3 MinsMar 14, 2023
Online businesses need an idea, great products and an online presence to flourish. In today's day and age, it
is relatively easy to start an online business as technological advancements and the digital revolution are
at their peak. Read to know
the other reasons that make online business conducive to today's economy.
Supportive government policies
Government policies like 'Make In India' and 'Vocal for Local' is a great boost to Small and Medium
Enterprises (SMEs). With these
initiatives and the right financial support
from Axis Bank's range of current accounts, an SME/startup can scale up their online business.
Online digital transformation
In the present age, smartphones have become affordable and are owned by all, and with the internet reaching
every home through these phones, the reach for online sellers has become limitless. This digital revolution
drives the digital transformation
of your business and you need not just be a small business owner—you can be a household name.
Creative freedom
Creative freedom is the ability to experiment and express yourself without any limitations. With the digital
world opening up, you can share this expression with the world. It is the time to be you and let the world
see. It is a fulfilling experience
and the lack of funds must not curtail you. So with Axis Bank Digital Current Account , you can be creative,
free and funded.
[Also Read: Complete
guide to opening a Current Account]
Being your boss
When you have your online business you have the luxury of flexible hours and being your boss. This allows you
to balance work and life effectively. This business can also provide the much-needed second income option in
turbulent times like now.
Cost efficient
An online business does away with the overhead costs of traditional businesses like rent, utility bills,
security, and so on. Therefore, with reduced costs, you can improve the margins which will ensure more
earnings.
Consumer Behaviour
Today, consumer buying preferences are not price based only; instead, convenience, online experience, and
navigating through the app or website are the parameters underlying consumer behaviour. So, an online
business can leverage this and thrive.
Type of account you need
As an online business owner, you need to have an account that supports your pace of growth. To know which
account is best suited for you, you first need to understand the difference between savings account and
current account:
A savings account is
best suited for salaried employees who receive monthly inflow and have limited transactions and want to earn
a nominal interest on their
balances. There is no overdraft facility available on a savings account.
Current account on the other hand is best suited for entrepreneurs and traders who need to access their
accounts frequently. They can avail overdraft facility which will ensure that cheques will not bounce in
case of insufficient balance in the
account. No interest is earned on this account.
So, a current account will be best suited for an online business owner. Axis Bank offers a range of current
account variants for the distinctive needs of every business.
Disclaimer: This article is for information purpose only. The views expressed in this
article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees.
Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability
incurred by the reader for taking any financial decisions based on the contents and information. Please
consult your financial advisor before making any financial decision.
