Listen up if you are an eCommerce small business owner from Indonesia, Malaysia,the Philippines, Singapore, Thailand, or Vietnam, we have good news for you! In the previous article, we enlightened readers on the many ways to seek out eCommerce funding including a bonus tip on pre-sales.
Now in this nifty guide (part 2), find out how you can apply for government funding opportunities in your country and more! After the technical stuff is done, read on to adopt some creative tips to cut costs without sacrificing value.
Here are 5 realistic ways to fund your eCommerce business through government grants
and other innovative methods to weather through a sluggish economy:
1. Government grants in Indonesia
Recent news in April reported a grant worth US$649 million pouring into Indonesia from the United States. With the grant partially funding small business projects, eCommerce business owners have a bright future to anticipate.
Find out more about 2023’s Indonesian government grants here. The microbusiness and government microloan program (KUR) for instance, loans local business owners between 10 million rupiah to 10 billion rupiah at certain terms. Additionally, here are the steps on how to apply and register for grants.
2. Funding opportunities in Thailand
While there is no clear availability of government funding, Thailand’s recent elections poses hope for small and medium-size enterprises (SMEs) to gain better funding opportunities. In the meantime however, the Royal Thai Embassy has a list of essential resources for Thai startups.
If your eCommerce business is an SME or startup in Thailand, be on the active look out for any funding opportunities this 2023!
3. Government grants in Singapore
There are plenty of grants for small businesses like yours made available by the Singapore Government. This includes “Startup SG Founder” that offers both mentorship and startup capital for first-time entrepreneurs; and “Start Digital,” which allows you to adopt 2 solutions e.g. Digital Marketing and Accounting at no cost.
4. Government grants in Malaysia
The future for eCommerce is bright with Malaysia’s Budget 2023’s commitment to bring the digital economy to greater heights. Find out about the application criteria and benefits of the SME Business Digitalization Grant 2023 here.
The grant funds your eCommerce needs and enables SMEs to access automation technology that drives business growth! Techy Customer Relationship Management (CRM) systems and electronic point of sales systems (e-POS) are now just an application away.
5. Government loans/grants in the Philippines
The Philippine government avails Pondo sa Pagbabago at Pag-asenso (P3) program to assist SMEs with affordable small business loans at a monthly interest of only 2.5%. In the event you need extra help from reputable sources, a list of financing companies in the Philippines can be found here.
If you are not exactly an SME but identify as a startup with a brilliant new idea, don’t miss out on the Philippine Startup Development program. Startups can also submit proposals for a chance to get grants worth PHP 1 million from the Department of Information and Communications Technology (DICT).
6. Vietnam
While there are no latest guidelines on government incentives for SMEs, the 2019 circulars, particularly Circular 6 explains the percentage of subsidy for micro, small, and medium enterprises.
Whereas the latest and hottest news in May 2023 reports the Saigon-Hanoi Commercial Joint Stock Bank (SHB) teaming up with the International Finance Corporation (IFC) to increase access to finance for small and medium enterprises (SMEs) in Vietnam.
Other innovative methods to fund your eCommerce business
An entrepreneur must always be on his or her feet to succeed and push through tough times. Funding your eCommerce business needs to come not just from external relief but also from within yourself. Feel free to adopt some of these creative ideas to add more coins into your small business piggy bank:
- Rent out your space by building a partition or sub-letting a certain part of your business premise. You can design an Airbnb and rent out to tourists if you stay in town. Next, you can build a partition and rent the small space (together with an external area) to a street vendor, or a barista, or a kombucha seller.
- Sell products that are not available locally to leverage the forces of supply and demand: the less the supply for a desirable item, the more the demand. Do your research and source popular products that cannot be found in your country. You will face less price competition and your goods can be sold out quickly. Some ideas include medicinal herbs, spices, dried fruit, honey, exotic snacks, essential oils, and skincare.
- Participate in weekend pop-up markets that are home to creative businesses, the arts, and events to raise brand awareness among locals and tourists alike. Visitors are often in a relaxed mood, eager to talk to sellers like yourself and find out more about new products. Be sure to make your booth as attractive and eye-catching as possible. One successful example is Hin Bus Depot in Penang, Malaysia.
Last but not least, bear in mind to never sacrifice value for cost. Practice consistent and transparent bookkeeping along with taking advantage of data insights. Get day-to-day statistics on each of your eCommerce product’s performance, respond to positive or negative customer feedback promptly, and diligently advertise to stay relevant through a control panel such as the Lazada Seller Center.
With the right support, you are better-equipped to keep your business in optimum health throughout any economic climate.
