As part of the International Live Commerce Expo 2024, organized by the Department of International Trade Promotion (DITP), Ministry of Commerce, Thiranun “Tyra” Arunwattanakul, Chief Operating Officer of MONIX, shared key strategies for building successful businesses with limited capital. In her session titled “How Small Capital Builds Large Business,” Tyra revealed how MONIX, through our digital lending platform FINNIX, has thrived by solving real customer pain points. Discover her top tips for launching and growing a venture with this insightful recap.
How Small Capital Builds Large Business
When starting a business with limited capital, it is essential to focus on solving real customer problems. Successful businesses thrive by addressing the needs that others overlook. As Tyra explained, MONIX did this by identifying the financial barriers that many customers face and providing solutions. Tyra emphasized, "Many people are excluded from traditional financial services. At MONIX, we provide not only access to credit but also tools to improve financial literacy and discipline. By addressing these needs, MONIX has grown from a fintech startup to a profitable business within just 14 months of launch—without physical branches, relying entirely on our mobile platform”. This digital-first approach serves as an excellent case study for entrepreneurs looking to grow efficiently.
"MONIX has grown from a fintech startup to a profitable business within just 14 months of launch"—Thiranun Arunwattanakul, Chief Operating Officer
Key Questions Every Business Must Answer
Launching a business with limited capital requires asking the right questions. For any new venture, answering why customers should choose the product is essential. To guide this, we should evaluate three critical factors: Desirable, Viable, and Scalable. Here is how MONIX applied these principles:
1. Desirable (Pain Point & Wanted): Does the product solve a real problem? Identify a market gap or a customer pain point that is not being addressed. MONIX identified a critical need for accessible financial services for underserved groups who could not access traditional loans, creating a solution to meet that demand.
2. Viable (Doable& Sizable): Can the solution be built effectively within the budget? Ensure that the idea can be executed efficiently. With a focus on financial technology and AI, MONIX demonstrated that our digital lending service could be implemented successfully, even with limited resources.
3. Scalable (Fast Growth): Can the product grow rapidly once proven? Our solution should have the potential for wide adoption. MONIX positioned itself to serve over 36million people, refining the product based on customer feedback before expanding to ensure our offerings remain competitive.
Set Goals and Plan for Long-Term Growth
Business growth requires clear long-term goals. It is crucial to map out where the business should be in 3 to 5 years. For instance, setting milestones like achieving target sales in the first year, expanding nationwide in the third, and entering international markets in the fifth year will help guide decision-making. This strategic planning applies to businesses at every stage, ensuring growth goals are realistic and actionable. MONIX followed this framework through:
1. Idea Stage: Validate the product based on Desirable, Viable, and Scalable criteria.
2. Testing Stage: Develop a Minimum Viable Product (MVP) and gather feedback.
3. Growth Stage: Refine the product through continuous customer feedback before large-scale launches.
4. Expansion Stage: Identify successful channels and scale across multiple platforms.
5. Maturity Stage: Sustain profitability by ensuring continued customer demand.
“We prioritize testing and learning at every stage,” Tyra explained. "Validating ideas through real customer feedback before scaling has been key to our success."
Execution is Everything
Executing the business plan is just as important as the plan itself. Every strategy has costs in terms of time and resources, so it is essential to ensure efficient execution. Entrepreneurs should focus on data-driven decisions and a clear approach to operations. MONIX, for instance, has cultivated a data-driven culture to ensure each step in our process is guided by customer insights and technological tools, ensuring that the platform continually improves.
For digital businesses, following the 5S Principles can enhance the execution. First, the company should focus on Simple, keeping operations and communication clear and concise to avoid unnecessary complexity. Acting with Speed means acting fast—whether by releasing content that aligns with current trends or responding swiftly to market shifts. Being Smart involves understanding the platform thoroughly and making data-driven decisions, as MONIX does when optimizing offerings based on real-time feedback. Scale is crucial, ensuring the product can grow across multiple channels, reach more customers efficiently, and be ready for increased demand. Finally, the company should emphasize Secure, maintaining stability and exercising caution before embracing new trends, ensuring a well-thought-out and sustainable approach.
Building a Thriving Ecosystem
As the business grows, consider whether partnerships could help expand the reach. Collaborating with partners can be a powerful way to extend the market presence. For instance, if the business operates solely online, partnering with a company that has physic allocations can increase exposure. Aligning with partners that share mutual goals and clear objectives will maximize growth potential for both parties.
Strategic partnerships and ecosystem-building have been key to MONIX’s success. Through the F.I.R.E. Ecosystem strategy. MONIX delivers real value to customers by addressing financial inclusion. In Finance, the FINNIX nano loan offers customers access to legal, fast, and secure credit, filling a significant gap in financial inclusion. Through Intel, the company provides the FINNIX Credit Report, empowering customers to understand and improve their financial behavior. MONIX further motivates customers with Reward, introducing the FINNIX Coin as an incentive for maintaining good credit standing. Lastly, Empowerment comes from our strategic partnerships, which foster responsible lending, financial literacy, and job opportunities, ultimately creating a broader ecosystem of financial empowerment for our customers.
Building a successful business with limited capital is all about making smart, strategic choices. By addressing real customer pain points, ensuring the product can be efficiently developed, and planning for scalable growth, any business can thrive. MONIX’s journey shows that with a clear goal, data-driven execution, and a focus on solving pressing customer needs, small capital can lead to large-scale success.
