start a business, you will need some “capital”. Normally you will have to have some personal savings of your own. If this is not enough you will need to raise more by getting a loan from a relative, a personal loan from a bank or finance company, or a loan guaranteed by collateral such as a car or house, or sales contracts. However once you have a proven track record you will have more options and can apply for a business loan or overdraft, or seek venture capital.
Managing your business
When managing your business you need to plan your finances, as many businesses fold simply because they run out of money. As a new startup you must manage your cash-flow to ensure you have enough money for necessary expenses. You also need to manage your costs carefully and regularly monitor your financial status.
Every business needs customers - people have to know who you are and how to reach you. In the past, simple signage, good will, and word of mouth might have been enough but not today as businesses now need an online presence. This includes having a website that has been optimized for search engines, online advertising, positive reviews and recommendations, building a following through social media, and amplification of your message by influencers.
You also need to be clear about your message. For example, who is your target audience and what do they like.
To build the profitability of your business you need good financial planning. We can help you with this because of our in-depth knowledge and long experience supporting Thai SMEs to grow sustainably. We also help them expand their business outside of Thailand through our international branch network.
We can help you to prepare a financial plan and support this with our complete range of financial products and services.
Loans for SMEs
We have loans for all business types to help your business go smoothly and grow sustainably.
Financial services for business
To improve the efficiency and liquidity of your business we offer many support services such as Cash Management, Operating Accounts, Commercial Cards, or Merchant Services.
International Trade Services
Be confident in developing your import and export businesses with the support of our professional staff, who can advise you how to grow your business in international markets.
Ensure the stability and continuity of your business with life insurance. With ‘Credit 1st’ your family will not be burdened by your outstanding business debts in the event of your death or total permanent disability. ‘Business Property Insurance 1st’ provides compensation for damages or injury to your employees/customers, buildings and business assets.