More and more young people start their own business by opening an online fashion store because this is a commodity that is easy to trade, has great market appeal, and stable consumer demand. Many young people in the Philippines have decided to start this business and use personal loans to raise more capital. Learn how to register and take advantage of lowest interest rate personal loan philippines open an online clothing store in the article below!
The fashion market is huge with countless competitors. If you are just an individual running a small online store, the first thing you need to do is find a niche for your store.
A niche is a small segment within a large market, focusing on products with unique online loan application in the Philippines Requirements and identities, with a distinct target audience. Niche helps you minimize the confrontation to competitors and easily touch customer psychology, achieve higher net profit and have more opportunities to stay ahead of the market.
Find a niche for your online fashion store
In the field of fashion, you can find a niche based on fashion style or the customers, for example, vintage style, big size fashion, middle-aged fashion, etc.
Opening an online store is usually more economical than a real store. However, you also need to prepare a lot of things. Check out our to-do list to open an online fashion store:
Prepare a business plan: Outline a plan for the viability of the store, to-do lists, goals after 1 month, 6 months, etc.
Business registration: Make sure your online store is legal and obtained all the necessary licenses. In the Philippines, you may register your business at the Department of Trade and Industry (DTI), Securities and Exchange Commission (SEC), Bureau of Internal Revenue (BIR) and local authorities.
Find a supplier: You should seek a fashion provider that sells high-quality items at reasonable prices. This will help you offer competitive prices to your customers while still making profits.
Set up your shipping method: The customers prefer to store from stores with fast delivery time. Therefore, finding a suitable shipping unit will accumulate more points for your online fashion store.
Choose an e-commerce platform: In the Philippines, the major e-commerce sites with huge traffic are Lazada, Shopee or Carousell.
Things to do to open an online fashion store
You should make a cost estimate plan for the next 6 months for your online fashion store. Thereby, you can estimate whether you have enough capital to manage your business. If it is not sufficient, you may consider a personal online loan to raise more capital.
Consider lowest interest rate personal loan philippines if you don't have enough capital
MoneyCat is the leading trusted low interest lending platform in the Philippines today, which is a part of a large financial structure operating in Vietnam, the Philippines and Russia. Check out MoneyCat if you are looking for a loan to cover the costs of running your online fashion store.
To get a lowest interest rate personal loan Philippines, you just need to follow these 4 steps:
Step 1 - Choose a loan platform: Visit the website or download the application of the lending institution you trust. Make sure it is a legitimate and reputable institution.
Step 2 - Apply for a loan: You need to provide complete and accurate information such as: full name, email, phone number, bank account number, address, income, personal ID number, download a photo of yourself with a personal ID on the system, etc.
Step 3 - Waiting for approval: The loan application will conduct an appraisal, evaluation and review of your application.
Step 4 - Disbursement: If your application is successfully approved, the loan will be disbursed to the bank account you registered previously. The loan process is complete.
There are many low-interest lenders in the Philippines, make sure you have investigated and choose a reputable lender. If you still have doubts, you may come to MoneyCat. We are a 24/7 online financial solution providing and consulting platform that has been trusted by many people.
Not only has simple registration procedures, fast approval, fast disbursement within 24 hours, MoneyCat also offers you low interest loan service in the Philippines with 0% interest on the first loan and flexible payment term from 07 to 28 days. At the same time, MoneyCat is completely transparent and confidential for your peace of mind during the use of the service.
Hopefully the above information may help you better understand how to open an online fashion store by getting a lowest interest rate personal loan Philippines. If you are in need of a loan for business or to solve unexpected financial difficulties, consider choosing MoneyCat. We hope to help you with the safest and most effective financial solutions.